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DOLFIN5158
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment policy
Robeco High Yield Bonds is an actively managed fund that invests in high yield corporate bonds. The selection of these bonds is mainly based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region- based exclusions, and engagement. The fund invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The majority of bonds selected will be components of the benchmark, but bonds outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund.
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# Política de inversión
Robeco High Yield Bonds es un fondo de gestión activa que invierte en bonos corporativos de alta rentabilidad. La selección de estos bonos se basa principalmente en el análisis fundamental. El objetivo del fondo es generar un crecimiento del capital a largo plazo. El fondo fomenta criterios AS (ambientales y sociales) en el sentido del Artículo 8 del Reglamento europeo sobre divulgación de información relativa a las inversiones sostenibles, integra riesgos de sostenibilidad en el proceso de inversión, y aplica la política de buen gobierno de Robeco. El fondo aplica indicadores de sostenibilidad, como pueden ser las exclusiones regionales, normativas y de actividad, o la interacción. El fondo invierte en bonos corporativos con calificación inferior al grado de inversión emitidos principalmente por emisores de mercados desarrollados (Europa/Estados Unidos). Se trata de una cartera ampliamente diversificada y con un sesgo estructural hacia el segmento de alta rentabilidad mejor calificado. Los impulsores del rendimiento son el posicionamiento beta top-down y la selección de emisores bottom-up. Aunque podrán incluirse bonos ajenos al índice de referencia, la mayor parte de los bonos seleccionados pertenecerá al índice de referencia. El fondo podrá apartarse significativamente de las ponderaciones del índice de referencia. El fondo tiene como objetivo superar a largo plazo al índice de referencia, sin dejar de controlar el riesgo relativo mediante la aplicación de límites (sobre monedas y emisores) respecto al grado de desviación frente al índice de referencia, lo que a su vez limitará la desviación de la rentabilidad frente a dicho índice. El índice de referencia es un índice ponderado del mercado exterior que no es coherente con los criterios ASG que fomenta el fondo.
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# Investment policy
Robeco High Yield Bonds is an actively managed fund that invests in high yield corporate bonds. The selection of these bonds is mainly based on fundamental analysis. The fund's objective is to provide long-term capital growth. The fund promotes E&S (i.e. Environmental and Social) characteristics within the meaning of Article 8 of the European Sustainable Finance Disclosure Regulation, integrates sustainability risks in the investment process and applies Robeco’s Good Governance policy. The fund applies sustainability indicators, including but not limited to, normative, activity-based and region- based exclusions, and engagement. The fund invests in corporate bonds with a sub-investment grade rating, issued primarily by issuers from developed markets (Europe/US). The portfolio is broadly diversified, with a structural bias towards the higher rated part in high yield. Performance drivers are the top-down beta positioning as well as bottom-up issuer selection. The majority of bonds selected will be components of the benchmark, but bonds outside the Benchmark index may be selected too. The fund can deviate substantially from the weightings of the benchmark. The fund aims to outperform the benchmark over the long run, while still controlling relative risk through the application of limits (on currencies and issuers) to the extent of the deviation from the benchmark. This will consequently limit the deviation of the performance relative to the benchmark. The Benchmark is a broad market-weighted index that is not consistent with the ESG characteristics promoted by the fund.
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en
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es
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DOLFIN5163
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
1 The Fund aims to produce positive returns through capital gains and earning interest income. The Fund invests mainly in convertible bonds issued by European based companies, or companies which generate a large portion of their profits in Europe.
1 Convertible bonds are fixed income instruments that can be converted into shares of the issuing company. The Fund may use the option to convert bonds in order to benefit from positive performance of an issuer's shares. Consequently the Fund may also hold shares.
1 The Fund may make use of financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Refinitiv Global Convertible Europe Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the Benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the Benchmark as well as relative sector and/or country weights versus the Benchmark and relative duration and equity exposure versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
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# Objetivos y política de inversión
1 El Fondo trata de proporcionar rendimientos positivos a través de plusvalías e ingresos por intereses. El Fondo invierte mayoritariamente en bonos convertibles emitidos por empresas establecidas en Europa, o empresas que generen una gran parte de sus beneficios en dicho continente.
1 Los bonos convertibles son instrumentos de renta fija que pueden convertirse en acciones de la sociedad emisora. El Fondo puede optar por convertir bonos para beneficiarse de la rentabilidad positiva de las acciones de un emisor. En consecuencia, el Fondo también puede mantener acciones.
1 El Fondo puede utilizar instrumentos financieros derivados ("IFD", es decir, instrumentos cuyos precios dependan de uno o más activos subyacentes).
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice Refinitiv Global Convertible Europe Bond Index y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse periódicamente. En otros controles de riesgo se encuentran el error de seguimiento y/o el valor en riesgo (VaR) relativo en relación con el índice de referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el índice de referencia, la duración relativa y la exposición a la renta variable en relación con el índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al Índice de referencia, dicha inversión puede tener ponderaciones diferentes a las utilizadas por el Índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El Índice de referencia también se utiliza a efectos de comparación de la rentabilidad.
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# Objectives and investment policy
1 The Fund aims to produce positive returns through capital gains and earning interest income. The Fund invests mainly in convertible bonds issued by European based companies, or companies which generate a large portion of their profits in Europe.
1 Convertible bonds are fixed income instruments that can be converted into shares of the issuing company. The Fund may use the option to convert bonds in order to benefit from positive performance of an issuer's shares. Consequently the Fund may also hold shares.
1 The Fund may make use of financial derivative instruments (i.e. instruments whose prices are dependent on one or more underlying asset ('FDI')).
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the Refinitiv Global Convertible Europe Bond Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the Benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include Tracking error and or relative Value at Risk (VaR) versus the Benchmark as well as relative sector and/or country weights versus the Benchmark and relative duration and equity exposure versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be material. The Benchmark is also used for performance comparison purposes.
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en
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es
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DOLFIN5168
|
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 1997. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI Emerging Markets Latin America 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 | | -14.6 | -3.0 | -26.6 | 50.5 | 15.8 | 2.6 | 14.1 | -20.0 | -14.0 |
| Constraint †¹ | | -15.0 | -6.8 | -27.0 | 56.3 | 13.0 | -0.8 | 12.9 | -16.5 | -7.3 |
During this period performance was achieved under circumstances that no longer apply.
Prior to 29th June 2022, 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 1997. La clase de acciones se lanzó en 2012.
La rentabilidad se indica tras deducir los gastos corrientes. Las eventuales comisiones de entrada/ salida quedan excluidas del cálculo.
†¹MSCI Emerging Markets Latin America 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 | | -14,6 | -3,0 | -26,6 | 50,5 | 15,8 | 2,6 | 14,1 | -20,0 | -14,0 |
| Limitación †¹ | | -15,0 | -6,8 | -27,0 | 56,3 | 13,0 | -0,8 | 12,9 | -16,5 | -7,3 |
Durante este periodo, la rentabilidad se logró en unas circunstancias que ya no están vigentes.
Antes del 29 de junio de 2022, 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 1997. The share class was launched in 2012.
Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.
†¹MSCI Emerging Markets Latin America 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 | | -14.6 | -3.0 | -26.6 | 50.5 | 15.8 | 2.6 | 14.1 | -20.0 | -14.0 |
| Constraint †¹ | | -15.0 | -6.8 | -27.0 | 56.3 | 13.0 | -0.8 | 12.9 | -16.5 | -7.3 |
During this period performance was achieved under circumstances that no longer apply.
Prior to 29th June 2022, the Fund used a different benchmark, which is reflected in the benchmark data.
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en
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es
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DOLFIN5169
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Depositary of the Company is The Bank of New York Mellon SA/NV, Dublin Branch. The Fund is a sub-fund of Magna Umbrella Fund plc, an umbrella structure comprising different sub-funds. The Fund is subject to tax laws and regulations of Ireland. The tax legislation that applies to the Fund may have an impact on the personal tax position of you as an investor in the Fund. Please consult your tax advisor for further information.
You are entitled to switch from one sub-fund of the Company to another or from one share class to another within the same sub-fund. Information on how to switch is in the section entitled ‘The Shares’ in the Prospectus.
The assets and liabilities of the Fund are segregated from other sub-funds in the Company, subject to the provisions of Irish law. This document describes a share class of a sub-fund of the Company.
Further information about the Company, the Prospectus and periodic reports are in the name of the Company and copies are available free of charge from the administrator and the share distributor. The Prospectus, key investor information documents, share prices,
annual and half-yearly reports and shareholder notices are available in English and German on the website of www.fundinfo.com.
Class A Acc USD ISIN IE000T9OKXD3 has been chosen as the representative share class for classes A Acc GBP(IE000DMUGLN2), A Acc EUR(IE000DPPCH49), of the fund.
Details of the up-to-date remuneration policy of the Manager, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, if any, are available at: https://bridgeconsulting.ie/management-company-services;
and a paper copy of the remuneration is available on request from the Manager.
The Manager 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 Company.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 1 April 2022.
(ISIN: IE000T9OKXD3)
|
El depositario de la sociedad es The Bank of New York Mellon SA/NV, Dublin Branch.
El fondo es un subfondo de Magna Umbrella Fund plc, una estructura paraguas que comprende distintos subfondos. El fondo está sujeto a la legislación y regulación fiscal de Irlanda. La legislación fiscal que rige para el fondo puede afectar a su situación tributaria personal como inversor en el fondo. Consulte a su asesor fiscal para obtener más información.
Puede canjear su fondo por otro subfondo de la sociedad o una clase de acciones por otra clase del mismo subfondo. El procedimiento de canje se indica en la sección "Las Acciones" del folleto.
Los activos y pasivos del fondo están separados de los demás subfondos de la Sociedad, con sujeción a lo previsto por la ley irlandesa. En este documento se describe una clase de acciones de un subfondo de la sociedad.
La información complementaria sobre la sociedad, el folleto y los informes periódicos están a nombre de la sociedad, y el administrador y el distribuidor de las acciones pueden proporcionarle ejemplares de forma gratuita. El folleto, los documentos de datos fundamentales para el inversor, los precios de las acciones, los informes anual y semestral
y las notificaciones a accionistas están disponibles en inglés y alemán en el sitio web www.fundinfo.com.
La Clase A Acc USD, con ISIN IE000T9OKXD3, ha sido elegida como clase de acciones representativa de las clases A Acc GBP(IE000DMUGLN2) y A Acc EUR(IE000DPPCH49), del fondo.
Los detalles de la política remunerativa actualizada, incluidas, entre otras cosas, una descripción de la forma en que se calculan la remuneración y los beneficios y la identidad de las personas responsables de determinar la remuneración y los beneficios, con la composición del comité de remuneraciones si lo hay pueden consultarse en: https://bridgeconsulting.ie/management-company-services;
y cuando se solicite a la Sociedad Gestora, se facilitará copia en papel.
La sociedad de gestión 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 la Sociedad.
Este fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda. Los presentes datos fundamentales para el inversor son exactos a 01/04/2022.
(ISIN: IE000T9OKXD3)
|
The Depositary of the Company is The Bank of New York Mellon SA/NV, Dublin Branch. The Fund is a sub-fund of Magna Umbrella Fund plc, an umbrella structure comprising different sub-funds. The Fund is subject to tax laws and regulations of Ireland. The tax legislation that applies to the Fund may have an impact on the personal tax position of you as an investor in the Fund. Please consult your tax advisor for further information.
You are entitled to switch from one sub-fund of the Company to another or from one share class to another within the same sub-fund. Information on how to switch is in the section entitled ‘The Shares’ in the Prospectus.
The assets and liabilities of the Fund are segregated from other sub-funds in the Company, subject to the provisions of Irish law. This document describes a share class of a sub-fund of the Company.
Further information about the Company, the Prospectus and periodic reports are in the name of the Company and copies are available free of charge from the administrator and the share distributor. The Prospectus, key investor information documents, share prices,
annual and half-yearly reports and shareholder notices are available in English and German on the website of www.fundinfo.com.
Class A Acc USD ISIN IE000T9OKXD3 has been chosen as the representative share class for classes A Acc GBP(IE000DMUGLN2), A Acc EUR(IE000DPPCH49), of the fund.
Details of the up-to-date remuneration policy of the Manager, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, if any, are available at: https://bridgeconsulting.ie/management-company-services;
and a paper copy of the remuneration is available on request from the Manager.
The Manager 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 Company.
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 1 April 2022.
(ISIN: IE000T9OKXD3)
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en
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es
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DOLFIN5172
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Risk linked to the use of derivatives: The Fund may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Fund to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Fund.
Risk linked to holding contingent convertible bonds (CoCos): Contingent convertible bonds may be automatically converted into shares or be subject to a reduction in value, if the financial strength of the issuer declines in a specific way. This may lead to a substantial or total loss of the bond’s value.
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# Impacto de las técnicas de cobertura: El uso de instrumentos derivados con fines de cobertura en un mercado alcista podría reducir el potencial de ganancias.
Riesgo de liquidez: Este riesgo corresponde a la incapacidad de vender un activo al precio previsto o en el plazo deseado, debido a la rigidez estructural o cíclica del mercado. Por tanto, este riesgo se materializa en una disminución del precio de cesión de los activos afectados y/o en un retraso en el ajuste o la liquidación de la cartera.
Riesgo relacionado con el uso de instrumentos derivados: El Fondo podrá utilizar derivados, es decir, instrumentos financieros cuyo valor depende del valor de un activo subyacente. Las fluctuaciones del precio del activo subyacente, aunque pequeñas, pueden no obstante dar lugar a cambios significativos en el precio del instrumento derivado correspondiente. El uso de instrumentos derivados OTC expone al Fondo a un incumplimiento parcial o total de los compromisos asumidos por la contraparte, y que de ello se derive una pérdida financiera para el Fondo.
Riesgo relacionado con la inversión en bonos convertibles contingentes (CoCo): Los bonos convertibles contingentes pueden convertirse automáticamente en acciones o su valor puede reducirse si la solidez financiera de su emisor disminuye de un modo determinado. Esto puede dar lugar a pérdidas considerables o totales del valor del bono.
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# Impact of hedging techniques: The use of derivatives for hedging in a rising market may reduce potential gains.
Liquidity risk: This is the risk that an asset cannot be sold at the expected price or within the desired time frame, due to the structural or cyclical narrowness of the market. This risk thus materialises by a decrease in the sale price of the assets concerned and/or a delay in the adjustment or liquidation of the portfolio.
Risk linked to the use of derivatives: The Fund may use derivatives, i.e. financial instruments whose value depends on that of an underlying asset. However, even minor fluctuations in the price of the underlying asset may cause significant changes in the price of the corresponding derivative. The use of over-the-counter derivatives exposes the Fund to a risk that the counterparty will fully or partially fail to honour its contractual obligations. This may result in a financial loss for the Fund.
Risk linked to holding contingent convertible bonds (CoCos): Contingent convertible bonds may be automatically converted into shares or be subject to a reduction in value, if the financial strength of the issuer declines in a specific way. This may lead to a substantial or total loss of the bond’s value.
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en
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es
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DOLFIN5174
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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 16 January 1987.
15.8
15.7
-12.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
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### El Fondo se lanzó el 16 enero 1987.
15.8
15.7
-12.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
|
### The Fund was launched on 16 January 1987.
15.8
15.7
-12.0
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
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en
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es
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DOLFIN5177
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Stress | What you might get back after costs | 830 EUR | 850 EUR |
| --- | --- | --- | --- |
| Average return each year | -91.75% | -38.90% |
| Unfavourable | What you might get back after costs | 8,100 EUR | 8,860 EUR |
| Average return each year | -18.96% | -2.39% |
| Moderate | What you might get back after costs | 11,330 EUR | 16,750 EUR |
| Average return each year | 13.27% | 10.87% |
| Favourable | What you might get back after costs | 17,080 EUR | 20,760 EUR |
| Average return each year | 70.83% | 15.73% |
|
| Tensión | Lo que podría recibir tras deducir los costes | 830 EUR | 850 EUR |
| --- | --- | --- | --- |
| Rendimiento medio cada año | -91,75% | -38,90% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.100 EUR | 8.860 EUR |
| Rendimiento medio cada año | -18,96% | -2,39% |
| Moderado | Lo que podría recibir tras deducir los costes | 11.330 EUR | 16.750 EUR |
| Rendimiento medio cada año | 13,27% | 10,87% |
| Favorable | Lo que podría recibir tras deducir los costes | 17.080 EUR | 20.760 EUR |
| Rendimiento medio cada año | 70,83% | 15,73% |
|
| Stress | What you might get back after costs | 830 EUR | 850 EUR |
| --- | --- | --- | --- |
| Average return each year | -91.75% | -38.90% |
| Unfavourable | What you might get back after costs | 8,100 EUR | 8,860 EUR |
| Average return each year | -18.96% | -2.39% |
| Moderate | What you might get back after costs | 11,330 EUR | 16,750 EUR |
| Average return each year | 13.27% | 10.87% |
| Favourable | What you might get back after costs | 17,080 EUR | 20,760 EUR |
| Average return each year | 70.83% | 15.73% |
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en
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es
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DOLFIN5186
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment approach The Fund invests across all sectors of small- and mid- cap equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of its net assets in shares and equity securities that are investments in carefully chosen small- and mid-cap companies that have their registered office or carry out the majority of their economic activity in recognised European countries and are mainly managed by owners. Companies are considered to be owner-run if one or more shareholders hold substantial stakes (at least 20%) and have a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The fund can carry out derivative transactions for the purposes of hedging, efficient portfolio management and the generation of additional income
Benchmark The benchmark, MSCI Europe ex UK Small Net TR reference index, is used for performance fee calculation purposes only. 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.
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## Enfoque de inversión El Fondo invierte en todos los sectores de la renta variable de pequeña y mediana capitalización considerados como gestionados por el propietario.
Política de inversión El fondo invierte al menos dos tercios de su patrimonio neto en acciones y valores de renta variable que son inversiones en empresas de pequeña y mediana capitalización cuidadosamente seleccionadas que tienen su domicilio social o desarrollan la mayor parte de su actividad económica en países europeos reconocidos y que son gestionadas principalmente por sus propietarios. Se considera que las empresas están gestionadas por sus propietarios si uno o más accionistas tienen una participación sustancial (al menos el 20%) y tienen una influencia significativa en la política de la empresa. Hasta un tercio de los activos netos puede invertirse en títulos de deuda de emisores privados y gubernamentales con diversos plazos y calificaciones crediticias. El fondo puede realizar operaciones de derivados con fines de cobertura, gestión eficiente de la cartera y generación de ingresos adicionales.
valor de referencia El índice de referencia, MSCI Europe ex UK Small Net TR, se utiliza únicamente a efectos del cálculo de la comisión de rentabilidad. 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.
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## Investment approach The Fund invests across all sectors of small- and mid- cap equities considered as owner-managed.
Investment policy The Fund invests at least two thirds of its net assets in shares and equity securities that are investments in carefully chosen small- and mid-cap companies that have their registered office or carry out the majority of their economic activity in recognised European countries and are mainly managed by owners. Companies are considered to be owner-run if one or more shareholders hold substantial stakes (at least 20%) and have a significant influence on company policy. Up to one third of the net assets can be invested in debt securities of private and government issuers with various terms and credit ratings. The fund can carry out derivative transactions for the purposes of hedging, efficient portfolio management and the generation of additional income
Benchmark The benchmark, MSCI Europe ex UK Small Net TR reference index, is used for performance fee calculation purposes only. 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.
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en
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es
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DOLFIN5192
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A Sub-Fund managed in accordance with the Climate Engagement Strategy promotes an environmental characteristic through the engagement with the top 10 carbon emitting issuers of the respective Sub-Fund to encourage their transition pathway to a low carbon economy by setting objectives targets which are sector specific. Top 10 carbon emitting issuers of the portfolio are ranked based upon the carbon emissions of the issuers in the portfolio for their Scope 1 and Scope 2 emissions data. Scope 1 aims to measure all direct emissions from the activities of a corporate or under their control. Scope 2 aims to measure all indirect emissions from electricity purchased and used by the corporate based upon the Greenhouse Gas Protocol definition.
The Sub-Fund’s Investment Manager will ensure through the exercise of voting rights to promote good governance and advances environmental issues. The Sub-Fund’s Investment Manager will engage with issuers regarding their target settings with respect to a climate transition pathway.
Governance characteristics are assessed based on the issuer’s system of rules, practices, and processes by which it is directed and controlled.
In addition, Climate Engagement Strategy applies minimum exclusion criteria for
- severe violations of United Nations Global Compact Violators (Divestment of issuers that are unwilling to change after engagement),
- securities issued by companies involved in controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, depleted uranium, white phosphorus, and nuclear weapons), and securities issued by companies that derive more than 10% of their revenues from weapons, military equipment, and services,
- securities issued by companies that derive more than 10% of their revenue from thermal coal extraction and securities issued by utility companies that generate more than 20% of their revenues from coal, and
- securities issued by companies involved in the production of tobacco, and securities issued by companies involved in the distribution of tobacco more than 5% of their revenues.
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Los Compartimentos gestionados de acuerdo con la Estrategia de compromiso climático promueven una característica medioambiental a través del compromiso con los 10 principales emisores de carbono del Compartimento respectivo para fomentar su transición hacia una economía con bajas emisiones de carbono mediante el establecimiento de objetivos específicos de cada sector. Los 10 principales emisores de carbono de la cartera se clasifican en función de las emisiones de carbono que emiten dichos emisores, medido por sus datos de emisiones de Alcance 1 y Alcance 2. El objetivo del Alcance 1 es medir todas las emisiones directas procedentes de las actividades de una empresa o que recaen bajo su control. El objetivo del Alcance 2 es medir todas las emisiones indirectas procedentes de la electricidad comprada y utilizada por la empresa en función de la definición del Protocolo de gases de efecto invernadero.
El Gestor de inversiones del Compartimento se asegurará, mediante el ejercicio de los derechos de voto, de promover el buen gobierno y los avances en cuestiones medioambientales. El Gestor de inversiones del Compartimento se comprometerá con los emisores en relación con el establecimiento de objetivos que vayan encaminados hacia la transición climática.
Las características de gobierno corporativo se evalúan en función del sistema de reglas, prácticas y procesos del emisor por el que se dirige y controla.
Además, la Estrategia de compromiso climático aplica criterios de exclusión mínimos para
- violaciones graves de los infractores del Pacto Mundial de las Naciones Unidas (desinversión de emisores que no están dispuestos a cambiar después del compromiso);
- valores emitidos por empresas que participen en armas controvertidas (minas antipersonas, municiones en racimo, armas químicas, armas biológicas, uranio empobrecido, fósforo blanco y armas nucleares) y valores emitidos por empresas que obtienen más del 10 % de sus ingresos de la participación en armamento, servicios y equipos militares;
- valores emitidos por empresas que obtienen más del 10 % de sus ingresos de la extracción de carbón térmico y valores emitidos por empresas de servicios públicos que generan más del 20 % de sus ingresos a partir de carbón; y
- valores emitidos por empresas que participen en la producción de tabaco y valores emitidos por empresas cuya participación en la distribución de tabaco represente más del 5 % de sus ingresos.
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A Sub-Fund managed in accordance with the Climate Engagement Strategy promotes an environmental characteristic through the engagement with the top 10 carbon emitting issuers of the respective Sub-Fund to encourage their transition pathway to a low carbon economy by setting objectives targets which are sector specific. Top 10 carbon emitting issuers of the portfolio are ranked based upon the carbon emissions of the issuers in the portfolio for their Scope 1 and Scope 2 emissions data. Scope 1 aims to measure all direct emissions from the activities of a corporate or under their control. Scope 2 aims to measure all indirect emissions from electricity purchased and used by the corporate based upon the Greenhouse Gas Protocol definition.
The Sub-Fund’s Investment Manager will ensure through the exercise of voting rights to promote good governance and advances environmental issues. The Sub-Fund’s Investment Manager will engage with issuers regarding their target settings with respect to a climate transition pathway.
Governance characteristics are assessed based on the issuer’s system of rules, practices, and processes by which it is directed and controlled.
In addition, Climate Engagement Strategy applies minimum exclusion criteria for
- severe violations of United Nations Global Compact Violators (Divestment of issuers that are unwilling to change after engagement),
- securities issued by companies involved in controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, depleted uranium, white phosphorus, and nuclear weapons), and securities issued by companies that derive more than 10% of their revenues from weapons, military equipment, and services,
- securities issued by companies that derive more than 10% of their revenue from thermal coal extraction and securities issued by utility companies that generate more than 20% of their revenues from coal, and
- securities issued by companies involved in the production of tobacco, and securities issued by companies involved in the distribution of tobacco more than 5% of their revenues.
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en
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es
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DOLFIN5193
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA J EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class ID of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class ID of the Absorbed Sub-Fund.
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## Índice de referencia: MSCI China 10/40 Net Return Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA J EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 26 de junio de 2015 tras la fusión por absorción de la Clase ID del fondo francés Edmond de Rothschild CHINA (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase ID del Subfondo absorbido.
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## Benchmark: MSCI China 10/40 Net Return Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CHINA J EUR
Benchmark
A : The Sub-Fund and the Class were created on 26/06/2015 following the merger by absorption of Class ID of the French Edmond de Rothschild CHINA (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of Class ID of the Absorbed Sub-Fund.
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en
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es
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DOLFIN5197
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
With lower risk, With higher risk,
potentially lower rewards potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
Net asset appreciation may be compared to the MSCI USA Net Total Return Index. Under normal market conditions, at least 90% of the Fund's assets are exposed to shares in companies listed on the US Stock Exchanges, including the small, mid and large-cap US equity markets.
For the purpose of diversification, the Fund may invest up to 20% of its assets in Real Estate Investment Trusts (REIT).
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.
R units: these units are intended for "all investors” seeking a low initial investment and a “clean fee” structure. The R “clean fee” share class will not carry any fees payable to distributors.
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:
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.
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# Perfil de riesgo y remuneración
A menor riesgo, A mayor riesgo,
remuneración potencialmente menor remuneración potencialmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
La revalorización del patrimonio neto se comparará con el MSCI USA Net Total Return Index. En condiciones normales del mercado, al menos el 90% de los activos del Fondo estarán expuestos a las acciones de sociedades que cotizan en las Bolsas de valores estadounidenses, incluidos los mercados de gran, mediana y pequeña capitalización estadounidenses.
El Fondo, con fines de diversificación, podrá invertir hasta el 20% de sus activos en fondos de inversión inmobiliaria (REIT).
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.
Participaciones R: estas participaciones están destinadas a «todos los inversores» que buscan una inversión inicial baja y una estructura «sin comisión». La clase de acciones R «sin comisión» no llevará ninguna comisión pagadera a los distribuidores.
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:
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.
|
# Risk and reward profile
With lower risk, With higher risk,
potentially lower rewards potentially higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
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.
Net asset appreciation may be compared to the MSCI USA Net Total Return Index. Under normal market conditions, at least 90% of the Fund's assets are exposed to shares in companies listed on the US Stock Exchanges, including the small, mid and large-cap US equity markets.
For the purpose of diversification, the Fund may invest up to 20% of its assets in Real Estate Investment Trusts (REIT).
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.
R units: these units are intended for "all investors” seeking a low initial investment and a “clean fee” structure. The R “clean fee” share class will not carry any fees payable to distributors.
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:
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.
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en
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es
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DOLFIN5202
|
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 |
| --- | --- |
| Total costs | 464 EUR | 836 EUR |
| Annual cost impact (*) | 4.7% | 1.6% each year |
|
| En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- |
| Costes totales | 464 EUR | 836 EUR |
| Incidencia anual de los costes (*) | 4,7 % | 1,6 % cada año |
|
| If you exit after 1 year | If you exit after 5 years |
| --- | --- |
| Total costs | 464 EUR | 836 EUR |
| Annual cost impact (*) | 4.7% | 1.6% each year |
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en
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es
|
DOLFIN5204
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Initial or subsequent subscription for, switching, or redemption of, Units can be made through a platform or other electronic means (provided that such electronic means are in accordance with the requirements of the Central Bank) for onward transmission to the Administrator. Full payment and dealing instructions may be obtained through the platform or other electronic means.
Different subscription, switching and redemption procedures and different time limits may apply to investors if applications for subscription, switching or redemptions of Units are made via a platform or other electronic means. Investors should be aware that suchdifferent procedures or timelimits as imposed by the platform or other electronic means will not affect the dealing procedures (in particular the trade request cut-off times) set out in the Sub-Fund Details. Investors should note that they may be unable to subscribe for, switch or redeem Units purchased through a platform or other electronic means on Sub-Fund Dealing Days where the platform or other electronic means are not open for business.
Investors who invest in Units through a nominee service (either through a platform or otherwise) should be aware that the nominee and not the investor will be registered as a Unitholder in the relevant Sub-Fund.
Investors may incur fees as a result of investing through platforms, or by other electronic means or for the use of nominee services. Such fees are not fees payable to the Manager in respect of a subscription, conversion or redemption of Units and are not fees over which the Manager has control.
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## Fees and expenses
-
### Sub-Fund Establishment Expenses
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La suscripción inicial o posterior, el canje o el reembolso de Participaciones pueden realizarse por medio de una plataforma u otros medios electrónicos (siempre que dichos medios electrónicos cumplan con los requisitos del Banco Central) para su correspondiente transmisión al Administrador. Las instrucciones con respecto al pago íntegro y la negociación pueden obtenerse por medio de la plataforma u otros medios electrónicos.
Se podrán aplicar a los inversores diferentes procedimientos de suscripción, canje y reembolso y diferentes plazos si se realizan las solicitudes de suscripción, canje o reembolso por medio de una plataforma u otros medios electrónicos. Los inversores deben tener en cuenta que dichos procedimientos o plazos distintos establecidos por la plataforma u otros medios electrónicos no afectarán a los procedimientos de negociación (en particular los plazos límites de solicitud de negociación) contenidos en los Detalles de los Subfondos. Los inversores deberían tener en cuenta que es posible que no puedan suscribir, canjear o reembolsar Participaciones compradas por medio de una plataforma u otros medios electrónicos durante los Días de Negociación de los Subfondos cuando la plataforma o los otros medios electrónicos no estén abiertos para negociación.
Los inversores que inviertan en Participaciones por medio de los servicios de un apoderado (mediante una plataforma o de otra forma) deberían saber que el apoderado y no el inversor será el que se registre como Partícipe del Subfondo correspondiente.
Los inversores podrán incurrir en el pago de comisiones como resultado de la inversión mediante plataformas u otros medios electrónicos o por el uso de los servicios de un apoderado. Dichas comisiones no son comisiones que se hayan de abonar a la Sociedad Gestora con respecto a una suscripción, un canje o un reembolso de Participaciones y son comisiones sobre las cuales la Sociedad Gestora no tiene ningún control.
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## Comisiones y gastos
-
### Gastos de establecimiento del Subfondo
|
Initial or subsequent subscription for, switching, or redemption of, Units can be made through a platform or other electronic means (provided that such electronic means are in accordance with the requirements of the Central Bank) for onward transmission to the Administrator. Full payment and dealing instructions may be obtained through the platform or other electronic means.
Different subscription, switching and redemption procedures and different time limits may apply to investors if applications for subscription, switching or redemptions of Units are made via a platform or other electronic means. Investors should be aware that suchdifferent procedures or timelimits as imposed by the platform or other electronic means will not affect the dealing procedures (in particular the trade request cut-off times) set out in the Sub-Fund Details. Investors should note that they may be unable to subscribe for, switch or redeem Units purchased through a platform or other electronic means on Sub-Fund Dealing Days where the platform or other electronic means are not open for business.
Investors who invest in Units through a nominee service (either through a platform or otherwise) should be aware that the nominee and not the investor will be registered as a Unitholder in the relevant Sub-Fund.
Investors may incur fees as a result of investing through platforms, or by other electronic means or for the use of nominee services. Such fees are not fees payable to the Manager in respect of a subscription, conversion or redemption of Units and are not fees over which the Manager has control.
-
## Fees and expenses
-
### Sub-Fund Establishment Expenses
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en
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es
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DOLFIN5212
|
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 | 3,470 EUR -65.33% | 2,600 EUR -23.60% |
| Unfavourable | What you might get back after costs Average return each year | 6,680 EUR -33.18% | 5,300 EUR¹ -11.93%¹ |
| Moderate | What you might get back after costs Average return each year | 9,080 EUR -9.20% | 6,310 EUR² -8.80%² |
| Favourable | What you might get back after costs Average return each year | 15,140 EUR 51.38% | 15,750 EUR³ 9.51%³ |
|
| Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | 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 | 3.470 EUR -65,33% | 2.600 EUR -23,60% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.680 EUR -33,18% | 5.300 EUR¹ -11,93%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.080 EUR -9,20% | 6.310 EUR² -8,80%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.140 EUR 51,38% | 15.750 EUR³ 9,51%³ |
|
| 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 | 3,470 EUR -65.33% | 2,600 EUR -23.60% |
| Unfavourable | What you might get back after costs Average return each year | 6,680 EUR -33.18% | 5,300 EUR¹ -11.93%¹ |
| Moderate | What you might get back after costs Average return each year | 9,080 EUR -9.20% | 6,310 EUR² -8.80%² |
| Favourable | What you might get back after costs Average return each year | 15,140 EUR 51.38% | 15,750 EUR³ 9.51%³ |
|
en
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es
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DOLFIN5216
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended minimum holding period: 3 years Investment 10 000 USD |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 7 520 USD | 8 170 USD |
| | Average return each year | - 24.83 % | - 6.52 % |
| Unfavourable scenario | What might you get back after costs | 8 760 USD | 8 480 USD |
| | Average return each year | - 12.39% | - 5.36% |
| Moderate scenario | What might you get back after costs | 10 230 USD | 10 790 USD |
| | Average return each year | 2.32% | 2.56% |
| Favourable scenario | What might you get back after costs | 11 010 USD | 11 790 USD |
| | Average return each year | 10.06% | 5.65% |
|
| Período de mantenimiento mínimo recomendado: 3 años Inversión 10 000 USD |
| --- |
| Escenarios en caso de supervivencia Mínimo: | 1 año | 3 años (período de mantenimiento recomendado) |
| Escenario de tensión | Lo que puede recibir una vez deducidos los costes | 7 520 USD | 8 170 USD |
| | Rendimiento medio cada año | - 24,83 % | - 6,52 % |
| Escenario desfavorable | Lo que puede recibir una vez deducidos los costes | 8 760 USD | 8 480 USD |
| | Rendimiento medio cada año | - 12,39% | - 5,36% |
| Escenario moderado | Lo que puede recibir una vez deducidos los costes | 10 230 USD | 10 790 USD |
| | Rendimiento medio cada año | 2,32% | 2,56% |
| Escenario favorable | Lo que puede recibir una vez deducidos los costes | 11 010 USD | 11 790 USD |
| | Rendimiento medio cada año | 10,06% | 5,65% |
|
| Recommended minimum holding period: 3 years Investment 10 000 USD |
| --- |
| Survival Scenarios Minimum: | 1 year | 3 years (recommended holding period) |
| Stress scenario | What might you get back after costs | 7 520 USD | 8 170 USD |
| | Average return each year | - 24.83 % | - 6.52 % |
| Unfavourable scenario | What might you get back after costs | 8 760 USD | 8 480 USD |
| | Average return each year | - 12.39% | - 5.36% |
| Moderate scenario | What might you get back after costs | 10 230 USD | 10 790 USD |
| | Average return each year | 2.32% | 2.56% |
| Favourable scenario | What might you get back after costs | 11 010 USD | 11 790 USD |
| | Average return each year | 10.06% | 5.65% |
|
en
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es
|
DOLFIN5220
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Why is the fund in this category?
Funds of category 6 have shown in the past a high volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 6 might be
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
subject to high price fluctuations based on the historical volatilities observed.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges shown are based on the fund’s last financial year ending 30.09.2021. It may vary from year to year. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
n Percentage growth of the fund n Benchmark: S&P Eurozone Large Mid Cap Growth Total Return Net (in EUR)
|
¿Por qué el fondo pertenece a esta categoría?
Los fondos de la categoría 6 han mostrado en el pasado una volatilidad alta. La volatilidad describe cuánto aumentó y disminuyó el valor del fondo en el pasado. Las participaciones
Este indicador de riesgo y remuneración se basa en los datos de rentabilidad histórica. Es posible que no sea una indicación fiable del perfil de riesgo futuro del fondo.
La categorización del fondo no está garantizada y puede variar en el futuro.
Incluso la asignación a la categoría más baja 1 no significa que la inversión esté libre de riesgos.
de un fondo de la categoría 6 pueden estar sujetas a fluctuaciones de precio altas según las volatilidades históricas observadas.
Gastos
Estos gastos están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el posible crecimiento de su inversión.
Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión
Gastos de entrada Gastos de salida
Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión.
Gastos detraídos del fondo a lo largo de un año
Gastos corrientes
Los gastos de entrada y salida indicados representan las cifras máximas. Es posible que en algunos casos se deba pagar un importe inferior; puede consultar con su asesor financiero cuáles son sus gastos de entrada y salida reales.
Los gastos corrientes indicados se basan en el último ejercicio financiero del fondo, que finalizó el 30.09.2021. Pueden variar de un año a otro. No incluyen los costes de transacción incurridos cuando compramos o vendemos activos para el fondo.
Puede obtener más información sobre el cálculo de los gastos consultando la parte respectiva del folleto.
Rentabilidad histórica
n Crecimiento porcentual del fondo n Índice de referencia: S&P Eurozone Large Mid Cap Growth Total Return Net (in EUR)
|
Why is the fund in this category?
Funds of category 6 have shown in the past a high volatility. The volatility describes how much the value of the fund went up and down in the past. The units of a fund of category 6 might be
This risk and reward indicator is based on past performance data. It may not be a reliable indication of the future risk profile of the fund.
The categorisation of the fund is not guaranteed and may change in the future.
Even the lowest category 1 does not mean a risk-free investment.
subject to high price fluctuations based on the historical volatilities observed.
Charges
These charges are used to pay the costs of running the fund, including the costs of marketing and selling. They reduce the potential growth of your investment.
One-off charges deducted before or after you invest
Entry Charge Exit Charge
This is the maximum charge that might be taken out of your money before it is invested or before the proceeds of your investments are paid out.
Charges taken from the fund over a year
Ongoing Charges
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find actual entry and exit charges from your financial adviser.
The ongoing charges shown are based on the fund’s last financial year ending 30.09.2021. It may vary from year to year. It does not include transaction costs incurred when we buy or sell assets for the fund.
You will find more details about the calculation of the charges by checking the respective part of the prospectus.
Past Performance
n Percentage growth of the fund n Benchmark: S&P Eurozone Large Mid Cap Growth Total Return Net (in EUR)
|
en
|
es
|
DOLFIN5222
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 years Example Investment: 10,000 CHF If you exit after 1 If you exit after 5 year years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4,750 CHF | 4,850 CHF |
| Average return each year | -52.50% | -13.47% |
| Unfavourable | What you might get back after costs | 7,480 CHF | 6,620 CHF |
| Average return each year | -25.20% | -7.92% |
| Moderate | What you might get back after costs | 9,210 CHF | 8,230 CHF |
| Average return each year | -7.90% | -3.82% |
| Favourable | What you might get back after costs | 10,700 CHF | 10,940 CHF |
| Average return each year | 7.00% | 1.81% |
|
| Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: 10,000 CHF En caso de salida En caso de salida después de 1 año después de 5 años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 4,750 CHF | 4,850 CHF |
| Rendimiento medio cada año | -52.50% | -13.47% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,480 CHF | 6,620 CHF |
| Rendimiento medio cada año | -25.20% | -7.92% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,210 CHF | 8,230 CHF |
| Rendimiento medio cada año | -7.90% | -3.82% |
| Favorable | Lo que podría recibir tras deducir los costes | 10,700 CHF | 10,940 CHF |
| Rendimiento medio cada año | 7.00% | 1.81% |
|
| Recommended holding period: 5 years Example Investment: 10,000 CHF If you exit after 1 If you exit after 5 year years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 4,750 CHF | 4,850 CHF |
| Average return each year | -52.50% | -13.47% |
| Unfavourable | What you might get back after costs | 7,480 CHF | 6,620 CHF |
| Average return each year | -25.20% | -7.92% |
| Moderate | What you might get back after costs | 9,210 CHF | 8,230 CHF |
| Average return each year | -7.90% | -3.82% |
| Favourable | What you might get back after costs | 10,700 CHF | 10,940 CHF |
| Average return each year | 7.00% | 1.81% |
|
en
|
es
|
DOLFIN5224
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# DESTRUCTION OF DOCUMENTS
- The Company may destroy:-
- any share certificate which has been cancelled at any time after the expiry of one year from the date of such cancellation;
- any dividend mandate or any variation or cancellation thereof or any notification of change of name or address at any time after the expiry of two years from the date such mandate, variation, cancellation or notification was recorded by the Company;
- any instrument of transfer of Shares which has been registered at any time after the expiry of six years from the date of registration thereof; and107
- any other document on the basis of which an entry in the Register is made at any time after the expiry of ten years from the date an entry in the Register was first made in respect of it; and it shall conclusively be presumed in favour of the Company that every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document hereinbefore mentioned so destroyed was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company PROVIDED ALWAYS that:-
- the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim;
- nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (i) above are not fulfilled; and
- references in this Article to the destruction of any document includes references to its disposal in any manner.
-
|
# DESTRUCCIÓN DE DOCUMENTOS
- La Sociedad podrá destruir:
- cualquier certificado de titularidad de acciones que haya sido cancelado, en cualquier momento después de transcurrido un año desde dicha cancelación;
- cualquier orden de pago de dividendos, o cualquier modificación o cancelación de la misma, o cualquier notificación de cambio de nombre o de domicilio, en cualquier momento después de transcurridos dos años desde la fecha en que la Sociedad registrase dicha orden, modificación, cancelación o notificación;
- cualquier instrumento de transmisión de acciones registrado, en cualquier momento después de transcurridos seis años desde la fecha de su registro; y
- cualquier otro documento que haya servido de base para practicar un asiento en el Registro en cualquier momento después de transcurridos diez años desde la fecha en que se practicase en el Registro el primer asiento relativo al mismo; y existirá una presunción concluyente a favor de la Sociedad en el sentido de que todo certificado de titularidad de acciones así destruido era un certificado eficaz y válido debidamente amortizado y que todo instrumento de transmisión de este modo destruido fue un instrumento válido y eficaz debida y correctamente registrado, y que todos los restantes documentos antes mencionados y de tal modo destruidos fueron documentos válidos y eficaces de conformidad con sus datos obrantes en los libros y registros de la Sociedad, BIEN ENTENDIDO, EN TODO CASO, que:
- las disposiciones del presente artículo se aplicarán únicamente a la destrucción de un documento realizada de buena fe y sin haberse notificado expresamente a la Sociedad que la conservación de dicho documento resultaba relevante para una reclamación;109
- nada de lo dispuesto en el presente artículo deberá interpretarse en el sentido de imponer a la Sociedad una obligación de destruir cualquiera de dichos documentos antes de que se cumplan los plazos anteriormente indicados, o en los casos en que se incumpla lo dispuesto en el inciso (i) precedente; y
- las referencias incluidas en el presente artículo a la destrucción de cualquier documento incluyen referencias a cualquier forma de disponer del mismo.
-
|
# DESTRUCTION OF DOCUMENTS
- The Company may destroy:-
- any share certificate which has been cancelled at any time after the expiry of one year from the date of such cancellation;
- any dividend mandate or any variation or cancellation thereof or any notification of change of name or address at any time after the expiry of two years from the date such mandate, variation, cancellation or notification was recorded by the Company;
- any instrument of transfer of Shares which has been registered at any time after the expiry of six years from the date of registration thereof; and107
- any other document on the basis of which an entry in the Register is made at any time after the expiry of ten years from the date an entry in the Register was first made in respect of it; and it shall conclusively be presumed in favour of the Company that every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and that every instrument of transfer so destroyed was a valid and effective instrument duly and properly registered and that every other document hereinbefore mentioned so destroyed was a valid and effective document in accordance with the recorded particulars thereof in the books or records of the Company PROVIDED ALWAYS that:-
- the foregoing provisions of this Article shall apply only to the destruction of a document in good faith and without express notice to the Company that the preservation of such document was relevant to a claim;
- nothing contained in this Article shall be construed as imposing upon the Company any liability in respect of the destruction of any such document earlier than as aforesaid or in any case where the conditions of proviso (i) above are not fulfilled; and
- references in this Article to the destruction of any document includes references to its disposal in any manner.
-
|
en
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es
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DOLFIN5225
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Past Performance
4.60%
5.27%
3.66%
5.02%
1.94%
3.52%
10.0% Past performance is no guarantee of any particular performance, neither present nor future.
2.03%
2.26%
0.06%
0.64%
2.00%
7.5%
5.0%
2.5%
0.0%
-2.5%
-5.0%
-7.5%
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global Inflation Linked (EUR) B launch date: 10.05.2004
Performance is calculated in EUR.
-5.62%
-4.02%
-2.10%
-0.57%
-0.77%
-2.79%
-1.28%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LGT Sustainable Bond Fund Global Inflation Linked (EUR) B
Bloomberg Barclays LGT Custom Weighted Inflation-Linked Index (EUR) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
-
|
# Rendimiento pasado
4.60%
5.27%
3.66%
5.02%
1.94%
3.52%
10.0% El rendimiento pasado no constituye garantía de ningún rendi- miento en particular, ni presente ni futuro.
2.03%
2.26%
0.06%
0.64%
2.00%
7.5%
5.0%
2.5%
0.0%
-2.5%
-5.0%
-7.5%
A efectos de estos cálculos, se han detraído todas las comisiones y gastos, a excepción de las de suscripción y reembolso.
LGT Sustainable Bond Fund Global Inflation Linked (EUR) B fecha de lanzamiento: 10.05.2004
El rendimiento se calcula en EUR.
-5.62%
-4.02%
-2.10%
-0.57%
-0.77%
-2.79%
-1.28%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LGT Sustainable Bond Fund Global Inflation Linked (EUR) B
Bloomberg Barclays LGT Custom Weighted Inflation-Linked Index (EUR) (TR)
Para más información sobre la rentabilidad pasada, le recomendamos que consulte los informes mensuales (www.lgtcp.com/en/regulatory-information).
-
|
# Past Performance
4.60%
5.27%
3.66%
5.02%
1.94%
3.52%
10.0% Past performance is no guarantee of any particular performance, neither present nor future.
2.03%
2.26%
0.06%
0.64%
2.00%
7.5%
5.0%
2.5%
0.0%
-2.5%
-5.0%
-7.5%
For calculation purposes, all fees and charges, other than entry charges and exit charges, have been deducted.
LGT Sustainable Bond Fund Global Inflation Linked (EUR) B launch date: 10.05.2004
Performance is calculated in EUR.
-5.62%
-4.02%
-2.10%
-0.57%
-0.77%
-2.79%
-1.28%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
LGT Sustainable Bond Fund Global Inflation Linked (EUR) B
Bloomberg Barclays LGT Custom Weighted Inflation-Linked Index (EUR) (TR)
For further information on the past performance, please refer to the monthly reports (www.lgtcp.com/en/regulatory-information).
-
|
en
|
es
|
DOLFIN5239
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The Company's liabilities include:
- all borrowings, bills due and accounts payable;
- all known liabilities, whether due or not, including all matured contractual liabilities payable either in cash or in the form of assets, including the amount of any Dividends declared by the Company but not yet paid;
- all provisions for capital gains tax and income tax up to the Valuation Day and any other provisions authorised or approved by the Board of Directors;
- all of the Company’s other liabilities regardless of their nature with the exception of those represented by shares of the Company. In order to determine the amount of such liabilities the Company will take into account all expenses payable by the Company which will include formation costs, fees payable to the Management Company, fees payable to Investment Managers or advisors, accountants, the Depositary and correspondents, the central administrative agent, registrar, transfer agent and Paying Agents, Distributors and permanent representatives based in the countries in which the Company is registered and any other agentemployed by the Company, costs related to legal assistance and auditing services, promotion, printing, reporting and publishing expenses, including the cost of advertising, preparing and printing prospectuses, Key Investor Information Documents, explanatory memoranda, registration statements, annual and semi- annual reports, taxes or other levies, and all other operating expenses, including fees for buying and selling assets, interest, bank and brokerage charges, postage, telephone and telex charges, unless already covered under the Fixed Service Fee. The Company may calculate administrative fees and other expenses of a regular or recurring nature in advance on the basis of an estimated figure for one year or other periods and may fix, in advance, proportional fees for any such periods.
|
- El pasivo de la Sociedad incluye:
- todos los préstamos, efectos debidos y deudas pendientes de pago;
- todo pasivo conocido, vencido o no, incluido todo pasivo contractual ya vencido pagadero en efectivo o mediante activos, incluida la cuantía de todo Dividendo declarado por la Sociedad pero todavía no abonado;
- todas las provisiones para el impuesto sobre las plusvalías y el impuesto sobre la renta hasta el Día de Valoración, así como cualquier otra provisión autorizada o aprobada por el Consejo de Administración;
- todo el restante pasivo de la Sociedad, independientemente de su naturaleza, exceptuando el representado por Acciones de la Sociedad. Con el fin de determinar la cuantía de este pasivo, la Sociedad tendrá en cuenta todo gasto asumido por esta, que incluirá gastos de constitución, comisiones pagaderas a la Sociedad gestora, las Gestoras de inversiones o los asesores, los contables, el Depositario y los corresponsales, el agente administrativo central, el registrador y agente de transmisiones y los Agentes de pagos, los Distribuidores y los representantes permanentes con base en los países en los que está registrada la Sociedad y cualquier otro agente empleado por esta, los costes asociados a la asistencia jurídica y los servicios de auditoría, la promoción, la impresión, la elaboración de informes y los gastos de publicitación, incluidos los costes de publicidad, de preparar e imprimir los folletos, los documentos de datos fundamentales para el inversor, los memorandos explicativos, los documentos de registro, los informes anuales y semestrales, impuestos u otros gravámenes, y los restantes gastos operativos, incluidas las comisiones de compra y venta de activos, los intereses, las comisiones bancarias y de corretaje, los gastos postales, de teléfono y télex, salvo que ya se incluyan en la Comisión de servicios fija. La Sociedad podrá calcular por anticipado las comisiones administrativas y otros gastos de naturaleza regular o recurrente basándoseen una cifra calculada para un año o para otros periodos, y fijará de antemano comisiones proporcionales para cada uno de dichos periodos.
|
- The Company's liabilities include:
- all borrowings, bills due and accounts payable;
- all known liabilities, whether due or not, including all matured contractual liabilities payable either in cash or in the form of assets, including the amount of any Dividends declared by the Company but not yet paid;
- all provisions for capital gains tax and income tax up to the Valuation Day and any other provisions authorised or approved by the Board of Directors;
- all of the Company’s other liabilities regardless of their nature with the exception of those represented by shares of the Company. In order to determine the amount of such liabilities the Company will take into account all expenses payable by the Company which will include formation costs, fees payable to the Management Company, fees payable to Investment Managers or advisors, accountants, the Depositary and correspondents, the central administrative agent, registrar, transfer agent and Paying Agents, Distributors and permanent representatives based in the countries in which the Company is registered and any other agentemployed by the Company, costs related to legal assistance and auditing services, promotion, printing, reporting and publishing expenses, including the cost of advertising, preparing and printing prospectuses, Key Investor Information Documents, explanatory memoranda, registration statements, annual and semi- annual reports, taxes or other levies, and all other operating expenses, including fees for buying and selling assets, interest, bank and brokerage charges, postage, telephone and telex charges, unless already covered under the Fixed Service Fee. The Company may calculate administrative fees and other expenses of a regular or recurring nature in advance on the basis of an estimated figure for one year or other periods and may fix, in advance, proportional fees for any such periods.
|
en
|
es
|
DOLFIN5244
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The indicator above indicates the position of the Sub-Fund on a standard risk/reward category scale.
The risk/return indicator suggests the relationship between risk and potential returns when investing in the Sub-Fund.
The Sub-Fund is in category 4, reflecting the volatility of the values of the fixed income instruments that it invests in.
Historical data, such as that used in calculating the synthetic indicator, may not be reliable indication of the future risk profile of the Sub-Fund.
The risk and reward category shown is not guaranteed to remain unchanged and may shift over time.
The lowest category does not mean a risk-free investment.
The following risks are materially relevant to the Sub-Fund but are not adequately captured by the indicator:
|
El indicador anterior indica la posición del subfondo en una escala de categoría de riesgo y remuneración estándar.
El indicador de riesgo y remuneración indica la relación entre el riesgo y la remuneración potencial al invertir en el subfondo.
El subfondo pertenece a la categoría 4, lo que refleja la volatilidad de los valores de los instrumentos de renta fija en los que invierte.
Es posible que los datos históricos, como los que se utilizan para calcular el indicador sintético, no constituyan un indicador fiable del perfil de riesgo futuro del subfondo.
No existen garantías de que la categoría de riesgo y remuneración mostrada se mantenga sin cambios ni de que no sufra modificaciones con el tiempo.
La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
Los siguientes riesgos son esenciales para el subfondo, pero el indicador no los captura adecuadamente:
|
The indicator above indicates the position of the Sub-Fund on a standard risk/reward category scale.
The risk/return indicator suggests the relationship between risk and potential returns when investing in the Sub-Fund.
The Sub-Fund is in category 4, reflecting the volatility of the values of the fixed income instruments that it invests in.
Historical data, such as that used in calculating the synthetic indicator, may not be reliable indication of the future risk profile of the Sub-Fund.
The risk and reward category shown is not guaranteed to remain unchanged and may shift over time.
The lowest category does not mean a risk-free investment.
The following risks are materially relevant to the Sub-Fund but are not adequately captured by the indicator:
|
en
|
es
|
DOLFIN5246
|
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 | 1.31% |
| 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 EM Latin America. |
| Over the last accounting year, a performance fee of 0.15% 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 | 1,31% |
| 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 EM Latin America. |
| Durante el último año contable se aplicó una comisión de rentabilidad del 0,15%. |
|
| 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 | 1.31% |
| 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 EM Latin America. |
| Over the last accounting year, a performance fee of 0.15% was charged. |
|
en
|
es
|
DOLFIN5249
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### MARKET CAPITALISATION RISK
Certain Sub-Funds may invest in the securities of small- to medium-sized (by market capitalisation) companies, or financial instruments related to such securities, therefore, they may have a more limited market than the securities of larger companies and may involve greater risks and volatility than investments in larger companies. Accordingly, it may be more difficult to effect sales of such securities at an advantageous time or without a substantial drop in price than securities of a company with a large market capitalisation and broad trading market. In addition, securities of small- to medium-sized companies may have greater price volatility as they are generally more vulnerable to adverse market factors such as unfavourable economic reports.
Companies with smaller market capitalisations may be at an earlier stage of development, may be subject to greater business risks, may have limited product lines, limited financial resources and less depth in management than more established companies. In addition, these companies may have difficulty withstanding competition from larger more established companies in their industries. The securities of companies with smaller market capitalisations may be thinly traded (and therefore have to be sold at a discount from current market prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may be subject to wider price swings and thus may create a greater chance of loss than investing in securities of larger capitalisation companies. In addition, transaction costs in smaller capitalisation stocks may be higher than those of larger capitalisation companies.
|
#### RIESGO DE CAPITALIZACIÓN BURSÁTIL
Determinados Subfondos pueden invertir en valores de pequeñas y medianas (por capitalización bursátil) empresas, o en instrumentos financieros relacionados con dichos valores, que pueden presentar un mercado más limitado que los valores de empresas de mayor capitalización, y podrían conllevar mayores riesgos y volatilidad que los de estas últimas. En consecuencia, podría resultar más difícil conseguir vender estos valores en un momento propicio o sin una reducción notable de su precio que en el caso de los valores de empresas con mayor capitalización bursátil y un mercado de negociación más amplio. Además, la cotización de los valores de pequeñas y medianas empresas podría acusar una mayor volatilidad, ya que por lo general muestra una mayor sensibilidad a los factores adversos del mercado, como la publicación de unos informes económicos desfavorables.
Las empresas con menores capitalizaciones bursátiles pueden encontrarse en una fase más temprana de desarrollo, estar sujetas a mayores riesgos de negocio, tener líneas de producto limitadas, contar con recursos financieros también limitados y disponer de menor profundidad de la gestión que las empresas más afianzadas. Además, estas empresas pueden tener dificultades para resistir la competencia de otras empresas más afianzadas dentro de sus sectores. Los valores de empresas con menores capitalizaciones bursátiles pueden contar con un escaso volumen de contratación (y tenerse que vender, por ello, con descuento respecto de los precios vigentes en el mercado, o vendidos en partidas pequeñas a lo largo de un extenso periodo de tiempo), siendo también posible que sean seguidas por menos analistas de investigación de inversiones, y que estén sujetas a oscilaciones de precios más amplias, todo lo cual puede generar una mayor probabilidad de pérdida que la inversión en valores de empresas de mayor capitalización. Además, los costes de transacción de los valores de menor capitalización pueden ser mayores que los correspondientes a las empresas de capitalización más elevada.
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##### MARKET CAPITALISATION RISK
Certain Sub-Funds may invest in the securities of small- to medium-sized (by market capitalisation) companies, or financial instruments related to such securities, therefore, they may have a more limited market than the securities of larger companies and may involve greater risks and volatility than investments in larger companies. Accordingly, it may be more difficult to effect sales of such securities at an advantageous time or without a substantial drop in price than securities of a company with a large market capitalisation and broad trading market. In addition, securities of small- to medium-sized companies may have greater price volatility as they are generally more vulnerable to adverse market factors such as unfavourable economic reports.
Companies with smaller market capitalisations may be at an earlier stage of development, may be subject to greater business risks, may have limited product lines, limited financial resources and less depth in management than more established companies. In addition, these companies may have difficulty withstanding competition from larger more established companies in their industries. The securities of companies with smaller market capitalisations may be thinly traded (and therefore have to be sold at a discount from current market prices or sold in small lots over an extended period of time), may be followed by fewer investment research analysts and may be subject to wider price swings and thus may create a greater chance of loss than investing in securities of larger capitalisation companies. In addition, transaction costs in smaller capitalisation stocks may be higher than those of larger capitalisation companies.
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en
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es
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DOLFIN5255
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund invests at least 70% in income producing shares of companies that have their head office or a main part of their activity in Europe. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- 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.
- 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 fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI Europe Index (Net) Hedged to USD (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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is paid to shareholders out of gross investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital.
- Shares can usually be bought and sold each business day of the fund.
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# Objetivos y política de inversión
- El fondo tiene como objetivo generar ingresos y crecimiento del capital a largo plazo.
- El fondo invertirá al menos un 70 % en acciones de empresas que generen renta y cuya sede se encuentre en Europa, o que lleven a cabo una parte fundamental de su actividad en dicha región. La selección de activos queda determinada por una atractiva rentabilidad por dividendos, además de por el potencial de crecimiento del capital.
- 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.
- 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.
- El Subfondo se gestiona de manera activa y tiene como objetivo ofrecer ingresos y crecimiento del capital. Normalmente, los ingresos superarán a los generados por el MSCI Europe Index (Net) Hedged to USD (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, sectores y valores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Los ingresos obtenidos por el fondo se pagan a los accionistas a partir de los ingresos brutos derivados de la inversión durante la mayor parte del tiempo. El fondo trata de mantener un pago estable por acción, siempre que sea razonable. El pago no es fijo y variará en función de las circunstancias económicas y por otros motivos, así como por la capacidad del fondo para hacer frente a pagos estables sin que ello tenga repercusiones positivas o negativas a largo plazo en su capital. Esto podría hacer que el pago de dichas rentas se haga con el capital ocasionalmente.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
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# Objectives and Investment Policy
- The fund aims to provide income and long-term capital growth.
- The fund invests at least 70% in income producing shares of companies that have their head office or a main part of their activity in Europe. The choice of assets is guided by attractive dividend yields in addition to the potential for capital growth.
- 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.
- 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 fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI Europe Index (Net) Hedged to USD (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 also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities.
- Income earned by the fund is paid to shareholders out of gross investment income for most of the time. The fund seeks to maintain a stable payment per share so far as is reasonable. The payment is not fixed and will vary according to economic and other circumstances, and the ability of the fund to support stable payments without a long-term positive or negative impact on its capital. This may occasionally result in income payment coming out of the capital.
- Shares can usually be bought and sold each business day of the fund.
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en
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DOLFIN5262
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 2,040 EUR | 3,960 EUR |
| | Average return each year | -79.6 % | -16.9 % each year |
| Unfavourable | What you might get back after costs | 8,670 EUR | 9,710 EUR |
| | Average return each year | -13.3 % | -0.6 % each year |
| Moderate | What you might get back after costs | 10,870 EUR | 15,590 EUR |
| | Average return each year | 8.7 % | 9.3 % each year |
| Favourable | What you might get back after costs | 14,250 EUR | 19,130 EUR |
| | Average return each year | 42.5 % | 13.9 % each year |
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| Período de mantenimiento recomendado: 5 AÑOS Ejemplo de inversión: 10.000 EUR |
| --- |
| Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | |
| Tensión | Lo que podría recibir tras deducir los costes | 2.040 EUR | 3.960 EUR |
| | Rendimiento medio cada año | -79,6 % | -16,9 % cada año |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8.670 EUR | 9.710 EUR |
| | Rendimiento medio cada año | -13,3 % | -0,6 % cada año |
| Moderado | Lo que podría recibir tras deducir los costes | 10.870 EUR | 15.590 EUR |
| | Rendimiento medio cada año | 8,7 % | 9,3 % cada año |
| Favorable | Lo que podría recibir tras deducir los costes | 14.250 EUR | 19.130 EUR |
| | Rendimiento medio cada año | 42,5 % | 13,9 % cada año |
|
| Recommended holding period: 5 YEARS Example Investment: 10,000 EUR |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | |
| Stress | What you might get back after costs | 2,040 EUR | 3,960 EUR |
| | Average return each year | -79.6 % | -16.9 % each year |
| Unfavourable | What you might get back after costs | 8,670 EUR | 9,710 EUR |
| | Average return each year | -13.3 % | -0.6 % each year |
| Moderate | What you might get back after costs | 10,870 EUR | 15,590 EUR |
| | Average return each year | 8.7 % | 9.3 % each year |
| Favourable | What you might get back after costs | 14,250 EUR | 19,130 EUR |
| | Average return each year | 42.5 % | 13.9 % each year |
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en
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es
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DOLFIN5263
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Investment Policy
The Fund seeks to achieve the investment objective primarily by gaining direct and indirect exposure (on a long and/or short basis) to global equity and equity related securities which are listed or traded on a Recognised Market. The Fund may also gain exposure to equity securities through investment in FDIs. The Sub-Investment Manager applies a fundamental, bottom-up approach to investment analysis and seeks to identify investment opportunities across three broad themes within sustainability (consumption, efficiency and resource generation / waste reduction). Focus is placed on companies that offer market-disruptive/market-driven solutions to global sustainability challenges. The Fund is actively managed which means that the Sub-Investment Manager is actively making
investment decisions for the Fund. The Fund is not managed by reference to any benchmark.
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# Política de inversión
El Fondo trata de alcanzar el objetivo de inversión principalmente mediante la adquisición de una exposición directa e indirecta (a largo y/o corto plazo) a valores de renta variable mundial y valores relacionados con la renta variable que coticen o se negocien en un Mercado Reconocido. El Fondo también puede adquirir exposición a valores de renta variable mediante la inversión en FDI. El Gestor delegado de inversiones aplica un enfoque fundamental y ascendente al análisis de las inversiones y trata de identificar oportunidades de inversión en tres grandes temas dentro de la sostenibilidad (consumo, eficiencia y generación de recursos/reducción de residuos). La atención se centra en las empresas que ofrecen soluciones que perjudican el mercado o que se adaptan al mismo para los desafíos de la sostenibilidad mundial. El Fondo se gestiona de forma activa, lo que significa que el Subgestor de Inversiones adopta activamente decisiones de
inversión para el Fondo. El Fondo no se gestiona en función de ningún índice de referencia.
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# Investment Policy
The Fund seeks to achieve the investment objective primarily by gaining direct and indirect exposure (on a long and/or short basis) to global equity and equity related securities which are listed or traded on a Recognised Market. The Fund may also gain exposure to equity securities through investment in FDIs. The Sub-Investment Manager applies a fundamental, bottom-up approach to investment analysis and seeks to identify investment opportunities across three broad themes within sustainability (consumption, efficiency and resource generation / waste reduction). Focus is placed on companies that offer market-disruptive/market-driven solutions to global sustainability challenges. The Fund is actively managed which means that the Sub-Investment Manager is actively making
investment decisions for the Fund. The Fund is not managed by reference to any benchmark.
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en
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es
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DOLFIN5272
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Practical Information
Documents: The Fund is a sub-fund (part) of BNY Mellon Global Funds, plc ("BNY MGF"), an umbrella structure comprising different sub- funds. This document is specific to the Fund and share class stated at the beginning of this document. Copies of the Prospectus, annual and semi-annual reports which are prepared for the umbrella, may be obtained free of charge from www.bnymellonim.com or from BNY Mellon Fund Services (Ireland) Designated Activity Company, One Dockland Central, Guild Street, IFSC, Dublin 1, Ireland. These documents are available in English, French, German, Italian, Spanish and Portuguese.
Share price: The latest share price and other information, including how to buy or sell shares, are available from the website and address given above. Other share classes are offered by the Fund as set out in the Prospectus.
Switching: Investors may switch shares in the Fund for shares in other sub-funds of BNY MGF provided they satisfy the criteria applicable to investment in other sub-funds. Further information on switching is contained in the "Voluntary Switching and/or Conversion of Shares" section of the Prospectus.
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## Información práctica
Documentos: El Fondo es un sub-fondo (parte) de BNY Mellon Global Funds, plc (“BNY MGF”), una estructura paraguas compuesta por diferentes sub-fondos. Este documento es específico del Fondo y la clase de acciones que se indica al principio del documento. Pueden obtenerse copias del Folleto informativo y de los informes anuales y semestrales correspondientes al fondo paraguas, gratuitamente, de www.bnymellonim.com o de BNY Mellon Fund Services (Ireland) Designated Activity Company, One Dockland Central, Guild Street, IFSC, Dublín 1, Irlanda. Estos documentos están disponibles en inglés, francés, alemán, italiano, español y portugués.
Precio de las acciones: El precio más reciente de las acciones, junto con otras informaciones, como la forma de comprar o vender acciones, están disponibles en el sitio web y en la dirección indicadas más arriba. El Fondo ofrece otras clases, tal como se indica en el Folleto informativo.
Canje: Los inversores podrán canjear acciones del Fondo por acciones en otros sub-fondos de BNY MGF siempre y cuando satisfagan los criterios aplicables a la inversión en otros sub-fondos. El apartado “Canje y/o conversión voluntarios de Acciones” del Folleto informativo contiene más información sobre los canjes.
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## Practical Information
Documents: The Fund is a sub-fund (part) of BNY Mellon Global Funds, plc ("BNY MGF"), an umbrella structure comprising different sub- funds. This document is specific to the Fund and share class stated at the beginning of this document. Copies of the Prospectus, annual and semi-annual reports which are prepared for the umbrella, may be obtained free of charge from www.bnymellonim.com or from BNY Mellon Fund Services (Ireland) Designated Activity Company, One Dockland Central, Guild Street, IFSC, Dublin 1, Ireland. These documents are available in English, French, German, Italian, Spanish and Portuguese.
Share price: The latest share price and other information, including how to buy or sell shares, are available from the website and address given above. Other share classes are offered by the Fund as set out in the Prospectus.
Switching: Investors may switch shares in the Fund for shares in other sub-funds of BNY MGF provided they satisfy the criteria applicable to investment in other sub-funds. Further information on switching is contained in the "Voluntary Switching and/or Conversion of Shares" section of the Prospectus.
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en
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es
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DOLFIN5273
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
For each Distributing Share Class of each Fixed Income Fund (Fixed Income Fund as defined on page 15), at the time of each dividend declaration: (1) all, or some portion of, net investment income, if any, will be declared as a dividend; and (2) all, or some portion, of realised and unrealised capital gains net of realised and unrealised capital losses may be, but is not required to be, declared as a dividend.
For each Distributing Share Class of each Equity Fund (Equity Fund as defined on page 15), at the time of each dividend declaration: all, or some portion of, net investment income, if any, will be declared as a dividend. For each Shareholder of each Distributing Share Class, distributions will be made in the currency in which the Shareholder subscribed for shares, unless the Shareholder requests otherwise.
For each Distributing Share Class of each Multi-Asset Fund (Multi-Asset Fund as defined on page 15), at the time of each dividend declaration, all, or some portion of, net investment income, if any, will be declared as a dividend. For each Shareholder of each Distributing Share Class, distributions will be made in the currency in which the Shareholder subscribed for shares, unless the Shareholder requests otherwise.
The Distributing Plus Share Classes may declare and pay distributions out of capital. Investors in these share classes should be aware that payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or of capital gains attributable to that original investment, and such distributions will result in a corresponding immediate decrease in the net asset value per share of the share class. The payment of distributions out of capital will accordingly lead to capital erosion and may be achieved by forgoing the potential for future capital growth.
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En relación con cada Clase de Acciones de Distribución de cada Fondo de Renta Fija (Renta Fija según se define en la página 15), en el momento en que se declaren dividendos: (1) la totalidad, o una parte, de los ingresos netos de inversiones, en caso de existir, se declararán como dividendos; y (2) la totalidad, o una parte, de las plusvalías de capital netas materializadas y latentes, una vez deducidas las pérdidas de capital materializadas y latentes, pueden ser declaradas como dividendos, pero no están obligadas a serlo.
Para cada Clase de Acciones de Distribución de cada Fondo de Renta Variable (Renta Variable según se define en la página 15), en el momento de la declaración de dividendos: se declararán como dividendos todos o parte de los ingresos de inversión netos, en caso de existir. Para cada Accionista de cada Clase de Acciones de Distribución, las distribuciones se realizarán en la divisa en que el Accionista suscribió las Acciones, a menos que el Accionista solicite otra cosa.
Para cada Clase de Acciones de Distribución de cada Fondo Multiactivos (Multiactivos según se define en la página 15), en el momento de la declaración de dividendos: se declararán como dividendos todos o parte de los ingresos de inversión netos, en caso de existir. Para cada Accionista de cada Clase de Acciones de Distribución, las distribuciones se realizarán en la divisa en que el Accionista suscribió las Acciones, a menos que el Accionista solicite otra cosa.
Las Clases de Acciones Plus de Distribución pueden declarar y pagar distribuciones con cargo al capital. Los inversores en esas clases de acciones deben tener presente que el pago de dividendos con cargo al capital equivale a una devolución o retirada de parte de la inversión original de un inversor o de las ganancias de capital atribuibles a esa inversión original, y que esas distribuciones darán lugar a la correspondiente disminución inmediata del valor liquidativo por acción de la clase de acciones. Por consiguiente, el pago de las distribuciones con cargo al capital conllevarán la erosión del capital y puede lograrse renunciando al potencial de crecimiento del capital en el futuro.
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For each Distributing Share Class of each Fixed Income Fund (Fixed Income Fund as defined on page 15), at the time of each dividend declaration: (1) all, or some portion of, net investment income, if any, will be declared as a dividend; and (2) all, or some portion, of realised and unrealised capital gains net of realised and unrealised capital losses may be, but is not required to be, declared as a dividend.
For each Distributing Share Class of each Equity Fund (Equity Fund as defined on page 15), at the time of each dividend declaration: all, or some portion of, net investment income, if any, will be declared as a dividend. For each Shareholder of each Distributing Share Class, distributions will be made in the currency in which the Shareholder subscribed for shares, unless the Shareholder requests otherwise.
For each Distributing Share Class of each Multi-Asset Fund (Multi-Asset Fund as defined on page 15), at the time of each dividend declaration, all, or some portion of, net investment income, if any, will be declared as a dividend. For each Shareholder of each Distributing Share Class, distributions will be made in the currency in which the Shareholder subscribed for shares, unless the Shareholder requests otherwise.
The Distributing Plus Share Classes may declare and pay distributions out of capital. Investors in these share classes should be aware that payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or of capital gains attributable to that original investment, and such distributions will result in a corresponding immediate decrease in the net asset value per share of the share class. The payment of distributions out of capital will accordingly lead to capital erosion and may be achieved by forgoing the potential for future capital growth.
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en
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es
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DOLFIN5283
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the S&P Global Infrastructure Index (index) which is designed to reflect the performance of 75 companies from developed countries and emerging markets representing three industry sectors: utilities, transportation and energy. The index contains shares of companies meeting certain size criteria based on the combined value of a company’s readily available shares compared to other companies. The shares must also meet minimum trading activity requirements. Fifteen companies are from emerging markets and they must be listed on a stock exchange in a developed country. The utilities and
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# Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión refleje el rendimiento del S&P Global Infrastructure index (el "índice"), que está diseñado para reflejar el rendimiento de 75 empresas de países desarrollados y mercados emergentes que representen tres sectores industriales: los servicios públicos, el transporte y la energía. El índice está compuesto de acciones de empresas que cumplen con determinados criterios de tamaño, basado en el valor combinado de las acciones de mayor disponibilidad de una empresa en comparación con otras empresas. Las acciones también deben cumplir con los requisitos mínimos de actividades de negociación. Quince empresas pertenecen a mercados emergentes y deben cotizar en una bolsa de algún país desarrollado. Los sectores de servicios públicos y
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# Objectives and investment policy
The fund is passively managed. The aim is for your investment to reflect the performance of the S&P Global Infrastructure Index (index) which is designed to reflect the performance of 75 companies from developed countries and emerging markets representing three industry sectors: utilities, transportation and energy. The index contains shares of companies meeting certain size criteria based on the combined value of a company’s readily available shares compared to other companies. The shares must also meet minimum trading activity requirements. Fifteen companies are from emerging markets and they must be listed on a stock exchange in a developed country. The utilities and
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en
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es
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DOLFIN5289
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objective and investment strategy
To seek both income and growth of your investment, in EUR, and a sustainable investment objective, from an actively managed bond portfolio, in line with a socially responsible investment approach.
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 of the Sub-Fund.
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# Objetivo y estrategia de inversión
El objetivo de este Subfondo es buscar la obtención de ingresos y la revalorización de su inversión, en EUR, y un objetivo de inversión sostenible, mediante una cartera gestionada de forma activa, compuesta por bonos, en consonancia con un enfoque de inversión socialmente responsable.
El objetivo de la clase de acción es proporcionar cobertura sobre el riesgo de tipo de cambio procedente de la divergencia entre la moneda de referencia del Subfondo y la moneda de la clase de acción, mediante el uso de instrumentos derivados, mientras se mantiene la exposición a la Política de Inversión del Subfondo.
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# Objective and investment strategy
To seek both income and growth of your investment, in EUR, and a sustainable investment objective, from an actively managed bond portfolio, in line with a socially responsible investment approach.
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 of the Sub-Fund.
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en
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es
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DOLFIN5297
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: June 25, 2015.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in JPY.
20%
10%
0%
-10%
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### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 25 de junio de 2015. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en JPY.
20%
10%
0%
-10%
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### Launch Date and Currency
Sub-Fund's launch date: June 25, 2015.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in JPY.
20%
10%
0%
-10%
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en
|
es
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DOLFIN5299
|
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 | 2.19% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 15.00% of New Net Appreciation. |
|
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | No aplicable |
| Gastos de salida | No aplicable |
| Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 2,19% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 15,00% de la Nueva Apreciación Neta. |
|
| 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 | 2.19% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 15.00% of New Net Appreciation. |
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en
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es
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DOLFIN5309
|
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 04/05/2018.
On 04/05/2018, all of the assets and liabilities of AB FCP I – All Market Income Portfolio were transferred to the newly created AB SICAV I – All Market Income Portfolio (the "Fund"). As a result, the Fund's Class I EUR H past performance prior to this date relates to AB FCP I – All Market Income Portfolio Class I EUR H.
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 04/05/2018.
El 04/05/2018, todos los activos y obligaciones de AB FCP I – All Market Income Portfolio fueron transferidos al nuevo fondo AB SICAV I – All Market Income Portfolio (el "Fondo"). En consecuencia, los rendimientos pasados del Fondo Class I EUR H anteriores a esta fecha corresponden a AB FCP I – All Market Income Portfolio Class I EUR H.
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 04/05/2018.
On 04/05/2018, all of the assets and liabilities of AB FCP I – All Market Income Portfolio were transferred to the newly created AB SICAV I – All Market Income Portfolio (the "Fund"). As a result, the Fund's Class I EUR H past performance prior to this date relates to AB FCP I – All Market Income Portfolio Class I EUR H.
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
|
DOLFIN5313
|
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 | 20.0 | 9.1 | -2.1 | -3.9 | -2.3 | 30.6 | -17.0 | 10.0 | 26.9 | 14.2 |
| Benchmark † | 21.3 | 9.1 | -0.9 | -4.4 | -2.7 | 29.4 | -17.5 | 10.0 | 27.6 | 14.0 |
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 27 January 2022
|
# Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 20,0 | 9,1 | -2,1 | -3,9 | -2,3 | 30,6 | -17,0 | 10,0 | 26,9 | 14,2 |
| Índice † | 21,3 | 9,1 | -0,9 | -4,4 | -2,7 | 29,4 | -17,5 | 10,0 | 27,6 | 14,0 |
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 27 enero 2022
|
# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 20.0 | 9.1 | -2.1 | -3.9 | -2.3 | 30.6 | -17.0 | 10.0 | 26.9 | 14.2 |
| Benchmark † | 21.3 | 9.1 | -0.9 | -4.4 | -2.7 | 29.4 | -17.5 | 10.0 | 27.6 | 14.0 |
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 27 January 2022
|
en
|
es
|
DOLFIN5314
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Subordination allocation
About 67% of the underlying portfolio is invested in Tier 2 debt: 34% is invested in Tier 2 bonds issued by banks and 33% in Tier 2 bonds issued by insurance companies. About 20% of the underlying portfolio is invested in Tier 1 debt, of which bank Tier 1 CoCo bonds represent about 15%. On top of the bank CoCo bonds, we hold around 4% in insurance CoCo bonds. The exposure to senior bonds mainly consists of German Bunds, though we also hold senior bank bonds issued by BCP and Credit Suisse. The categories hybrid and subordinated contain subordinated debt issued by insurance companies.
Duration allocation
| Euro | 0.3 |
| --- | --- |
Rating allocation
| AAA | 4.2% |
| --- | --- |
| A | 15.1% |
| BAA | 55.4% |
| BA | 15.3% |
| B | 1.4% |
| Cash and other instruments | 8.5% |
Country allocation
| Netherlands | 16.5% |
| --- | --- |
| France | 15.9% |
| Switzerland | 8.4% |
| Spain | 8.0% |
| Germany | 8.0% |
| Austria | 6.8% |
| United Kingdom | 5.8% |
| Denmark | 5.1% |
| Italy | 4.1% |
| Belgium | 3.7% |
| Portugal | 2.2% |
| Other | 7.0% |
| |
| Cash and other instruments | | 8.5% |
| |
Subordination type allocation
| Tier 2 | | 63.2% |
| --- | --- | --- |
| |
| Tier 1 | 19.3% |
| Senior | 6.1% |
| Hybrid | 2.7% |
| Subordinated | 0.2% |
| Cash and other instruments | 8.5% |
|
# Subordination allocation
Alrededor del 67% de la cartera subyacente está invertida en deuda de Tier 2: el 34% está invertido en bonos Tier 2 emitidos por bancos, y el 33% en bonos Tier 2 emitidos por aseguradoras. Cerca del 20% de la cartera subyacente se invierte en deuda Tier 1, con alrededor del 15% en bonos CoCo bancarios de Tier 1. Además de los CoCo bancarios, tenemos cerca del 4% en bonos CoCo de aseguradoras. La exposición a bonos sénior consiste principalmente en deuda alemana, aunque mantenemos también bonos bancarios sénior emitidos por BCP y Credit Suisse. Las categorías de híbridos y subordinados incluyen deuda subordinada emitida por aseguradoras.
Distribución de duración
| Euro | 0,3 |
| --- | --- |
Distribución de rating
| AAA | 4,2% |
| --- | --- |
| A | 15,1% |
| BAA | 55,4% |
| BA | 15,3% |
| B | 1,4% |
| Efectivo y otros instrumentos | 8,5% |
Distribución regional
| Países Bajos | 16,5% |
| --- | --- |
| Francia | 15,9% |
| Suiza | 8,4% |
| España | 8,0% |
| Alemania | 8,0% |
| Austria | 6,8% |
| Reino Unido | 5,8% |
| Dinamarca | 5,1% |
| Italia | 4,1% |
| Bélgica | 3,7% |
| Portugal | 2,2% |
| Otros | 7,0% |
| |
| Efectivo y otros instrumentos | | 8,5% |
| |
Distribución de tipo subordinado
| Tier 2 | | 63,2% |
| --- | --- | --- |
| |
| Tier 1 | 19,3% |
| Sénior | 6,1% |
| Híbrido | 2,7% |
| Subordinados | 0,2% |
| Efectivo y otros instrumentos | 8,5% |
|
# Subordination allocation
About 67% of the underlying portfolio is invested in Tier 2 debt: 34% is invested in Tier 2 bonds issued by banks and 33% in Tier 2 bonds issued by insurance companies. About 20% of the underlying portfolio is invested in Tier 1 debt, of which bank Tier 1 CoCo bonds represent about 15%. On top of the bank CoCo bonds, we hold around 4% in insurance CoCo bonds. The exposure to senior bonds mainly consists of German Bunds, though we also hold senior bank bonds issued by BCP and Credit Suisse. The categories hybrid and subordinated contain subordinated debt issued by insurance companies.
Duration allocation
| Euro | 0.3 |
| --- | --- |
Rating allocation
| AAA | 4.2% |
| --- | --- |
| A | 15.1% |
| BAA | 55.4% |
| BA | 15.3% |
| B | 1.4% |
| Cash and other instruments | 8.5% |
Country allocation
| Netherlands | 16.5% |
| --- | --- |
| France | 15.9% |
| Switzerland | 8.4% |
| Spain | 8.0% |
| Germany | 8.0% |
| Austria | 6.8% |
| United Kingdom | 5.8% |
| Denmark | 5.1% |
| Italy | 4.1% |
| Belgium | 3.7% |
| Portugal | 2.2% |
| Other | 7.0% |
| |
| Cash and other instruments | | 8.5% |
| |
Subordination type allocation
| Tier 2 | | 63.2% |
| --- | --- | --- |
| |
| Tier 1 | 19.3% |
| Senior | 6.1% |
| Hybrid | 2.7% |
| Subordinated | 0.2% |
| Cash and other instruments | 8.5% |
|
en
|
es
|
DOLFIN5319
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
* The Fund’s investment manager has undertaken to reimburse the Fund for
ongoing charges that exceed this amount annually.
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial advisor.
The ongoing charges figure is based on expenses for the year ending 31 December 2020. This figure may vary from year to year. It excludes:
- Performance fees
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertakingFor more information about charges, please see the section entitled “Charges and Expenses” in Cohen & Steers SICAV’s prospectus, which is available at www.cohenandsteers.com% Return
|
*
El gestor de inversiones del Fondo se ha comprometido a reembolsar al Fondo los gastos corrientes que superen esta canidad anual.
Los gastos de entrada y de salida que se muestran son cifras máximas. En algunos casos, podría pagar menos; consulte a su asesor financiero. La cifra de gastos corrientes se basa en los gastos del ejercicio cerrado a 31 de diciembre de 2020. Dicha cifra puede variar de un año a otro. No incluye:
- Comisiones de rentabilidad
- Costes de transacción de la cartera, excepto en caso de que el Fondo pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectivaPara obtener más información acerca de los gastos, consulte el apartado«Gastos y comisiones» en el folleto de Cohen & Steers SICAV, que está disponible en www.cohenandsteers.com.
|
* The Fund’s investment manager has undertaken to reimburse the Fund for
ongoing charges that exceed this amount annually.
The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial advisor.
The ongoing charges figure is based on expenses for the year ending 31 December 2020. This figure may vary from year to year. It excludes:
- Performance fees
- Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertakingFor more information about charges, please see the section entitled “Charges and Expenses” in Cohen & Steers SICAV’s prospectus, which is available at www.cohenandsteers.com% Return
|
en
|
es
|
DOLFIN5321
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Objective: capital growth by investing in shares (i.e. equities) and similar investments issued by companies which either have a predominant part of their assets in, or revenue from the People's Republic of China, Hong Kong and/or Taiwan that are listed, traded or dealt on regulated markets in the People's Republic of China, Hong Kong, Taiwan, the US, Singapore, Korea, Thailand and Malaysia and member states of the OECD.
Policy: in seeking to achieve its investment objective, the fund aims to deliver a return, net of fees, greater than that of the MSCI Zhong Hua 10/40 Index with net dividends re-invested over rolling 3 year periods. The Fund may invest up to 20% in China A- Shares through the China-Hong Kong Stock Connect scheme.
## The Fund will typically invest in the shares of fewer than 50 companies.
The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund is actively managed. Portfolio construction is driven by combining mathematical models and a traditional research based approach (e.g. analysing a company's future prospects in the context of the economic environment) to identify attractively priced investment opportunities.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.
## Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund.
## Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
## Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares.
## Dealing: you can buy and sell shares on business days (excluding Saturdays, Sundays and public holidays) where retail banks are open in Dublin, London, China and Hong Kong.
|
# Objetivo y política de inversión
Objetivo: revalorización del capital invirtiendo en acciones (renta variable) y títulos similares emitidos por empresas que tengan la mayor parte de sus activos en la República Popular de China, Hong Kong y/o Taiwán u obtengan una parte sustancial de sus ingresos en dichos mercados y que coticen o se negocien en mercados regulados de la República Popular de China, Hong Kong, Taiwán, EE. UU., Singapur, Corea, Tailandia, Malasia o Estados miembros de la OCDE.
Política: para alcanzar su objetivo de inversión, el Fondo trata de proporcionar una rentabilidad después de comisiones superior a la del MSCI Zhong Hua 10/40 Index, con dividendos netos reinvertidos en periodos rotatorios de tres años. El Fondo puede invertir hasta el 20% en acciones de Clase A chinas a través del sistema China-Hong Kong Stock Connect.
## El Fondo invertirá normalmente en las acciones de menos de 50 empresas.
El Fondo podrá emplear derivados (es decir, contratos financieros cuyo valor está vinculado a los movimientos de precios previstos de un activo subyacente) a fin de generar rentabilidad y/o reducir los costes y/o riesgos generales del Fondo.
El Fondo se gestiona de forma activa. La construcción de la cartera se realiza combinando modelos matemáticos y un enfoque de análisis tradicional (es decir el análisis de las perspectivas futuras de la empresa, en el contexto del entorno económico), para encontrar oportunidades de inversión con precios atractivos.
El Índice es una representación amplia del universo de inversión del Fondo. Aunque una gran proporción de las inversiones del Fondo pueden formar parte del Índice, el Fondo puede desviarse considerablemente de este.
## Los costes de transacción de la cartera se pagan con cargo a los activos del Fondo, además de los gastos estipulados abajo, y pueden incidir en la rentabilidad del Fondo.
## Recomendación: el Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de 5 años.
## Tratamiento de los ingresos: dado que las acciones de esta clase son de acumulación, los ingresos obtenidos de las inversiones se reinvertirán en el Fondo y se reflejarán en el valor de las acciones.
## Negociación: usted puede comprar y vender acciones los días hábiles en los que los bancos estén abiertos a operaciones en Dublín, Londres, China y Hong Kong (excepto sábados, domingos y festivos).
|
# Objectives and Investment Policy
Objective: capital growth by investing in shares (i.e. equities) and similar investments issued by companies which either have a predominant part of their assets in, or revenue from the People's Republic of China, Hong Kong and/or Taiwan that are listed, traded or dealt on regulated markets in the People's Republic of China, Hong Kong, Taiwan, the US, Singapore, Korea, Thailand and Malaysia and member states of the OECD.
Policy: in seeking to achieve its investment objective, the fund aims to deliver a return, net of fees, greater than that of the MSCI Zhong Hua 10/40 Index with net dividends re-invested over rolling 3 year periods. The Fund may invest up to 20% in China A- Shares through the China-Hong Kong Stock Connect scheme.
## The Fund will typically invest in the shares of fewer than 50 companies.
The Fund may use derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment), with the aim of generating returns and reducing the overall costs and/or risks of the Fund.
The Fund is actively managed. Portfolio construction is driven by combining mathematical models and a traditional research based approach (e.g. analysing a company's future prospects in the context of the economic environment) to identify attractively priced investment opportunities.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.
## Portfolio transaction costs are paid out of the assets of the Fund in addition to the charges set out below, and may have an impact on the performance of the Fund.
## Recommendation: the Fund may not be appropriate for investors who plan to withdraw their money within 5 years.
## Treatment of income: as shares in this class are accumulation shares, income from investments will be reinvested into the Fund and reflected in the value of the shares.
## Dealing: you can buy and sell shares on business days (excluding Saturdays, Sundays and public holidays) where retail banks are open in Dublin, London, China and Hong Kong.
|
en
|
es
|
DOLFIN5325
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Due from/to broker balances are valued at cost, which approximates market value. Refer to Note 13 for further details.
- Foreign Currency Translation The books and records of all Portfolios are maintained in their base currency. Please refer to Unaudited Appendix II for the base currency of each Portfolio. Transactions in foreign currencies are translated at the foreign currency exchange rate in effect at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated into base currency at the foreign currency closing exchange rate in effect at the year end date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of assets and liabilities are recognised in the Statement of Operations. Foreign currency exchange gains or losses relating to investments, derivative financial investments, and all other foreign currency exchange gains or losses relating to monetary items, including cash and cash equivalents, are reflected in the net realised gain/(loss) or net change in unrealised gain/(loss) in the Statement of Operations.
- Expenses Expenses incurred by the Fund that do not specifically relate to an individual Portfolio or Share Class of the Fund are allocated to the Portfolios based on an allocation basis that depends upon the nature of the charges. Expenses directly attributable to a Portfolio or Share Class are generally charged to that Portfolio or Share Class.
- " Snap” and “Close” Valuation In the case of certain Portfolios, the Fund may decide to issue Share Classes which have different Valuation Points, termed “snap” and “close”, where the “snap” Valuation Point takes a value at a time other than at market close and “close” takes the value based on market closing prices. In consequence, the net asset values and performance per share of such Share Classes are expected to differ from each other as a result of the application of different Valuation Points.
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Los saldos a pagar por/a intermediarios financieros se valoran al precio de coste, que se aproxima al valor de mercado. Para más información, consulte la Nota 13.
- Conversión de divisas Los libros y registros de todas las Carteras se llevan en sus respectivas monedas de referencia. Consulte el Anexo II (sin auditar) para obtener información sobre la moneda de referencia de cada Cartera. Las transacciones realizadas en divisas extranjeras se convierten al correspondiente tipo de cambio en vigor en la fecha de la transacción. Los activos y pasivos denominados en divisas extranjeras se convierten en la moneda de referencia al tipo de cambio de esa divisa vigente en la fecha de cierre del ejercicio. Las diferencias de cambio de divisas derivadas de la conversión y las plusvalías y minusvalías materializadas en enajenaciones o liquidaciones de activos y pasivos se contabilizan en la Cuenta de pérdidas y ganancias. Las plusvalías o minusvalías obtenidas por cambio de divisas relativas a inversiones, instrumentos financieros derivados y todas las demás plusvalías o minusvalías por cambio de divisas relativas a partidas monetarias, incluyendo el efectivo y los activos líquidos equivalentes, se reflejan como plusvalía/(minusvalía) neta materializada o como variación neta de la plusvalía/(minusvalía) latente en la Cuenta de pérdidas y ganancias.
- Gastos Los gastos incurridos por el Fondo que no estén específicamente relacionados con una determinada Cartera o Clase de acciones del Fondo se asignarán a las Carteras conforme al criterio de asignación en función de la naturaleza de dichos gastos. Los gastos que sean directamente atribuibles a una Cartera o Clase de acciones se imputan generalmente a esa Cartera o Clase de acciones.
- Valoración “puntual” y “al cierre” En el caso de determinadas Carteras, el Fondo podrá optar por emitir Clases de acciones que tengan diferentes Momentos de valoración, denominados “puntual” y “al cierre”, donde el “puntual” adopta un valor distinto al fijado en el momento del cierre del mercado, y el denominado “al cierre” adopta el valor basado en los precios al cierre. En consecuencia, se prevé que los valores liquidativos y la rentabilidad por Acción de dichas Clases de acciones difieran entre sí como resultado de la aplicación de Momentos de valoración diferentes.
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Due from/to broker balances are valued at cost, which approximates market value. Refer to Note 13 for further details.
- Foreign Currency Translation The books and records of all Portfolios are maintained in their base currency. Please refer to Unaudited Appendix II for the base currency of each Portfolio. Transactions in foreign currencies are translated at the foreign currency exchange rate in effect at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated into base currency at the foreign currency closing exchange rate in effect at the year end date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of assets and liabilities are recognised in the Statement of Operations. Foreign currency exchange gains or losses relating to investments, derivative financial investments, and all other foreign currency exchange gains or losses relating to monetary items, including cash and cash equivalents, are reflected in the net realised gain/(loss) or net change in unrealised gain/(loss) in the Statement of Operations.
- Expenses Expenses incurred by the Fund that do not specifically relate to an individual Portfolio or Share Class of the Fund are allocated to the Portfolios based on an allocation basis that depends upon the nature of the charges. Expenses directly attributable to a Portfolio or Share Class are generally charged to that Portfolio or Share Class.
- " Snap” and “Close” Valuation In the case of certain Portfolios, the Fund may decide to issue Share Classes which have different Valuation Points, termed “snap” and “close”, where the “snap” Valuation Point takes a value at a time other than at market close and “close” takes the value based on market closing prices. In consequence, the net asset values and performance per share of such Share Classes are expected to differ from each other as a result of the application of different Valuation Points.
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en
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es
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DOLFIN5327
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Investment of €10,000 | 3 years | 5 years (Recommended holding period) |
| --- | --- | --- |
| Market tension scenario | What you could get back after the deduction of costs | 4 584.23 € | 3 511.07 € |
| Average annual yield (%) | -22.89% | -18.89% |
| Unfavourable scenario | What you could get back after the deduction of costs | 6 724.15 € | 6 115.83 € |
| Average annual yield (%) | -12.39% | -9.37% |
| Moderate scenario | What you could get back after the deduction of costs | 10 586.27 € | 10 977.83 € |
| Average annual yield (%) | 1.92% | 1.88% |
| Favourable scenario | What you could get back after the deduction of costs | 16 530.81 € | 19 544.45 € |
| Average annual yield (%) | 18.24% | 14.34% |
|
| Inversión de 10.000 € | 3 años (Período intermedio) | 5 años (Período de mantenimiento recomendado) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | 4 584.23 € | 3 511.07 € |
| Rendimiento medio cada año (%) | -22.89% | -18.89% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | 6 724.15 € | 6 115.83 € |
| Rendimiento medio cada año (%) | -12.39% | -9.37% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | 10 586.27 € | 10 977.83 € |
| Rendimiento medio cada año (%) | 1.92% | 1.88% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | 16 530.81 € | 19 544.45 € |
| Rendimiento medio cada año (%) | 18.24% | 14.34% |
|
| Investment of €10,000 | 3 years | 5 years (Recommended holding period) |
| --- | --- | --- |
| Market tension scenario | What you could get back after the deduction of costs | 4 584.23 € | 3 511.07 € |
| Average annual yield (%) | -22.89% | -18.89% |
| Unfavourable scenario | What you could get back after the deduction of costs | 6 724.15 € | 6 115.83 € |
| Average annual yield (%) | -12.39% | -9.37% |
| Moderate scenario | What you could get back after the deduction of costs | 10 586.27 € | 10 977.83 € |
| Average annual yield (%) | 1.92% | 1.88% |
| Favourable scenario | What you could get back after the deduction of costs | 16 530.81 € | 19 544.45 € |
| Average annual yield (%) | 18.24% | 14.34% |
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en
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es
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DOLFIN5335
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Investment horizon Credit quality
Source: Indosuez Wealth (Asset Management), September 2019.
Source of ratings: S&P, September 2019. Standard & Poor’s (S&P): BBB- (average credit quality) is considered Investment Grade. Ratings may change.
* KIID (Key Investor Information Document) risk scale. Risk category 4 reflects modest potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean “risk-free”. The level of risk of the Fund is due to its investments in bonds on the US market.
BOND S
USD
Global
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Horizonte de inversión Calificación crediticia
Fuente: Indosuez Wealth (Asset Management), septiembre de 2019.
Fuente de calificaciones: S&P, septiembre de 2019. Standard & Poor’s (S&P): BBB- (calificación crediticia media) se considera Investment Grade. Las calificaciones pueden cambiar.
* Escala de riesgo del DFI (documento de Datos Fundamentales para el Inversor). La categoría de riesgo 4 refleja un potencial de ganancia y/o pérdida moderado del valor de la cartera. Los datos históricos utilizados en el cálculo de este indicador sintético podrían no ser un indicador fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo asociada a este Fondo no está garantizada y puede variar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El nivel de riesgo de este Fondo se debe a las inversiones en bonos en el mercado estadounidense.
RENTA FIJA
USD
Mundi
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Investment horizon Credit quality
Source: Indosuez Wealth (Asset Management), September 2019.
Source of ratings: S&P, September 2019. Standard & Poor’s (S&P): BBB- (average credit quality) is considered Investment Grade. Ratings may change.
* KIID (Key Investor Information Document) risk scale. Risk category 4 reflects modest potential for gains and/or losses in the value of the portfolio. Historical data such as those used to calculate the synthetic indicator may not be a reliable indicator of the Fund’s future risk profile. The risk category shown for this Fund is not guaranteed and may change over time. The lowest category does not mean “risk-free”. The level of risk of the Fund is due to its investments in bonds on the US market.
BOND S
USD
Global
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en
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es
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DOLFIN5343
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 3.55% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Fund achieves above the High Water Mark. Actual performance fee charged last year: 2.79% |
|
| 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 del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 3,55% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 20,00% anual sobre los rendimientos que el Fondo obtenga por encima de la High Water Mark. Comisión de rentabilidad real percibida el pasado ejercicio: 2,79% |
|
| One-off charges taken before or after you invest |
| --- |
| Entry charge | 0.00% |
| Exit charge | 0.00% |
| This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. |
| Charges taken from the fund over a year |
| Ongoing charges | 3.55% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 20.00% a year of any returns the Fund achieves above the High Water Mark. Actual performance fee charged last year: 2.79% |
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en
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es
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DOLFIN5349
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This decision of the Board of Directors shall be made public through all appropriate means, including by publication in a newspaper in the countries where the shares of the SICAV are distributed, if required by the legislation of these countries.
The Board of Directors would be required to refer the matter of closing, cancelling or liquidating the final Sub-Fund of the SICAV to the general meeting of shareholders under the conditions of quorum and majority required by Luxembourg law.
The net liquidation proceeds of each Sub-Fund will be distributed to the shareholders of each Sub-Fund proportionate to their holding.
The liquidation proceeds attributable to shares whose holders do not come forward on completion of the liquidation proceedings of a Sub-Fund will remain on deposit with the Caisse de Consignation in Luxembourg to the profit of the relevant beneficiary.
-
### Merger of Sub-Funds, Share Classes or share types
- Merger of a class or type of shareUnder the circumstances indicated in clause 23.1 above, the Board of Directors may decide to merge one or more classes or types of shares of the SICAV.
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Esta decisión del Consejo de Administración se hará pública a través de todos los medios apropiados, incluida la publicación en un diario de los países donde se distribuyan las acciones de la SICAV, si así lo exige la legislación de dichos países.
El Consejo de Administración tendría la obligación de someter la cuestión del cierre, la cancelación o la liquidación del Subfondo final de la SICAV a la asamblea general de accionistas conforme a las condiciones de cuórum y mayoría que exige la ley de Luxemburgo.
El producto neto de la liquidación de cada Subfondo se distribuirá a los accionistas del Subfondo de forma proporcional a las acciones que posean.
El producto de la liquidación atribuible a acciones cuyos titulares no se hayan presentado al cierre de la liquidación de un Subfondo se mantendrá depositado en la Caisse de Consignation de Luxemburgo en beneficio del beneficiario pertinente.
-
### Fusión de Subfondos, Clases de Acciones o tipos de acciones
- Fusión de una clase o tipo de accionesEn las circunstancias recogidas en la cláusula 23.1 anterior, el Consejo de Administración puede tomar la decisión de fusionar uno o varios tipos o Clases de Acciones de la SICAV.
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This decision of the Board of Directors shall be made public through all appropriate means, including by publication in a newspaper in the countries where the shares of the SICAV are distributed, if required by the legislation of these countries.
The Board of Directors would be required to refer the matter of closing, cancelling or liquidating the final Sub-Fund of the SICAV to the general meeting of shareholders under the conditions of quorum and majority required by Luxembourg law.
The net liquidation proceeds of each Sub-Fund will be distributed to the shareholders of each Sub-Fund proportionate to their holding.
The liquidation proceeds attributable to shares whose holders do not come forward on completion of the liquidation proceedings of a Sub-Fund will remain on deposit with the Caisse de Consignation in Luxembourg to the profit of the relevant beneficiary.
-
### Merger of Sub-Funds, Share Classes or share types
- Merger of a class or type of shareUnder the circumstances indicated in clause 23.1 above, the Board of Directors may decide to merge one or more classes or types of shares of the SICAV.
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en
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es
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DOLFIN5351
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The fees of the Investment Managers appointed by the Management Company are paid by the Management Company from its All- in-Fee and, if necessary, from its performance fee.
Provided that it is not charged directly to the Shareholder under the terms of a particular Share Class, the All-in-Fee is accrued daily and charged monthly in arrears on a pro rata basis on the average daily Net Asset Value of the respective Share Class of a Sub- Fund. The amount of the All-in-Fee charged is listed in Appendix 2.
The Management Company shall pay the following expenses out of the All-in-Fee:
- Management Company and Central Administration Agent fees (except for arranging, preparing and executing of securities lending and/or repurchase/reverse repurchase transactions by the Management Company);
- distribution fees,
- the Depositary’s administration and custody fees,
- Registrar and Transfer Agent fees,
- Auditor fees,
- Paying and Information Agent(s) fees,
- costs of the preparation (including translation) and dissemination of this Prospectus, KIIDs, Articles and the annual, semi-annual and, if any, interim reports and other reports and notifications to Shareholders,
- costs of publishing this Prospectus, KIIDs, Articles, annual, semi-annual and, if any, interim reports, other reports and notifications to Shareholders, tax information, as well as the Subscription Price and Redemption Price, and official announcements made to the Shareholders,
- costs of registering the Shares for public distribution and / or the maintenance of such registration,
- costs of preparing Share certificates and, if any, coupons and coupon renewals,
- costs of assessing the Sub-Funds by nationally and internationally recognised rating agencies,
- expenses in connection with the establishment of the Sub-Funds,
- servicing charge in connection with providing distributing-related services to B/BT Share Classes,
- costs related to the use of index names, in particular, licence fees,
- costs and fees incurred by the Company or by third parties authorised by the Company relating to the acquisition, use and maintenance of in-house or third-party computer systems used by the Investment Managers and the Investment Advisors,
- costs related to the direct investment in assets in a country,
- costs related to acting directly as a contracting partner in a market,
- costs and expenses incurred by the Company, the Depositary and third parties authorised by the Company or the Depositary in connection with monitoring of investment limits and restrictions,
- costs for calculating the risk and performance figures and the calculation of performance fees for the Management Company by third parties appointed to do so,
- costs related to obtaining information about general meetings of Shareholders or other meetings and costs related to direct participation or participation via proxies in such meetings, and
- postage, telephone, fax and telex fees.
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Las comisiones para los Gestores de inversión nombrados por la Sociedad Gestora se abonarán de la Comisión única y, de ser necesario, de su comisión de rentabilidad.
La Comisión única, siempre y cuando no se cargue directamente a los Accionistas en virtud de los términos de una Clase de Acciones en particular, se determinará todos los días, se cobrará a mes vencido y se calculará a prorrata del Valor liquidativo medio diario de la Clase de Acciones del Compartimento correspondiente. El importe de la Comisión única cobrado se especifica en el Anexo 2.
La Sociedad Gestora pagará los siguientes gastos con la Comisión única:
- comisiones de la Sociedad Gestora y del Agente de administración central (excepto para la organización, la preparación y la ejecución de operaciones de préstamo de títulos-valores y/u operaciones de recompra o de recompra inversa por parte de la Sociedad Gestora);
- comisiones de distribución,
- comisiones de administración y custodia del Depositario,
- comisiones del Agente de registro y transferencia,
- comisiones del auditor,
- comisiones del/de los Agente(s) de pago e información,
- los costes de redacción (incluida la traducción) y difusión del presente Folleto, los KIID, los Estatutos, así como los informes anuales, semestrales y, si los hubiere, informes provisionales y otros informes y notificaciones para los Accionistas,
- los costes de publicación del presente Folleto, los KIID, los Estatutos, los informes anuales, semestrales y, si los hubiere, informes provisionales, otros informes y notificaciones para los Accionistas, datos fiscales, así como los Precios de suscripción y reembolso y anuncios oficiales realizados a los Accionistas,
- los costes de inscripción de las Acciones para la distribución pública y/o el mantenimiento de dicha inscripción,
- los costes de redacción de los certificados de Acciones y, si los hubiere, cupones y renovaciones de cupones,
- los costes para la evaluación de los Compartimentos por parte de agencias de calificación crediticia nacionales e internacionales reconocidas,
- los gastos relacionados con la constitución de los Compartimentos,
- el cargo por prestación de servicios relativos a la distribución a las Clases de Acciones B/BT,
- los costes relacionados con la utilización de nombres de índices, en especial, los relativos a licencias,
- los costes y las comisiones de la Sociedad o de terceros autorizados por la Sociedad en relación a la adquisición, la utilización y el mantenimiento de sistemas informáticos propios o ajenos destinados a los Gestores y Asesores de inversiones,
- los costes relacionados con la inversión directa en activos en un país,
- los costes relacionados con la entrada directa en un mercado como parte contratante,
- los costes y gastos incurridos por la Sociedad, del Depositario y de terceros nombrados por estos en relación con la supervisión de los límites y las restricciones a la inversión,
- los costes derivados de la determinación de las cifras de riesgo y rentabilidad y del cálculo de comisiones de rentabilidad para la Sociedad Gestora por parte de terceros,
- los costes relacionados con la recopilación de información sobre juntas generales de Accionistas u otro tipo de juntas y los costes relativos a la participación directa o la participación a través de representantes en dichas juntas, yAllianz Global Investors Fund
- los costes postales, de teléfono, fax y télex.
|
The fees of the Investment Managers appointed by the Management Company are paid by the Management Company from its All- in-Fee and, if necessary, from its performance fee.
Provided that it is not charged directly to the Shareholder under the terms of a particular Share Class, the All-in-Fee is accrued daily and charged monthly in arrears on a pro rata basis on the average daily Net Asset Value of the respective Share Class of a Sub- Fund. The amount of the All-in-Fee charged is listed in Appendix 2.
The Management Company shall pay the following expenses out of the All-in-Fee:
- Management Company and Central Administration Agent fees (except for arranging, preparing and executing of securities lending and/or repurchase/reverse repurchase transactions by the Management Company);
- distribution fees,
- the Depositary’s administration and custody fees,
- Registrar and Transfer Agent fees,
- Auditor fees,
- Paying and Information Agent(s) fees,
- costs of the preparation (including translation) and dissemination of this Prospectus, KIIDs, Articles and the annual, semi-annual and, if any, interim reports and other reports and notifications to Shareholders,
- costs of publishing this Prospectus, KIIDs, Articles, annual, semi-annual and, if any, interim reports, other reports and notifications to Shareholders, tax information, as well as the Subscription Price and Redemption Price, and official announcements made to the Shareholders,
- costs of registering the Shares for public distribution and / or the maintenance of such registration,
- costs of preparing Share certificates and, if any, coupons and coupon renewals,
- costs of assessing the Sub-Funds by nationally and internationally recognised rating agencies,
- expenses in connection with the establishment of the Sub-Funds,
- servicing charge in connection with providing distributing-related services to B/BT Share Classes,
- costs related to the use of index names, in particular, licence fees,
- costs and fees incurred by the Company or by third parties authorised by the Company relating to the acquisition, use and maintenance of in-house or third-party computer systems used by the Investment Managers and the Investment Advisors,
- costs related to the direct investment in assets in a country,
- costs related to acting directly as a contracting partner in a market,
- costs and expenses incurred by the Company, the Depositary and third parties authorised by the Company or the Depositary in connection with monitoring of investment limits and restrictions,
- costs for calculating the risk and performance figures and the calculation of performance fees for the Management Company by third parties appointed to do so,
- costs related to obtaining information about general meetings of Shareholders or other meetings and costs related to direct participation or participation via proxies in such meetings, and
- postage, telephone, fax and telex fees.
|
en
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es
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DOLFIN5360
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where any type of closure to new subscriptions or switches in occurs, the Website of the Management Company will be amended to indicate the change in status of the applicable Fund or class of Shares. Shareholders and potential investors should confirm with the Management Company or the Registrar and Transfer Agent or check the website for the current status of the relevant Funds or class of Shares. Once closed, a Fund or a class of Shares will not be re-opened until, in the opinion of the Directors, the circumstances which required closure no longer prevail.
- StatementsStatements will be forwarded to the first registered Shareholder in the currency and at the intervals specified by the Shareholder on the Application Form. Should the Shareholder omit to select a currency and frequency, statements will be issued quarterly in USD. Statements provide confirmation of ownership of Shares.
- Joint ShareholdersThe SICAV recognises only one single owner per Share. If one or more Shares are jointly owned or if the ownership of such Share(s) is disputed, all persons claiming a right to such Share(s) shall jointly exercise their rights with respect to such Share(s) unless they appoint one or several person(s) to represent such share(s) towards the SICAV.
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Cuando se produzca un cierre de nuevas suscripciones o canjes, la página web de la Sociedad Gestora se modificará para reflejar el cambio en el estado de disponibilidad del Fondo o de la clase de Acciones. Los Accionistas e inversores potenciales deberían confirmarlo con la Sociedad Gestora o con el Registrador y Agente de Transferencias, o bien visitar la página web para comprobar el estado actualizado de los Fondos o Clases de Acciones pertinentes. Una vez cerrado, el Fondo o la clase de Acciones no volverá a abrirse hasta que los Administradores lo estimen oportuno, considerando que las circunstancias que requerían el cierre ya no prevalecen.
- ExtractosSe remitirán extractos de cuenta al primer Accionista registrado en la divisa y con la periodicidad indicados por el Accionista en el Formulario de solicitud. Cuando el Accionista no haya seleccionado una divisa y periodicidad, los extractos se emitiránen USD con una periodicidad trimestral. Los extractos de cuenta constituyen prueba de titularidad de Acciones.
- Accionistas conjuntosLa SICAV solo reconoce un único propietario por Acción. Si una o varias Acciones son de titularidad compartida o si se cuestiona la titularidad de tales Acciones, las personas que reivindiquen su derecho respecto a dichas Acciones ejercerán conjuntamente sus derechos en relación con las mismas, salvo que designen a una o varias personas para representar tales Acciones ante la SICAV.
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Where any type of closure to new subscriptions or switches in occurs, the Website of the Management Company will be amended to indicate the change in status of the applicable Fund or class of Shares. Shareholders and potential investors should confirm with the Management Company or the Registrar and Transfer Agent or check the website for the current status of the relevant Funds or class of Shares. Once closed, a Fund or a class of Shares will not be re-opened until, in the opinion of the Directors, the circumstances which required closure no longer prevail.
- StatementsStatements will be forwarded to the first registered Shareholder in the currency and at the intervals specified by the Shareholder on the Application Form. Should the Shareholder omit to select a currency and frequency, statements will be issued quarterly in USD. Statements provide confirmation of ownership of Shares.
- Joint ShareholdersThe SICAV recognises only one single owner per Share. If one or more Shares are jointly owned or if the ownership of such Share(s) is disputed, all persons claiming a right to such Share(s) shall jointly exercise their rights with respect to such Share(s) unless they appoint one or several person(s) to represent such share(s) towards the SICAV.
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en
|
es
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DOLFIN5365
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN?
Risk indicator : 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.
Risks to which the sub-fund may be exposed and which could lead to a fall in the net asset value to which the indicator gives too little consideration:
- Counterparty risk: the sub-fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations, especially in the case of derivatives traded OTC
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# ¿QUÉ RIESGOS CORRO Y QUÉ PODRÍA OBTENER A CAMBIO?
Indicador de riesgo: 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.
Riesgos a los que puede exponerse el subfondo y que podrían conllevar un deterioro del valor liquidativo y que no están adecuadamente reflejados en el indicador:
- Riesgo de contraparte: el subfondo puede registrar pérdidas si una contraparte no es capaz de satisfacer sus obligaciones contractuales, en particular en el marco de operaciones de derivados OTC.
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# WHAT ARE THE RISKS AND WHAT COULD I GET IN RETURN?
Risk indicator : 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.
Risks to which the sub-fund may be exposed and which could lead to a fall in the net asset value to which the indicator gives too little consideration:
- Counterparty risk: the sub-fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations, especially in the case of derivatives traded OTC
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en
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es
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DOLFIN5370
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### Schroder ISF Emerging Markets Equity Impact
Schroder ISF Emerging Markets Equity Impact (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments that are expected to contribute towards the advancement of some or all of the UN SDGs, to be managed in the interests of all stakeholders, and to deliver returns to shareholders over the long term. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 7 July 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
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###### Schroder ISF Emerging Markets Equity Impact
Schroder ISF Emerging Markets Equity Impact (el “Fondo”) tiene como objetivo la inversión sostenible en el sentido que se le atribuye en el Artículo 9 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 invierte al menos el 75% de sus activos en inversiones sostenibles, que son inversiones que se espera que contribuyan al avance de una parte o de la totalidad de los ODS de la ONU, que su gestión beneficie a todos los grupos de interés y que obtengan rentabilidad para los accionistas a largo plazo. Para determinar si una inversión es sostenible para estos fines, la Gestora de inversiones aplica los criterios de selección resumidos en el Folleto.
La Gestora de inversiones es responsable de determinar si una inversión cumple los criterios de una inversión sostenible. El resultado del proceso anteriormente descrito es una lista de inversiones que cumplen con los criterios de selección, lo que constituye el universo de inversión. El Fondo invierte al menos el 75% de sus activos en las inversiones incluidas en este universo. El cumplimiento de esta normativa se supervisa a diario a través de nuestros controles de cumplimiento automatizados.
El Fondo ha invertido al menos el 75% de sus activos en inversiones sostenibles, según la metodología descrita anteriormente, desde su fecha de lanzamiento el 7 de julio de 2021.
Durante la totalidad o parte del período al que se refiere el Fondo también se aplicaron ciertas exclusiones, con las que la Gestora de inversiones supervisa el cumplimiento de las normas de forma continua. Las exclusiones aplicables se enumeran en “Información sobre sostenibilidad” en la página web del Fondo, a la que se accede a través de www.schroders.com/en/lu/private-investor/gfc.
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###### Schroder ISF Emerging Markets Equity Impact
Schroder ISF Emerging Markets Equity Impact (the “Fund”) has the objective of sustainable investment within the meaning of Article 9 of Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (“SFDR”).
In particular, the Fund invests at least 75% of its assets in sustainable investments, which are investments that are expected to contribute towards the advancement of some or all of the UN SDGs, to be managed in the interests of all stakeholders, and to deliver returns to shareholders over the long term. In determining whether an investment is a sustainable investment for these purposes, the investment manager applies the selection criteria summarised in the Prospectus.
The investment manager is responsible for determining whether an investment meets the criteria of a sustainable investment. The output of the process outlined above is the production of the list of investments that meet the selection criteria, this represents the investment universe. The Fund invests at least 75% of its assets in those investments included in this universe. Compliance with this is monitored daily via our automated compliance controls.
The Fund has invested at least 75% of its assets in sustainable investments based on the methodology explained above since its launch date of 7 July 2021.
For all or part of the period referred to the Fund also applied certain exclusions, with which the investment manager monitors compliance on an ongoing basis. The applicable exclusions are listed under “Sustainability Information” on the Fund’s webpage, accessed via www.schroders.com/en/lu/private-investor/gfc.
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en
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es
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DOLFIN5376
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Credit Default Swap (CDS)
A Credit Default Swap (CDS) is a bilateral financial contract under which a counterparty (the protection buyer) paid a periodic commission in exchange for compensation by the protection seller in the event of the occurrence of a credit event affecting the reference issuer.
The protection buyer acquires the right either to sell at par a particular bond or other bonds of the reference issuer or to receive the difference between the par value and the market price of such reference bond or bonds (or any other previously defined reference value or exercise price) upon the occurrence of a credit event.
CARMIGNAC PORTFOLIO Global Bond (formerly Unconstrained Global Bond)
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Permuta financiera de riesgo de crédito (CDS)
Una permuta financiera de riesgo de crédito (CDS) es un contrato financiero bilateral en virtud del cual una contraparte (el comprador de protección) paga una comisión periódica a cambio de una indemnización por parte del vendedor de protección en el caso de que el emisor de referencia fuese objeto de un evento de crédito.
El comprador de protección adquiere el derecho de vender a la par una obligación determinada u otras obligaciones del emisor de referencia o el derecho de recibir la diferencia entre el valor a la par y el precio de mercado de dicha obligación o dichas obligaciones de referencia (o cualquier otro valor de referencia o precio de ejercicio previamente determinados) al producirse un evento de crédito.
CARMIGNAC PORTFOLIO Global Bond (anteriormente, Unconstrained Global Bond)
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Credit Default Swap (CDS)
A Credit Default Swap (CDS) is a bilateral financial contract under which a counterparty (the protection buyer) paid a periodic commission in exchange for compensation by the protection seller in the event of the occurrence of a credit event affecting the reference issuer.
The protection buyer acquires the right either to sell at par a particular bond or other bonds of the reference issuer or to receive the difference between the par value and the market price of such reference bond or bonds (or any other previously defined reference value or exercise price) upon the occurrence of a credit event.
CARMIGNAC PORTFOLIO Global Bond (formerly Unconstrained Global Bond)
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en
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es
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DOLFIN5381
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 20/02/2020-27/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,281
-17.2%
EUR 9,146
-1.5%
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# Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) entre 20/02/2020-27/12/2022.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
8 281 EUR
-17,2%
9 146 EUR
-1,5%
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# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 20/02/2020-27/12/2022.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 8,281
-17.2%
EUR 9,146
-1.5%
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en
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es
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DOLFIN5389
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
OTC derivatives – non-cleared Because OTC derivatives are in essence private agreements between a fund and one or more counterparties, they are less highly regulated than market- traded securities. They also carry greater counterparty and liquidity risks, and their pricing is more subjective. If a counterparty ceases to offer a derivative that a fund had been planning on using, the fund may not be able to find a comparable derivative elsewhere and may miss an opportunity for gain or find itself unexpectedly exposed to risks or losses, including losses from a derivative position for which it was unable to buy an offsetting derivative.
Because it is generally impractical for the FCP to divide its OTC derivative transactions among a wide variety of counterparties, a decline in the financial health of any one counterparty could cause significant losses. Conversely, if any fund experiences any financial weakness or fails to meet an obligation, counterparties could become unwilling to do business with the FCP, which could leave the FCP unable to operate efficiently and competitively.
OTC derivatives – cleared Because these derivatives are cleared on a trading platform, their liquidity risks are similar to those for exchange-traded derivatives. However, they still carry counterparty risk that is similar to non-cleared OTC derivatives.
Emerging and frontier markets risk Emerging and frontier markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, illiquid security, legal, custody and currency risks, and are more likely to experience risks that in developed markets are associated with unusual market conditions.
Reasons for this higher level of risk include:
- political, economic, or social instability
- economies that are heavily reliant on particular industries, commodities, or trading partners
- uncontrolled inflation
- high or capricious tariffs or other forms of protectionism
- quotas, regulations, laws, restrictions on repatriation of monies, or other practices that place outside investors (such as the fund) at a disadvantage
- changes in laws or failure to enforce laws or regulations, to provide fair or functioning mechanisms for resolving disputes or pursuing recourse, or to otherwise recognise the rights of investors as understood in developed markets
- excessive fees, trading costs, taxation, or outright seizure of assets
- inadequate reserves to cover issuer or counterparty defaults
- incomplete, misleading, or inaccurate information about securities and their issuers
- non-standard or sub-standard accounting, auditing or financial reporting practices
- markets that are small and have low trading volumes, and consequently can be vulnerable to liquidity risk and to manipulation of market prices
- arbitrary delays and market closures
- less developed market infrastructure that is unable to handle peak trading volumes
- fraud, corruption and errorIn certain countries, securities markets may also suffer from impaired efficiency and liquidity, which may worsen price volatility and market disruptions.
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Derivados OTC – no compensados Dado que los derivados extrabursátiles (OTC) son en esencia contratos privados entre un fondo y una o más contrapartes, no están tan regulados como los valores negociados en el mercado. También conllevan mayores riesgos de contraparte y liquidez, y su precio es más subjetivo. Si una contraparte deja de ofrecer un derivado que un fondo hubiera estado planeando utilizar, es posible que el fondo no pueda encontrar un derivado comparable en otro lugar y que pierda una oportunidad de ganancia o se encuentre expuesto inesperadamente a riesgos o pérdidas, incluidas las pérdidas de una posición de derivados para la que no hubiera podido comprar un derivado de compensación.
Dado que, por lo general, no resulta práctico que el Fondo divida sus operaciones con derivados OTC entre una amplia variedad de contrapartes, una disminución de la solvencia financiera de cualquier contraparte podría provocar pérdidas significativas. Por el contrario, si algún fondo experimenta alguna debilidad financiera o no cumple una obligación, las contrapartes podrían no estar dispuestas a hacer negocios con el Fondo, lo que podría incapacitar al Fondo para operar de manera eficiente y competitiva.
Derivados OTC – compensados Dado que estos derivados se compensan en una plataforma de negociación, sus riesgos de liquidez son similares a los cotizados en bolsa. Sin embargo, siguen conllevando un riesgo de contraparte similar al de los derivados OTC no compensados.
Riesgo de mercados emergentes y fronterizos Los mercados emergentes y fronterizos están menos consolidados y son más volátiles que los mercados desarrollados. Implican mayores riesgos, en particular riesgos de mercados, crediticios, de valores ilíquidos, legales, de custodia y de divisas, y es más probable que experimenten riesgos que en los mercados desarrollados se asocian a condiciones de mercado inusuales.
Entre las razones para este nivel de riesgo más elevado se incluyen:
- inestabilidad política, económica o social
- economías que dependen en gran medida de sectores, materias primas o socios comerciales concretos
- inflación descontrolada
- aranceles elevados o arbitrarios u otras formas de proteccionismo
- cuotas, reglamentos, leyes, restricciones a la repatriación de fondos u otras prácticas que desfavorezcan a los inversores externos (como el fondo)
- cambios legislativos o incumplimiento de las leyes o normativas y ausencia de mecanismos justos o funcionales para resolver conflictos, presentar recursos o reconocer de otro modo los derechos de los inversores tal y como se entienden en mercados desarrollados
- comisiones excesivas, costes de negociación, impuestos o confiscación directa de activos
- reservas inadecuadas para cubrir los incumplimientos de un emisor o contraparte
- información incompleta, engañosa o imprecisa sobre los valores y sus emisores
- prácticas de contabilidad, auditoría o elaboración de informes financieros no estándar o por debajo del estándar
- mercados que son pequeños y tienen volúmenes de negociación bajos y, por lo tanto, pueden ser vulnerables al riesgo de liquidez y a la manipulación de los precios de mercado
- retrasos y cierres del mercado arbitrarios
- infraestructura de mercado menos desarrollada incapaz de atender volúmenes de negociación elevados
- fraude, corrupción y errorEn algunos países, los mercados de valores también pueden verse afectados por una menor eficiencia y liquidez, lo que puede empeorar la volatilidad de los precios y las perturbaciones del mercado.
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OTC derivatives – non-cleared Because OTC derivatives are in essence private agreements between a fund and one or more counterparties, they are less highly regulated than market- traded securities. They also carry greater counterparty and liquidity risks, and their pricing is more subjective. If a counterparty ceases to offer a derivative that a fund had been planning on using, the fund may not be able to find a comparable derivative elsewhere and may miss an opportunity for gain or find itself unexpectedly exposed to risks or losses, including losses from a derivative position for which it was unable to buy an offsetting derivative.
Because it is generally impractical for the FCP to divide its OTC derivative transactions among a wide variety of counterparties, a decline in the financial health of any one counterparty could cause significant losses. Conversely, if any fund experiences any financial weakness or fails to meet an obligation, counterparties could become unwilling to do business with the FCP, which could leave the FCP unable to operate efficiently and competitively.
OTC derivatives – cleared Because these derivatives are cleared on a trading platform, their liquidity risks are similar to those for exchange-traded derivatives. However, they still carry counterparty risk that is similar to non-cleared OTC derivatives.
Emerging and frontier markets risk Emerging and frontier markets are less established, and more volatile, than developed markets. They involve higher risks, particularly market, credit, illiquid security, legal, custody and currency risks, and are more likely to experience risks that in developed markets are associated with unusual market conditions.
Reasons for this higher level of risk include:
- political, economic, or social instability
- economies that are heavily reliant on particular industries, commodities, or trading partners
- uncontrolled inflation
- high or capricious tariffs or other forms of protectionism
- quotas, regulations, laws, restrictions on repatriation of monies, or other practices that place outside investors (such as the fund) at a disadvantage
- changes in laws or failure to enforce laws or regulations, to provide fair or functioning mechanisms for resolving disputes or pursuing recourse, or to otherwise recognise the rights of investors as understood in developed markets
- excessive fees, trading costs, taxation, or outright seizure of assets
- inadequate reserves to cover issuer or counterparty defaults
- incomplete, misleading, or inaccurate information about securities and their issuers
- non-standard or sub-standard accounting, auditing or financial reporting practices
- markets that are small and have low trading volumes, and consequently can be vulnerable to liquidity risk and to manipulation of market prices
- arbitrary delays and market closures
- less developed market infrastructure that is unable to handle peak trading volumes
- fraud, corruption and errorIn certain countries, securities markets may also suffer from impaired efficiency and liquidity, which may worsen price volatility and market disruptions.
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en
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es
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DOLFIN5392
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: The Sub-fund is actively managed with reference to the LPX50 Benchmark. The Sub-fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund invests its assets worldwide in equities, equity certificates, participation certificates, fixed and variable interest securities, convertible and option bonds, zero-coupon bonds and other funds. At least 51% is invested in stock exchanged listed equity stocks of companies that make private equity investments. The Sub-fund may not invest more than 10% of its assets in other funds. For hedging purposes or to increase the assets, the Sub-fund may also use financial instruments, whose value depends on the future prices of other assets ("derivatives"). In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. The Sub-fund reinvests but does not pay rewards to investors.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear an average investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
-
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# Tipo: Este producto es una sociedad de inversión clasificada como subfondo OICVM de conformidad con la legislación sobre los OICVM.
Plazo: Este producto no tiene fecha de vencimiento. El subfondo se ha establecido por un periodo de tiempo indefinido. El Consejo de Administración de la sociedad de inversión tiene derecho a liquidar, fusionar o reposicionar el producto en cualquier momento unilateralmente en caso de que el producto ya no se pueda gestionar en beneficio de los inversores. El importe que el inversor recibirá en caso de terminación anticipada podría ser inferior al importe invertido.
Objetivos: Fondo de gestión activa con referencia al índice LPX50. El fondo promueve características medioambientales, sociales y de gobierno corporativo (ESG) (en el sentido del artículo 8 del Reglamento (UE) 2019/2088) mediante la combinación de diferentes técnicas de gestión de carteras. Más información disponible en el folleto y en los datos del fondo sobre ESG publicados en el sitio web. El subfondo invierte sus activos en acciones, certificados de acciones, certificados de participación, valores de renta fija y renta variable, bonos convertibles y bonos con opciones, bonos cupón cero y otros fondos en todo el mundo. Al menos el 51% se invierte en acciones cotizadas en bolsa de empresas que realizan inversiones de private equity. El subfondo no podrá invertir más del 10% de sus activos en otros fondos. A efectos de cobertura o para aumentar los activos, el subfondo puede también hacer uso de instrumentos financieros, cuyo valor depende de los precios futuros de otros activos («instrumentos derivados»). En principio, los inversores pueden rescatar sus acciones cualquier día hábil bancario en Luxemburgo, con excepción del 24 y 31 de diciembre. El rescate de acciones puede quedar suspendido en circunstancias extraordinarias si esto se estima necesario en interés de los inversores. El fondo reinvierte pero no paga primas a los inversores.
Inversor minorista al que va dirigido: Este producto está dirigido a inversores minoristas con suficiente conocimiento y experiencia en instituciones de inversión colectiva y productos similares, una capacidad para asumir una pérdida de inversión media y un horizonte de inversión a largo plazo.
¿Qué riesgos corro y qué podría obtener a cambio?
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# Type: This Product is an investment company qualifying as UCITS Sub-fund in accordance with the UCITS law.
Term: This Product has no maturity date. The Sub-fund has been established for an indefinite period of time. The Board of Directors of the Investment Company is entitled to liquidate, merge or reposition the Product at any time unilaterally in case the Product can no longer be managed in the interest of the investors. The amount the investor will receive upon early termination may be less than the amount invested.
Objectives: The Sub-fund is actively managed with reference to the LPX50 Benchmark. The Sub-fund promotes environmental, social and governance (ESG) characteristics (within the meaning of Article 8 of Regulation (EU) 2019/2088) through a combination of different portfolio management techniques. Details are available in the prospectus and the ESG website disclosure of the Sub-fund. The Sub-fund invests its assets worldwide in equities, equity certificates, participation certificates, fixed and variable interest securities, convertible and option bonds, zero-coupon bonds and other funds. At least 51% is invested in stock exchanged listed equity stocks of companies that make private equity investments. The Sub-fund may not invest more than 10% of its assets in other funds. For hedging purposes or to increase the assets, the Sub-fund may also use financial instruments, whose value depends on the future prices of other assets ("derivatives"). In principle, investors may redeem their shares on any banking day in Luxembourg, with the exception of 24 and 31 December. The redemption of shares may be suspended in extraordinary circumstances if this is deemed necessary in the interests of investors. The Sub-fund reinvests but does not pay rewards to investors.
Intended Retail Investor: This Product is intended for retail investors with sufficient knowledge and experience in collective investment schemes and similar products, an ability to bear an average investment loss, and a long-term investment horizon.
What are the risks and what could I get in return?
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en
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es
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DOLFIN5407
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,580 | EUR 2,360 |
| | Average return each year % | -74.20% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,880 | EUR 6,500 |
| | Average return each year % | -31.20% | -8.25% |
| Moderate scenario | What you might get back after costs | EUR 10,790 | EUR 13,800 |
| | Average return each year % | 7.90% | 6.65% |
| Favourable scenario | What you might get back after costs | EUR 15,540 | EUR 17,200 |
| | Average return each year % | 55.40% | 11.46% |
|
| | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 2.580 | EUR 2.360 |
| | Rendimiento medio cada año | -74,20% | -25,08% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 6.880 | EUR 6.500 |
| | Rendimiento medio cada año | -31,20% | -8,25% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.790 | EUR 13.800 |
| | Rendimiento medio cada año | 7,90% | 6,65% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 15.540 | EUR 17.200 |
| | Rendimiento medio cada año | 55,40% | 11,46% |
|
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 2,580 | EUR 2,360 |
| | Average return each year % | -74.20% | -25.08% |
| Unfavourable scenario | What you might get back after costs | EUR 6,880 | EUR 6,500 |
| | Average return each year % | -31.20% | -8.25% |
| Moderate scenario | What you might get back after costs | EUR 10,790 | EUR 13,800 |
| | Average return each year % | 7.90% | 6.65% |
| Favourable scenario | What you might get back after costs | EUR 15,540 | EUR 17,200 |
| | Average return each year % | 55.40% | 11.46% |
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en
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es
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DOLFIN5420
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
First Eagle Global ex-US Value Fund (the "Fund")
First Eagle Global ex-US Value Fund A-EHC (the "Share Class")
## ISIN: IE00BKP84736
The Fund is a sub-fund of First Eagle Funds (Ireland) ICAV (the "ICAV"), authorised by the Central Bank of Ireland (the “CBI”). The ICAV is an Irish Collective Asset-management Vehicle with segregated liability between its sub-funds. The Fund is managed by IQ EQ Fund Management (Ireland) Limited (the “Manager"). The CBI has authorised, and is responsible for supervising, the Manager in relation to this Key Information Document. For more information on this product, please refer to www.firsteagle.com/funds/global-ex-us-value-fund#documents or call +353 1 673 5480.
Date of Production: 01 January 2023
You are advised to read the information provided here so you can make an informed decision about whether to invest in this Fund.
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# Producto
First Eagle Global ex-US Value Fund (el «Fondo»)
First Eagle Global ex-US Value Fund A-EHC (la «Clase de acciones»)
## ISIN: IE00BKP84736
El Fondo es un subfondo de First Eagle Funds (Ireland) ICAV (el «ICAV»), autorizado por el Central Bank of Ireland (el «CBI»). El ICAV es un vehículo de gestión colectiva de activos irlandés con responsabilidad segregada entre sus subfondos. El Fondo es gestionado por IQ EQ Fund Management (Ireland) Limited (el «Gestor»). El CBI ha autorizado y es responsable de la supervisión del Gestor en relación con este documento de datos fundamentales. Para más información sobre este producto, consulte www.firsteagle.com/funds/global-ex-us-value-fund#documents o llame al +353 1 673 5480.
Fecha de elaboración: 01 enero 2023
Le aconsejamos que lea la información que aquí figura para poder tomar una decisión informada sobre la conveniencia de invertir en este Fondo.
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# Product
First Eagle Global ex-US Value Fund (the "Fund")
First Eagle Global ex-US Value Fund A-EHC (the "Share Class")
## ISIN: IE00BKP84736
The Fund is a sub-fund of First Eagle Funds (Ireland) ICAV (the "ICAV"), authorised by the Central Bank of Ireland (the “CBI”). The ICAV is an Irish Collective Asset-management Vehicle with segregated liability between its sub-funds. The Fund is managed by IQ EQ Fund Management (Ireland) Limited (the “Manager"). The CBI has authorised, and is responsible for supervising, the Manager in relation to this Key Information Document. For more information on this product, please refer to www.firsteagle.com/funds/global-ex-us-value-fund#documents or call +353 1 673 5480.
Date of Production: 01 January 2023
You are advised to read the information provided here so you can make an informed decision about whether to invest in this Fund.
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en
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es
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DOLFIN5429
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PERFORMANCE SCENARIOS
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years.Markets could develop very differently in the future.
Recommended holding period: 3 years
Example Investment: 10000 USD
| If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Unfavourable | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Moderate | What you might get back after costs | 10290 USD | 10500 USD |
| Average return each year | 2.90% | 1.64% |
| Favourable | What you might get back after costs | 11580 USD | 12010 USD |
| Average return each year | 15.80% | 6.30% |
| Amount invested over time | 10000 USD | |
This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000,00 USD. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.
The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.
The stress scenario shows what you could get in extreme market situations, and does not take into account if we cannot pay you. Your maximum loss would be that you will lose all your investment.
- The unfavourable scenario occurred for an investment between 2021 and 2022.
- The moderate scenario occurred for an investment between 2012 and 2015.
- The favourable scenario occurred for an investment between 2018 and 2021.
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# ESCENARIOS DE RENTABILIDAD
Las cifras presentadas incluyen todos los costes del producto en sí, pero pueden no incluir todos los costes que deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba.
Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud.
Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro.
Periodo de mantenimiento recomendado: 3 años
Ejemplo de inversión: 10000 USD
| En caso de salida después de 1 En caso de salida después de 3 año años Escenarios |
| --- |
| Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | 8750 USD | 6690 USD |
| Rendimiento medio cada año | -12.50% | -12.54% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 8750 USD | 6690 USD |
| Rendimiento medio cada año | -12.50% | -12.54% |
| Moderado | Lo que podría recibir tras deducir los costes | 10290 USD | 10500 USD |
| Rendimiento medio cada año | 2.90% | 1.64% |
| Favorable | Lo que podría recibir tras deducir los costes | 11580 USD | 12010 USD |
| Rendimiento medio cada año | 15.80% | 6.30% |
| Importe invertido a lo largo del tiempo | 10000 USD | |
Este cuadro muestra el dinero que usted podría recibir a lo largo de los próximos 3 años, en función de los distintos escenarios, suponiendo que invierta 10 000,00 USD. Los escenarios presentados ilustran la rentabilidad que podría tener su inversión. Puede compararlos con los escenarios de otros productos.
Los escenarios presentados son una estimación de la rentabilidad futura basada en datos del pasado y no constituyen un indicador exacto. Lo que recibirá variará en función de la evolución del mercado y del tiempo que mantenga la inversión o el producto.
El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados, y no tiene en cuenta una situación en la que no podamos pagarle. Su pérdida máxima sería la de toda su inversión.
- El escenario desfavorable se produjo para una inversión entre 2021 y 2022.
- El escenario moderado se produjo para una inversión entre 2012 y 2015.
- El escenario favorable se produjo para una inversión entre 2018 y 2021.
|
# PERFORMANCE SCENARIOS
The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.
What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.
The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years.Markets could develop very differently in the future.
Recommended holding period: 3 years
Example Investment: 10000 USD
| If you exit after 1 year If you exit after 3 years Scenarios |
| --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Unfavourable | What you might get back after costs | 8750 USD | 6690 USD |
| Average return each year | -12.50% | -12.54% |
| Moderate | What you might get back after costs | 10290 USD | 10500 USD |
| Average return each year | 2.90% | 1.64% |
| Favourable | What you might get back after costs | 11580 USD | 12010 USD |
| Average return each year | 15.80% | 6.30% |
| Amount invested over time | 10000 USD | |
This table shows the money you could get back over the next 3 years, under different scenarios, assuming that you invest 10 000,00 USD. The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.
The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment/product.
The stress scenario shows what you could get in extreme market situations, and does not take into account if we cannot pay you. Your maximum loss would be that you will lose all your investment.
- The unfavourable scenario occurred for an investment between 2021 and 2022.
- The moderate scenario occurred for an investment between 2012 and 2015.
- The favourable scenario occurred for an investment between 2018 and 2021.
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en
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es
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DOLFIN5430
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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 achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the securities are economically linked to cur- rencies of such countries. “Emerging Markets” are countries that are in the process of developing into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with positive macroeconomic indicators, particu- larly with regard to budget deficits. The Fund may invest in derivat- ives (financial instruments derived from other securities or assets)
for hedging purposes, efficient portfolio management and / or in- vestment purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases 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 withdraw their money within less than 4 years.
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# Risk and Reward Profile
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El objetivo de este Fondo es generar una revalorización razonable del capital. El Fondo tratará de alcanzar su objetivo de inversión in- virtiendo principalmente en valores de deuda que devengan intere- ses o en valores equivalentes. La política de inversión no prevé la protección del capital. El emisor es una entidad de mercados emer- gentes, la moneda es una moneda de mercados emergentes o los valores están vinculados económicamente a las monedas de dichos países. Los «Mercados emergentes» son países que están en proce- so de convertirse en países industrializados modernos y que, por lo tanto, ofrecen un alto potencial, pero también un elevado riesgo. El objetivo principal lo constituyen los emisores con indicadores ma- croeconómicos positivos, especialmente en lo que se refiere a los déficits presupuestarios. El Fondo podrá invertir en derivados (ins-
trumentos financieros derivados de otros valores o activos) con fines de cobertura, de gestión eficiente de la cartera y/o de inversión. Los aspectos ambientales, sociales y de gobernanza ("ESG") se conside- ran parte del proceso de inversión del Fondo. La cartera del Fondo se gestiona de forma activa. El Fondo no se gestiona con relación a ningún índice de referencia. El Fondo podrá tener posiciones en efectivo y equivalentes de efectivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reembolsarlas diariamen- te. Todos los ingresos generados por el Fondo se reinvierten en el Fondo, lo que aumenta el valor de las acciones. Los costes de tran- sacción de la cartera pueden tener un impacto importante en el rendimiento. El Fondo puede no resultar adecuado para aquellos in- versores que planeen retirar su dinero en menos de 4 años.
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# Perfil de riesgo y beneficio
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The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The investment policy does not provide for capital protection. The issuer is an emerging markets entity, or the currency is an emerging markets currency, or the securities are economically linked to cur- rencies of such countries. “Emerging Markets” are countries that are in the process of developing into modern industrialised nations and therefore offer a high potential but also an elevated risk. The focus is on issuers with positive macroeconomic indicators, particu- larly with regard to budget deficits. The Fund may invest in derivat- ives (financial instruments derived from other securities or assets)
for hedging purposes, efficient portfolio management and / or in- vestment purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is reinvested in the Fund, which increases 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 withdraw their money within less than 4 years.
-
# Risk and Reward Profile
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en
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es
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DOLFIN5432
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take my money out early?
### Recommended holding period: 7 Years
Recommendation: This sub-fund may not be appropriate for investors who plan to withdraw their money within a period of less than 7 years. No costs or fees will be incurred for returns.
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# ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
### Período de mantenimiento recomendado: 7 Años
Recomendación: este fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de menos de 7 años. No hay costes ni tasas de devolución.
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# How long should I hold it and can I take my money out early?
### Recommended holding period: 7 Years
Recommendation: This sub-fund may not be appropriate for investors who plan to withdraw their money within a period of less than 7 years. No costs or fees will be incurred for returns.
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en
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es
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DOLFIN5434
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The Fund invests primarily in debt securities issued by corporations worldwide with maturities less than 5 years and rated below investment grade.
The Fund invests at least two-thirds of its total assets in corporate debt securities with maturities of less than 5 years and rated below investment grade. Below investment grade fixed income securities are securities rated less than BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. In the instance of a split-rated issuer, the lower of the ratings will apply. Such securities are issued by corporations having their registered offices in member states of the OECD, including emerging markets member countries. These securities may have fixed- or floating-rate coupons. The Fund may invest any portion of its total assets in eligible securities which are denominated in U.S. dollars, Euros, Great British pounds and Swiss francs.
The Fund may invest up to one-third of its total assets in cash, money market instruments or securities other than those described above, such as securities maturing between 5 and 7 years and securities denominated in other currencies than those listed above.
The Fund may not invest more than 10% of its total assets in securities issued by corporations whose registered offices are not in member states of the OECD. The Fund may not invest more than 10% of its total assets in securities rated other than BB or B by Standard & Poor’s, Ba or B by Moody’s or an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. The Fund may invest up to 10% of its net assets in undertakings for collective investment.
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# El fondo invierte principalmente en títulos de deuda emitidos por empresas de todo el mundo con vencimientos inferiores a 5 años y con calificación por debajo de grado de inversión.
El fondo invierte al menos dos tercios de su patrimonio total en títulos de deuda corporativa de todo el mundo con vencimientos inferiores a 5 años y con calificación por debajo de grado de inversión. Los títulos de renta fija por debajo de grado de inversión son valores cuya calificación es inferior a BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere equivalente. Cuando el emisor recibe más de una calificación, se aplica la más baja. Estos títulos son emitidos por empresas cuyo domicilio social se encuentra en Estados miembros de la OCDE, incluidos países miembros de mercados emergentes. Los títulos pueden pagar cupones de tipo fijo o variable. El fondo podrá invertir cualquier parte de su patrimonio total en valores elegibles denominados en dólares estadounidenses, euros, libras esterlinas o francos suizos.
El fondo puede invertir hasta un tercio de su patrimonio total en efectivo, instrumentos del mercado monetario o títulos distintos de los indicados anteriormente, como valores con vencimiento a 5-7 años y títulos denominados en divisas distintas de las mencionadas.
El fondo no podrá invertir más del 10% de su patrimonio total en valores emitidos por empresas cuyo domicilio social no se encuentre en Estados miembros de la OCDE. El fondo no podrá invertir más del 10% de su patrimonio total en valores cuya calificación no sea BB o B de Standard & Poor’s, Ba o B de Moody’s, o una calificación equivalente de Fitch Ratings o, de no recibir calificación, que el gestor de inversiones considere equivalente. El fondo puede invertir hasta un 10% de su patrimonio neto en organismos de inversión colectiva.
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# The Fund invests primarily in debt securities issued by corporations worldwide with maturities less than 5 years and rated below investment grade.
The Fund invests at least two-thirds of its total assets in corporate debt securities with maturities of less than 5 years and rated below investment grade. Below investment grade fixed income securities are securities rated less than BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. In the instance of a split-rated issuer, the lower of the ratings will apply. Such securities are issued by corporations having their registered offices in member states of the OECD, including emerging markets member countries. These securities may have fixed- or floating-rate coupons. The Fund may invest any portion of its total assets in eligible securities which are denominated in U.S. dollars, Euros, Great British pounds and Swiss francs.
The Fund may invest up to one-third of its total assets in cash, money market instruments or securities other than those described above, such as securities maturing between 5 and 7 years and securities denominated in other currencies than those listed above.
The Fund may not invest more than 10% of its total assets in securities issued by corporations whose registered offices are not in member states of the OECD. The Fund may not invest more than 10% of its total assets in securities rated other than BB or B by Standard & Poor’s, Ba or B by Moody’s or an equivalent rating by Fitch Ratings or if unrated, determined by the Investment Manager to be equivalent. The Fund may invest up to 10% of its net assets in undertakings for collective investment.
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en
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es
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DOLFIN5437
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Schedule 2
Other Fees and Expenses include, but are not limited to:
- Depositary fees and customary transaction fees and charges charged by the Depositary and its agents (including free payments and receipts and any reasonable out-of-pocket expenses, i.e. stamp taxes, registration costs, scrip fees, special transportation costs, etc.). The depositary fee is calculated at a rate determined by the territory or country in which the Sub-fund assets are held;
- dilution levy or adjustment, brokerage charges, asset spreads and margins on the purchase or sale of portfolio assets (including the forward and spot foreign exchange transactions used for the hedging of Hedged Share Classes), non-custody related transactions and any other disbursements which are necessarily incurred in effecting transactions. For the avoidance of doubt, no cost or expense related to investment research will be paid out the assets of a Sub-fund;
- costs of examination, asserting and enforcement of any claims for reduction, offsetting or refund of withholding taxes or other taxes or fiscal duties;
- Luxembourg annual subscription tax (taxe d’abonnement) - referred to in the "Taxation" section of this Prospectus;
- the full amount of any current and future tax, levy, duty or similar charge which may be due on the assets and/or on the income of the Company, the Sub-funds or their assets;
- any amount payable by the Company under any indemnity provisions contained in the instrument of incorporation or any agreement binding upon the Company;
- all charges and expenses incurred in connection with the collection of income and collateral management services;
- correspondent and other banking charges;
- extraordinary expenses (i.e. expenses that would not be considered ordinary expenses) including but not limited to: litigation expenses, exceptional measures, particularly legal, business or tax expert appraisals or legal proceedings undertaken to protect Shareholders’ interests, any expense linked to non-routine arrangements made by the Domiciliary Agent and the Registrar & Transfer Agent in the interests of the investors and all similar charges and expenses;
- in the case of a Sub-fund investing in another UCITS or UCI: any double charging of fees and expenses, in particular the duplication of the fees payable to the depositary (s), transfer agent(s), investment manager(s) and other agents and also subscription and redemption charges, which are generated both at the level of the Sub-fund and of the target funds in which the Sub-fund invests;
- interest on and other charges relating to permitted borrowings;
- benchmark licence fees and royalty fees incurred for the use of any index names; and
- any Value-added tax (VAT), Goods and Services Tax (GST) or similar taxes that might apply in any jurisdiction applicable to any of the costs, charges, fees and expenses listed above.
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# Anexo 2
Otras comisiones y gastos incluyen, entre otros:
- comisiones del Depositario y comisiones y gastos habituales de transacción aplicados por el Depositario y sus agentes (incluidos los pagos y recibos gratuitos y todos los gastos de bolsillo razonables, es decir, impuestos de timbre, gastos de registro, comisiones de bonos, gastos especiales de transporte, etc.). La comisión del Depositario se calcula a un tipo determinado por el territorio o país en el que se mantienen los activos del Subfondo;
- gravamen o ajuste de dilución, comisiones de corretaje, diferenciales de activos y márgenes sobre la compra o la venta de activos de la cartera (incluidas las operaciones de divisas a plazo y al contado empleadas para la cobertura de las Clases de acciones cubiertas), sobre las operaciones no relacionadas con la custodia y cualquier otro desembolso en que se incurra necesariamente para efectuar las transacciones. Para evitar cualquier duda, no se pagará ningún coste o gasto relacionado con la investigación de inversiones con cargo a los activos de un Subfondo;
- costes de examen, imposición y ejecución de cualquier reclamación de reducción, compensación o devolución de retenciones u otros impuestos o derechos fiscales;
- impuesto de suscripción anual de Luxemburgo (taxe d’ abonnement), mencionado en el apartado«Fiscalidad» de este Folleto;
- el importe íntegro de cualquier impuesto, tasa, derecho o gravamen similar, actual o futuro, que pueda devengarse sobre los activos y/o los ingresos de la Sociedad, los Subfondos o sus activos;
- cualquier cantidad pagadera por la Sociedad en virtud de cualquier disposición de indemnización contenida en los documentos constitutivos o cualquier acuerdo vinculante para la Sociedad;
- todas las comisiones y gastos relacionados con la recaudación de ingresos y los servicios de gestión de garantías;
- comisiones del corresponsal y otros gastos bancarios;
- gastos extraordinarios (es decir, gastos que no se considerarían gastos ordinarios), incluidos, entre otros: gastos de litigios, medidas extraordinarias, en particular peritajes jurídicos, comerciales o fiscales o procedimientos judiciales emprendidos para proteger los intereses de los Accionistas, gastos vinculados a acuerdos no rutinarios celebrados por el Agente domiciliario y el Registrador y del Agente de transferencias en interés de los inversores y todas las comisiones y gastos similares;
- en el caso de un Subfondo que invierta en otro OICVM u OIC: el doble cobro de comisiones y gastos, en particular la duplicación de las comisiones a pagar al o a los depositarios, agentes de transferencias, gestores de inversiones y otros agentes, y también las comisiones de suscripción y reembolso, que se generan tanto al nivel del Subfondo como al de los fondos objetivo en los que invierte el Subfondo;
- intereses y otras comisiones relacionados con préstamos permitidos;
- derechos de licencia de uso del índice de referencia y cánones devengados por el uso de cualquier nombre de índice; y
- cualquier impuesto sobre el valor añadido (IVA), impuesto sobre bienes y servicios o impuestos similares que puedan aplicarse en cualquier jurisdicción a cualquiera de los costes, comisiones, tasas y gastos enumerados anteriormente.
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# Schedule 2
Other Fees and Expenses include, but are not limited to:
- Depositary fees and customary transaction fees and charges charged by the Depositary and its agents (including free payments and receipts and any reasonable out-of-pocket expenses, i.e. stamp taxes, registration costs, scrip fees, special transportation costs, etc.). The depositary fee is calculated at a rate determined by the territory or country in which the Sub-fund assets are held;
- dilution levy or adjustment, brokerage charges, asset spreads and margins on the purchase or sale of portfolio assets (including the forward and spot foreign exchange transactions used for the hedging of Hedged Share Classes), non-custody related transactions and any other disbursements which are necessarily incurred in effecting transactions. For the avoidance of doubt, no cost or expense related to investment research will be paid out the assets of a Sub-fund;
- costs of examination, asserting and enforcement of any claims for reduction, offsetting or refund of withholding taxes or other taxes or fiscal duties;
- Luxembourg annual subscription tax (taxe d’abonnement) - referred to in the "Taxation" section of this Prospectus;
- the full amount of any current and future tax, levy, duty or similar charge which may be due on the assets and/or on the income of the Company, the Sub-funds or their assets;
- any amount payable by the Company under any indemnity provisions contained in the instrument of incorporation or any agreement binding upon the Company;
- all charges and expenses incurred in connection with the collection of income and collateral management services;
- correspondent and other banking charges;
- extraordinary expenses (i.e. expenses that would not be considered ordinary expenses) including but not limited to: litigation expenses, exceptional measures, particularly legal, business or tax expert appraisals or legal proceedings undertaken to protect Shareholders’ interests, any expense linked to non-routine arrangements made by the Domiciliary Agent and the Registrar & Transfer Agent in the interests of the investors and all similar charges and expenses;
- in the case of a Sub-fund investing in another UCITS or UCI: any double charging of fees and expenses, in particular the duplication of the fees payable to the depositary (s), transfer agent(s), investment manager(s) and other agents and also subscription and redemption charges, which are generated both at the level of the Sub-fund and of the target funds in which the Sub-fund invests;
- interest on and other charges relating to permitted borrowings;
- benchmark licence fees and royalty fees incurred for the use of any index names; and
- any Value-added tax (VAT), Goods and Services Tax (GST) or similar taxes that might apply in any jurisdiction applicable to any of the costs, charges, fees and expenses listed above.
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en
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es
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DOLFIN5444
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The performance fee is payable even if the share’s performance over the observation period is negative, provided that the share outperforms the reference assets.
Past performance
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
15 % .
10
5
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
The SICAV was launched on 28 February 1980 and its R class on 30 November 2017.
0.7%
The reference currency is the euro (EUR).
4.3%
14.8%
7.9%
0.7%
2.9%
0
-2.5%
-5.7%
-5
-10
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank.
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# La commission de surperformance est perçue même si la performance de l'action sur la période d’observation est négative, tout en restant supérieure à la performance de l’actif de référence.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión" del folleto de este OICVM, disponible previa solicitud del interesado en la sociedad gestora.
15 % .
10
5
La rentabilidad no es constante en el tiempo ni es indicativa de rentabilidades futuras.
La rentabilidad anualizada que se presenta en este diagrama se calcula tras restar todos los gastos detraídos por la SICAV.
La SICAV se creó el 28 de febrero de 1980 y su clase R el 30 de noviembre de 2017.
0,7%
La divisa de referencia es el euro (EUR).
4,3%
14,8%
7,9%
0,7%
2,9%
0
-2,5%
-5,7%
-5
-10
2017 2018 2019 2020 2021
Nombre del depositario: CACEIS Bank.
|
# The performance fee is payable even if the share’s performance over the observation period is negative, provided that the share outperforms the reference assets.
Past performance
For further information regarding costs, please refer to the "Costs and Fees" section of the Fund's Prospectus available upon request to the Management Company.
15 % .
10
5
Performance is not constant over time and is no guarantee of future performance.
The year-on-year performance presented on this chart is calculated after deduction of all fees charged by the SICAV.
The SICAV was launched on 28 February 1980 and its R class on 30 November 2017.
0.7%
The reference currency is the euro (EUR).
4.3%
14.8%
7.9%
0.7%
2.9%
0
-2.5%
-5.7%
-5
-10
2017 2018 2019 2020 2021
Name of the Depositary: CACEIS Bank.
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en
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es
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DOLFIN5450
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,910 USD -50.86% | 4,030 USD -16.63% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,620 USD -23.82% | 7,690 USD -5.12% |
| Moderate² | What you might get back after costs Average return each year | 10,880 USD 8.77% | 14,810 USD 8.16% |
| Favourable³ | What you might get back after costs Average return each year | 15,040 USD 50.40% | 23,120 USD 18.24% |
|
| Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.910 USD -50,86% | 4.030 USD -16,63% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 7.620 USD -23,82% | 7.690 USD -5,12% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.880 USD 8,77% | 14.810 USD 8,16% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.040 USD 50,40% | 23.120 USD 18,24% |
|
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 4,910 USD -50.86% | 4,030 USD -16.63% |
| Unfavourable¹ | What you might get back after costs Average return each year | 7,620 USD -23.82% | 7,690 USD -5.12% |
| Moderate² | What you might get back after costs Average return each year | 10,880 USD 8.77% | 14,810 USD 8.16% |
| Favourable³ | What you might get back after costs Average return each year | 15,040 USD 50.40% | 23,120 USD 18.24% |
|
en
|
es
|
DOLFIN5458
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Investment Manager derives an internal ESG risk score in percentage. This ESG scoring is then rounded to 0 or 1, and carries an equal weight (25%) as the other criteria (Quality, Trading Risk and Management) considered in weighing each stock. While the review of the ESG criteria permanently cover at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development.
In order to measure the effectiveness of the ESG approach implemented, the Investment Manager ensures that the Fund permanently has a better ESG rating than its Reference index after eliminating at least 20% of the worst-rated securities of the latter. The Investment Manager relies on the data from third party providers to monitor this rating upgrade approach.
For additional information, please refer to the “ESG Policy” of the Investment Manager available on its website. ESG risk assessments remain subjective and dependent on the quality of the available information due to a lack of a standardized methodology on ESG reporting.
|
El gestor de inversiones obtiene una puntuación interna de riesgo ESG que se expresa mediante un porcentaje. Posteriormente, esta puntuación se redondea a 0 o 1 y se le otorga una ponderación igual (25 %) a la de los restantes criterios (calidad, riesgo de negociación y gestión) que se tienen en cuenta a la hora de ponderar cada valor. Pese a que la revisión de los criterios ESG comprende en todos los casos al menos el 90 % del patrimonio neto del Fondo, una baja puntuación ESG no provoca la exclusión de un valor de la cartera, pero limitará el tamaño de la posición. Estos análisis en profundidad permiten seleccionar empresas que han sido evaluadas para aplicar una buena gobernanza y cuyas actividades no perjudican de forma significativa al logro del desarrollo sostenible.
A fin de valorar la eficacia del enfoque ESG aplicado, el gestor de inversiones se asegura de que el Fondo mantenga de forma permanente una calificación ESG mejor que su índice de referencia, una vez eliminado al menos el 20 % de los valores con peor calificación de este último. El gestor de inversiones se basa en datos de proveedores terceros para supervisar este enfoque de mejora de la calificación.
Para obtener más información consulte la «ESG Policy» (Política en materia ESG) del gestor de inversiones, disponible en su sitio web. Las evaluaciones de riesgos en materia ESG siguen siendo subjetivas y dependen de la calidad de la información disponible, debido a la ausencia de una metodología estandarizada para la comunicación de información en materia ESG.
|
The Investment Manager derives an internal ESG risk score in percentage. This ESG scoring is then rounded to 0 or 1, and carries an equal weight (25%) as the other criteria (Quality, Trading Risk and Management) considered in weighing each stock. While the review of the ESG criteria permanently cover at least 90% of the Fund’s net assets, a low ESG score does not exclude a stock from the portfolio, but it will limit its position size. These in-depth analyses result in selecting companies assessed to practice good governance and whose activities do not significantly harm the achievement of sustainable development.
In order to measure the effectiveness of the ESG approach implemented, the Investment Manager ensures that the Fund permanently has a better ESG rating than its Reference index after eliminating at least 20% of the worst-rated securities of the latter. The Investment Manager relies on the data from third party providers to monitor this rating upgrade approach.
For additional information, please refer to the “ESG Policy” of the Investment Manager available on its website. ESG risk assessments remain subjective and dependent on the quality of the available information due to a lack of a standardized methodology on ESG reporting.
|
en
|
es
|
DOLFIN5464
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World 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 aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of large and mid capitalisation companies in developed countries worldwide. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to 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 (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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 MSCI World 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 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 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 empresas de elevada y mediana capitalización de países desarrollados de todo el mundo. 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 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). Se pueden utilizar IFD (incluidos contratos de divisas a plazo) con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán 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 MSCI World 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 aims to invest so far as possible and practicable in the equity securities (e.g. shares) that make up the Index, combined with foreign currency contracts for currency hedging.
The Index measures the performance of large and mid capitalisation companies in developed countries worldwide. Companies are included in the Index based on a free float market capitalisation weighted basis. Free float means that only shares available to international investors rather than all of a company’s issued shares are used in calculating the Index. Free float market capitalisation is the share price of a company multiplied by the number of shares available to 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 (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be 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
|
DOLFIN5467
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: 3 years Example Investment: €10000 If you exit after 1 year Scenarios | If you exit after 3 years |
| --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2310 | €2070 |
| Average return each year | -76.90% | -27.02% |
| Unfavourable | What you might get back after costs | €6280 | €6020 |
| Average return each year | -37.20% | -9.65% |
| Moderate | What you might get back after costs | €10860 | €16680 |
| Average return each year | 8.60% | 10.77% |
| Favourable | What you might get back after costs | €16700 | €27360 |
| Average return each year | 67.00% | 22.30% |
|
| Periodo de mantenimiento recomendado: 3 años Ejemplo de inversión: €10000 En caso de salida después de 1 año Escenarios | En caso de salida después de 3 años |
| --- | --- |
| Mínimo | No hay una rentabilidad mínima garantizada. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2310 | €2070 |
| Rendimiento medio cada año | -76.90% | -27.02% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €6280 | €6020 |
| Rendimiento medio cada año | -37.20% | -9.65% |
| Moderado | Lo que podría recibir tras deducir los costes | €10860 | €16680 |
| Rendimiento medio cada año | 8.60% | 10.77% |
| Favorable | Lo que podría recibir tras deducir los costes | €16700 | €27360 |
| Rendimiento medio cada año | 67.00% | 22.30% |
|
| Recommended holding period: 3 years Example Investment: €10000 If you exit after 1 year Scenarios | If you exit after 3 years |
| --- | --- |
| Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2310 | €2070 |
| Average return each year | -76.90% | -27.02% |
| Unfavourable | What you might get back after costs | €6280 | €6020 |
| Average return each year | -37.20% | -9.65% |
| Moderate | What you might get back after costs | €10860 | €16680 |
| Average return each year | 8.60% | 10.77% |
| Favourable | What you might get back after costs | €16700 | €27360 |
| Average return each year | 67.00% | 22.30% |
|
en
|
es
|
DOLFIN5470
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risk Indicator
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.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
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 capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The concentrated portfolio, and exposure to emerging markets and foreign currencies may increase risk. Charges are taken from income; if expenses exceed income the capital value falls.
This product does not include any protection from future market performance so you could lose some or all of your investment.
|
# ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra la probabilidad de que el producto pierda dinero debido a los movimientos en los mercados o porque no podamos pagarle.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Riesgo más bajo Riesgo más alto
El indicador de riesgo asume que va a mantener el producto durante 5 años. El riesgo real puede variar significativamente si usted sale anticipadamente y podría recibir una cantidad inferior.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto.
Este indicador evalúa las pérdidas potenciales del rendimiento futuro en un nivel medio alto, y es probable que las malas condiciones del mercado afecten a la capacidad de Baillie Gifford Investment Management (Europe) Limited para pagarle.
Tenga en cuenta el riesgo de divisas. Usted recibirá los pagos en una divisa diferente, por lo que la cantidad final que obtendrá dependerá del tipo de cambio entre las dos monedas. Este riesgo no se ha tenido en cuenta en el indicador anterior.
Una cartera concentrada y la exposición a mercados emergentes y a divisas extranjeras pueden aumentar el riesgo. Los gastos se detraen de los ingresos; si los gastos exceden los ingresos, el valor del capital disminuye.
Este producto no incluye ninguna protección contra la evolución futura del mercado, por lo que podría perder parte o la totalidad de su inversión.
|
# What are the risks and what could I get in return?
Risk Indicator
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.
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
Lower risk Higher risk
The risk indicator assumes you keep the product for a minimum of 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less.
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 capacity of Baillie Gifford Investment Management (Europe) Limited to pay you.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
The concentrated portfolio, and exposure to emerging markets and foreign currencies may increase risk. Charges are taken from income; if expenses exceed income the capital value falls.
This product does not include any protection from future market performance so you could lose some or all of your investment.
|
en
|
es
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DOLFIN5477
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,742
-2.6%
USD 11,409
2.7%
|
# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 742 USD
-2,6%
11 409 USD
2,7%
|
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund M ACC USD between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,742
-2.6%
USD 11,409
2.7%
|
en
|
es
|
DOLFIN5481
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,270 USD -87.33% | 980 USD -37.11% |
| Unfavourable¹ | What you might get back after costs Average return each year | 4,800 USD -52.05% | 4,640 USD -14.25% |
| Moderate² | What you might get back after costs Average return each year | 10,480 USD 4.85% | 17,350 USD 11.65% |
| Favourable³ | What you might get back after costs Average return each year | 15,240 USD 52.45% | 33,080 USD 27.04% |
|
| Período de mantenimiento recomendado: 5 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.270 USD -87,33% | 980 USD -37,11% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 4.800 USD -52,05% | 4.640 USD -14,25% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.480 USD 4,85% | 17.350 USD 11,65% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 15.240 USD 52,45% | 33.080 USD 27,04% |
|
| Recommended Holding Period: 5 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,270 USD -87.33% | 980 USD -37.11% |
| Unfavourable¹ | What you might get back after costs Average return each year | 4,800 USD -52.05% | 4,640 USD -14.25% |
| Moderate² | What you might get back after costs Average return each year | 10,480 USD 4.85% | 17,350 USD 11.65% |
| Favourable³ | What you might get back after costs Average return each year | 15,240 USD 52.45% | 33,080 USD 27.04% |
|
en
|
es
|
DOLFIN5499
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This Fund's risk category primarily reflects the market risk of the European stocks in which it is invested.
The initial capital invested is not guaranteed.
Historical data such as that used to calculate the synthetic indicator may not be a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may evolve over time.
The lowest category does not mean “risk free.”
Particular risks for the Fund not included in these indicator are:
Counterparty risk: this is the risk of default by a market operator, including a total return swap counterparty, that prevents it from honouring its obligations to the Fund.
The occurrence of one of these risks may decrease the net asset value of your portfolio.
|
El nivel de riesgo de este Fondo de inversión refleja principalmente el riesgo del mercado de acciones europeas en el que se invierte.
El capital invertido inicialmente no posee ninguna garantía.
Los datos históricos, que han sido utilizados para calcular el índice sintético, podrían no constituir una indicación fiable del perfil de riesgo futuro del OICV. La categoría de riesgo asociado a este fondo no está garantizada y podrá evolucionar en el tiempo.
Una categoría menos arriesgada no es sinónimo de inversión exenta de riesgo.
Los riesgos importantes para la IIC que no se toman en cuenta en el indicador son:
Riesgo de contraparte: representa el riesgo de incumplimiento de un actor del mercado que le impide cumplir sus compromisos con respecto a su cartera.
El acaecimiento de uno de estos riesgos puede hacer bajar el valor liquidativo de su cartera.
|
This Fund's risk category primarily reflects the market risk of the European stocks in which it is invested.
The initial capital invested is not guaranteed.
Historical data such as that used to calculate the synthetic indicator may not be a reliable indicator of the future risk profile of the Fund. The risk category associated with this Fund is not guaranteed and may evolve over time.
The lowest category does not mean “risk free.”
Particular risks for the Fund not included in these indicator are:
Counterparty risk: this is the risk of default by a market operator, including a total return swap counterparty, that prevents it from honouring its obligations to the Fund.
The occurrence of one of these risks may decrease the net asset value of your portfolio.
|
en
|
es
|
DOLFIN5507
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Administration Agreement
The Administration Agreement can be terminated by either party on one hundred and eighty (180) days' notice in writing or immediately if either party (i) commits any breach of the Administration Agreement which is either incapable of remedy or has not been remedied within 30 days of the other party serving notice upon the defaulting party requiring it to remedy the breach; (ii) is unable to pay its debts as they fall due or otherwise becomes insolvent or enters into any composition or arrangement with or for the benefit of its creditors; (iii) is the subject of a petition for the appointment of an examiner or similar officer; (iv) has a receiver appointed over all or a substantial part of its undertakings, assets or revenues; (v) is the subject of an effective resolution for its winding up except in relation to a voluntary winding up for the purposes of reconstruction or amalgamation upon terms previously approved in writing by the other party; or (vi) is the subject of a court order for its winding up.
In the absence of negligence, wilful default or fraud the Administrator will not be liable to the Company for any loss incurred by it as a result of the proper performance of its obligations and duties under the Administration Agreement.
Under the Administration Agreement the ICAV shall indemnify and hold harmless the Administrator against all liabilities, damages and claims which may be incurred or asserted or made against the Administrator or any of its shareholders, directors, officers, servants, employees and agents arising out of or in connection with the performance of the Administrator's duties (otherwise than by reason of the negligence, wilful default or fraud of the Administrator in the performance of its duties).
|
## Contrato de administración
El Contrato de administración podrá ser rescindido por cualquiera de las partes con una notificación por escrito con ciento ochenta (180) días de antelación o inmediatamente si cualquiera de las partes (i) incumple el Contrato de administración sin que ello pueda ser subsanado o sin que haya sido subsanado en el plazo de 30 días desde que la otra parte haya notificado a la parte responsable del incumplimiento que debe subsanarlo; (ii) es incapaz de pagar sus deudas a su vencimiento o se convierte en insolvente o llega a un acuerdo o convenio con sus acreedores o en su beneficio; (iii) es objeto de una petición para el nombramiento de un examinador o funcionario similar; (iv) es objeto del nombramiento de un administrador judicial sobre la totalidad o una parte sustancial de sus empresas, activos o ingresos; (v) es objeto de una resolución efectiva para su liquidación, excepto en relación con una liquidación voluntaria con fines de reconstrucción o fusión según unos términos previamente aprobados por escrito por la otra parte; o (vi) es objeto de una orden judicial para su liquidación.
En ausencia de negligencia, incumplimiento deliberado o fraude, el Administrador no será responsable ante la Sociedad de ninguna pérdida en la que haya incurrido como resultado del correcto cumplimiento de sus obligaciones y deberes en virtud del Contrato de administración.
En virtud del Contrato de administración, el ICAV indemnizará y defenderá al Administrador frente a todas las responsabilidades, daños y perjuicios y reclamaciones que puedan incurrirse o declararse contra el Administrador o cualquiera de sus accionistas, consejeros, funcionarios, empleados y agentes que surjan o estén relacionados con el desarrollo de las funciones del Administrador (que no sea por negligencia, incumplimiento deliberado o fraude del Administrador en el desarrollo de sus funciones).
|
## Administration Agreement
The Administration Agreement can be terminated by either party on one hundred and eighty (180) days' notice in writing or immediately if either party (i) commits any breach of the Administration Agreement which is either incapable of remedy or has not been remedied within 30 days of the other party serving notice upon the defaulting party requiring it to remedy the breach; (ii) is unable to pay its debts as they fall due or otherwise becomes insolvent or enters into any composition or arrangement with or for the benefit of its creditors; (iii) is the subject of a petition for the appointment of an examiner or similar officer; (iv) has a receiver appointed over all or a substantial part of its undertakings, assets or revenues; (v) is the subject of an effective resolution for its winding up except in relation to a voluntary winding up for the purposes of reconstruction or amalgamation upon terms previously approved in writing by the other party; or (vi) is the subject of a court order for its winding up.
In the absence of negligence, wilful default or fraud the Administrator will not be liable to the Company for any loss incurred by it as a result of the proper performance of its obligations and duties under the Administration Agreement.
Under the Administration Agreement the ICAV shall indemnify and hold harmless the Administrator against all liabilities, damages and claims which may be incurred or asserted or made against the Administrator or any of its shareholders, directors, officers, servants, employees and agents arising out of or in connection with the performance of the Administrator's duties (otherwise than by reason of the negligence, wilful default or fraud of the Administrator in the performance of its duties).
|
en
|
es
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DOLFIN5514
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income securities are denominated in various currencies and may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may invest up to 50% of its total assets in asset-backed and mortgage-backed securities (i.e. financial securities backed by cash flows from debt). For further details please see the prospectus.
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. 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 tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo.
El Fondo invierte a escala mundial al menos el 70% de sus activos totales en valores de renta fija. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo).
Los valores de renta fija estarán denominados en distintas divisas y podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo).
El Fondo podrá invertir en una gama completa de valores de renta fija, que podrían incluir inversiones con una calificación de solvencia relativamente baja, o que carecen de calificación.
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).
El Fondo podrá invertir hasta el 50% de sus activos totales en valores de titulización de activos y valores de titulización de hipotecas (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda). Para más detalles véase el folleto.
El Fondo se gestiona de forma activa. El AI tiene la potestad para seleccionar las inversiones del Fondo y no está limitado por ningún parámetro de referencia para llevar a cabo este proceso.
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 maximise the return on your investment through a combination of capital growth and income on the Fund’s assets.
The Fund invests globally at least 70% of its total assets in fixed income securities. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The fixed income securities are denominated in various currencies and may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development).
The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated.
The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may invest up to 50% of its total assets in asset-backed and mortgage-backed securities (i.e. financial securities backed by cash flows from debt). For further details please see the prospectus.
The Fund is actively managed. The IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. 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
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es
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DOLFIN5528
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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 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very 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
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 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.
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.
|
# 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 7, dado que su precio por acción puede fluctuar con una gran intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser muy 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
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 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.
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.
|
# 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 7 because its share price may fluctuate very strongly and the likelihood of both losses and gains may therefore be very 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
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 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.
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.
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en
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es
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DOLFIN5530
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/05/2016-31/05/2022.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,939
9.4%
EUR 14,965
7.0%
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# Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) entre 31/05/2016-31/05/2022.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 939 EUR
9,4%
14 965 EUR
7,0%
|
# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (I - Acc.) between 31/05/2016-31/05/2022.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,939
9.4%
EUR 14,965
7.0%
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en
|
es
|
DOLFIN5533
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - American Select
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AD | 16.1001 1 | 14.0643 1 | 9.5986 1 |
| --- | --- | --- | --- |
| Class AEH | 43.2612 2 | 40.4315 2 | 26.0234 2 |
| Class AN | 16.2724 3 | 14.6605 3 | 11.4489 3 |
| Class AU | 39.9888 | 36.9044 | 23.4327 |
| Class DEH | 29.3649 2 | 27.6535 2 | 17.9318 2 |
| Class DU | 34.9947 | 32.5387 | 20.8155 |
| Class ID | 16.4501 1 | 14.2588 1 | 9.6523 1 |
| Class IE | 16.5155 2 | 14.3186 2 | 9.6644 2 |
| Class IEH | 46.2659 2 | 42.8992 2 | 27.3895 2 |
| Class IN | 16.6107 3 | 14.8493 3 | 11.5094 3 |
| Class W | 42.3137 | 39.0305 | 24.7704 |
| Class ZEH | 15.5785 2 | 14.4664 2 | 9.2429 2 |
| Class ZU | 16.9458 | 15.5296 | 9.7922 |
| Class 1E | 6.1787 2 | 5.3911 2 | 3.6619 2 |
| Class 1EH | 4.5896 2 | 4.2840 2 | 2.7534 2 |
| Class 1EP | 5.9576 2 | 5.2548 2 | 3.5938 2 |
| Class 1U | 6.8745 | 6.3360 | 4.0179 |
| Class 2EH | 16.1111 2 | 14.9450 2 | 9.5434 2 |
| Class 2U | 17.2032 | 15.7585 | 9.9304 |
| Class 3E | 5.0705 2 | 4.3890 2 | 2.9575 2 |
| Class 3U | 5.6415 | 5.1582 | 3.2451 |
| Class 8EH | 4.0452 2 | 3.7559 2 | 2.4004 2 |
| Class 8U | 7.9480 | 7.2838 | 4.5928 |
| Class 9E | 17.7121 2 | 15.3150 2 | 10.3117 2 |
| Class 9U | 17.3500 | 15.8570 | 9.9683 |
1
Class is denominated in DKK. The base currency of the Portfolio is USD.
2
Class is denominated in EUR. The base currency of the Portfolio is USD.
3
Class is denominated in NOK. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 317,052,344 Income Dividends, net 2 2,876,072 Bank interest 2 596 Total income 2,876,668 Expenses Asset management fees 5 (4,024,509) Bank interest 2 (53) Operating expenses 3, 5 (554,391 Total expenses (4,578,953) Net (loss) from investments (1,702,285) Net realised gain on sales of investments 43,364,588 Net realised (loss) on forward currency exchange contracts (1,119,296) Net realised gain on foreign exchange 8,651 Net realised gain 42,253,943 Change in net unrealised (loss) on investments (37,199,775) Change in net unrealised gain on forward currency exchange contracts 173,761 Net change in unrealised (loss) (37,026,014 Net increase in net assets as a result of operations 3,525,644 Movements in capital Subscriptions of shares 140,996,526 Redemptions of shares (124,970,358) Dividends 7 (238,798) Total movements in capital 15,787,370 Net assets at the end of the year 336,365,358 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Receivable for investments sold Subscriptions receivable Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts Other assets | 2 2 2, 9 | 334,512,584 1,797,188 171,596 238,521 28,296 158,026 213 |
| Total assets | | 336,906,424 |
| Liabilities Redemptions payable Asset management fees payable Other liabilities | 5 | (164,934) (329,365) (46,767) |
| Total liabilities | | (541,066) |
| Total net assets | | 336,365,358 |
| NUMBER OF SHARES OUTSTANDING Class AEH 140,088.752 Class AU 29,665.968 Class DEH 25,620.198 Class DU 63,591.422 Class IE 1,204,957.367 Class IU 649,471.862 Class ZU 8,531.509 Class 1E 640,959.194 Class 1EP 1,024,064.250 Class 1U 6,728,679.099 Class 2U 1,591,530.857 Class 3EH 576,674.863 Class 3U 1,048,042.443 Class 8U 1,285,290.649 Class 9EH 35,041.179 Class 9U 3,273,503.110 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 USD 336,365,358 317,052,344 172,396,358 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AEH 16.5581 1 16.6368 1 8.2252 1 Class AU 17.7793 17.6124 8.5873 Class DEH 16.2757 1 16.4357 1 8.1660 1 Class DU 17.4841 17.4069 8.5270 Class IE 17.1002 1 15.9009 1 8.2360 1 Class IU 18.3099 17.9845 8.6950 Class ZU 18.2631 17.9572 8.6865 Class 1E 18.4235 1 17.2570 1 8.9994 1 Class 1EP 17.4744 1 16.5639 1 8.7169 1 Class 1U 17.8692 17.6803 8.6079 Class 2U 18.2483 17.9455 8.6842 Class 3EH 17.0721 1 17.0018 1 8.3303 1 Class 3U 18.3319 18.0025 8.6996 Class 8U 18.2318 17.9365 8.6833 Class 9EH 17.1199 1 17.0449 1 8.3502 1 Class 9U 18.3630 18.0258 8.7074 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. | |
|
# Threadneedle (Lux) - American Select
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase AD | 16,1001 1 | 14,0643 1 | 9,5986 1 |
| --- | --- | --- | --- |
| Clase AEH | 43,2612 2 | 40,4315 2 | 26,0234 2 |
| Clase AN | 16,2724 3 | 14,6605 3 | 11,4489 3 |
| Clase AU | 39,9888 | 36,9044 | 23,4327 |
| Clase DEH | 29,3649 2 | 27,6535 2 | 17,9318 2 |
| Clase DU | 34,9947 | 32,5387 | 20,8155 |
| Clase ID | 16,4501 1 | 14,2588 1 | 9,6523 1 |
| Clase IE | 16,5155 2 | 14,3186 2 | 9,6644 2 |
| Clase IEH | 46,2659 2 | 42,8992 2 | 27,3895 2 |
| Clase IN | 16,6107 3 | 14,8493 3 | 11,5094 3 |
| Clase W | 42,3137 | 39,0305 | 24,7704 |
| Clase ZEH | 15,5785 2 | 14,4664 2 | 9,2429 2 |
| Clase ZU | 16,9458 | 15,5296 | 9,7922 |
| Clase 1E | 6,1787 2 | 5,3911 2 | 3,6619 2 |
| Clase 1EH | 4,5896 2 | 4,2840 2 | 2,7534 2 |
| Clase 1EP | 5,9576 2 | 5,2548 2 | 3,5938 2 |
| Clase 1U | 6,8745 | 6,3360 | 4,0179 |
| Clase 2EH | 16,1111 2 | 14,9450 2 | 9,5434 2 |
| Clase 2U | 17,2032 | 15,7585 | 9,9304 |
| Clase 3E | 5,0705 2 | 4,3890 2 | 2,9575 2 |
| Clase 3U | 5,6415 | 5,1582 | 3,2451 |
| Clase 8EH | 4,0452 2 | 3,7559 2 | 2,4004 2 |
| Clase 8U | 7,9480 | 7,2838 | 4,5928 |
| Clase 9E | 17,7121 2 | 15,3150 2 | 10,3117 2 |
| Clase 9U | 17,3500 | 15,8570 | 9,9683 |
1
La clase está denominada en DKK. La divisa base de la Cartera es el USD.
2
La clase está denominada en EUR. La divisa base de la Cartera es el USD.
3
La clase está denominada en NOK. La divisa base de la Cartera es el USD.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas USD Patrimonio neto al inicio del ejercicio 317.052.344 Ingresos Dividendos, neto 2 2.876.072 Interés bancario 2 596 Total de ingresos 2.876.668 Gastos Comisiones de gestión de activos 5 (4.024.509 Interés bancario 2 (53 Gastos operativos 3, 5 (554.391 Total de gastos (4.578.953 (Pérdida) neta de inversiones (1.702.285 Ganancia neta realizada en ventas de inversiones 43.364.588 (Pérdida) neta realizada en contratos de divisas a plazo (1.119.296 Ganancia neta realizada de cambio de divisas 8.651 Ganancia neta realizada 42.253.943 Cambio en la (pérdida) neta no realizada en inversiones (37.199.775 Cambio en la ganancia neta no realizada en contratos de divisas a plazo 173.761 Cambio neto en (pérdida) no realizada (37.026.014 Aumento neto en el patrimonio neto como resultado de operaciones 3.525.644 Movimientos de capital Suscripciones de acciones 140.996.526 Reembolsos de acciones (124.970.358 Dividendos 7 (238.798 Total de movimientos de capital 15.787.370 Patrimonio neto al final del ejercicio 336.365.358 |
| --- | --- | --- | --- |
| | Notas | 2022 USD |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Por cobrar para la venta de inversiones Suscripciones por cobrar Interés y dividendos por cobrar, neto Ganancia neta no realizada en contratos de divisas a plazo Otros activos | 2 2 2, 9 | 334.512.584 1.797.188 171.596 238.521 28.296 158.026 213 |
| Total de activos | | 336.906.424 |
| Pasivos Reembolsos pagaderos Comisiones de gestión de activos pagaderas Otros pasivos | 5 | (164.934) (329.365) (46.767) |
| Total de pasivos | | (541.066) |
| Total de patrimonio neto | | 336.365.358 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AEH 140.088,752 Clase AU 29.665,968 Clase DEH 25.620,198 Clase DU 63.591,422 Clase IE 1.204.957,367 Clase IU 649.471,862 Clase ZU 8.531,509 Clase 1E 640.959,194 Clase 1EP 1.024.064,250 Clase 1U 6.728.679,099 Clase 2U 1.591.530,857 Clase 3EH 576.674,863 Clase 3U 1.048.042,443 Clase 8U 1.285.290,649 Clase 9EH 35.041,179 Clase 9U 3.273.503,110 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 USD 336.365.358 317.052.344 172.396.358 |
| ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 Clase AEH 16,5581 1 16,6368 1 8,2252 1 Clase AU 17,7793 17,6124 8,5873 Clase DEH 16,2757 1 16,4357 1 8,1660 1 Clase DU 17,4841 17,4069 8,5270 Clase IE 17,1002 1 15,9009 1 8,2360 1 Clase IU 18,3099 17,9845 8,6950 Clase ZU 18,2631 17,9572 8,6865 Clase 1E 18,4235 1 17,2570 1 8,9994 1 Clase 1EP 17,4744 1 16,5639 1 8,7169 1 Clase 1U 17,8692 17,6803 8,6079 Clase 2U 18,2483 17,9455 8,6842 Clase 3EH 17,0721 1 17,0018 1 8,3303 1 Clase 3U 18,3319 18,0025 8,6996 Clase 8U 18,2318 17,9365 8,6833 Clase 9EH 17,1199 1 17,0449 1 8,3502 1 Clase 9U 18,3630 18,0258 8,7074 | |
| 1 La clase está denominada en EUR. La divisa base de la Cartera es el USD. | |
|
# Threadneedle (Lux) - American Select
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AD | 16.1001 1 | 14.0643 1 | 9.5986 1 |
| --- | --- | --- | --- |
| Class AEH | 43.2612 2 | 40.4315 2 | 26.0234 2 |
| Class AN | 16.2724 3 | 14.6605 3 | 11.4489 3 |
| Class AU | 39.9888 | 36.9044 | 23.4327 |
| Class DEH | 29.3649 2 | 27.6535 2 | 17.9318 2 |
| Class DU | 34.9947 | 32.5387 | 20.8155 |
| Class ID | 16.4501 1 | 14.2588 1 | 9.6523 1 |
| Class IE | 16.5155 2 | 14.3186 2 | 9.6644 2 |
| Class IEH | 46.2659 2 | 42.8992 2 | 27.3895 2 |
| Class IN | 16.6107 3 | 14.8493 3 | 11.5094 3 |
| Class W | 42.3137 | 39.0305 | 24.7704 |
| Class ZEH | 15.5785 2 | 14.4664 2 | 9.2429 2 |
| Class ZU | 16.9458 | 15.5296 | 9.7922 |
| Class 1E | 6.1787 2 | 5.3911 2 | 3.6619 2 |
| Class 1EH | 4.5896 2 | 4.2840 2 | 2.7534 2 |
| Class 1EP | 5.9576 2 | 5.2548 2 | 3.5938 2 |
| Class 1U | 6.8745 | 6.3360 | 4.0179 |
| Class 2EH | 16.1111 2 | 14.9450 2 | 9.5434 2 |
| Class 2U | 17.2032 | 15.7585 | 9.9304 |
| Class 3E | 5.0705 2 | 4.3890 2 | 2.9575 2 |
| Class 3U | 5.6415 | 5.1582 | 3.2451 |
| Class 8EH | 4.0452 2 | 3.7559 2 | 2.4004 2 |
| Class 8U | 7.9480 | 7.2838 | 4.5928 |
| Class 9E | 17.7121 2 | 15.3150 2 | 10.3117 2 |
| Class 9U | 17.3500 | 15.8570 | 9.9683 |
1
Class is denominated in DKK. The base currency of the Portfolio is USD.
2
Class is denominated in EUR. The base currency of the Portfolio is USD.
3
Class is denominated in NOK. The base currency of the Portfolio is USD.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes USD Net assets at the beginning of the year 317,052,344 Income Dividends, net 2 2,876,072 Bank interest 2 596 Total income 2,876,668 Expenses Asset management fees 5 (4,024,509) Bank interest 2 (53) Operating expenses 3, 5 (554,391 Total expenses (4,578,953) Net (loss) from investments (1,702,285) Net realised gain on sales of investments 43,364,588 Net realised (loss) on forward currency exchange contracts (1,119,296) Net realised gain on foreign exchange 8,651 Net realised gain 42,253,943 Change in net unrealised (loss) on investments (37,199,775) Change in net unrealised gain on forward currency exchange contracts 173,761 Net change in unrealised (loss) (37,026,014 Net increase in net assets as a result of operations 3,525,644 Movements in capital Subscriptions of shares 140,996,526 Redemptions of shares (124,970,358) Dividends 7 (238,798) Total movements in capital 15,787,370 Net assets at the end of the year 336,365,358 |
| --- | --- | --- | --- |
| | Notes | 2022 USD |
| Assets Investment portfolio at market value Cash at bank Receivable for investments sold Subscriptions receivable Interest and dividends receivable, net Net unrealised gain on forward currency exchange contracts Other assets | 2 2 2, 9 | 334,512,584 1,797,188 171,596 238,521 28,296 158,026 213 |
| Total assets | | 336,906,424 |
| Liabilities Redemptions payable Asset management fees payable Other liabilities | 5 | (164,934) (329,365) (46,767) |
| Total liabilities | | (541,066) |
| Total net assets | | 336,365,358 |
| NUMBER OF SHARES OUTSTANDING Class AEH 140,088.752 Class AU 29,665.968 Class DEH 25,620.198 Class DU 63,591.422 Class IE 1,204,957.367 Class IU 649,471.862 Class ZU 8,531.509 Class 1E 640,959.194 Class 1EP 1,024,064.250 Class 1U 6,728,679.099 Class 2U 1,591,530.857 Class 3EH 576,674.863 Class 3U 1,048,042.443 Class 8U 1,285,290.649 Class 9EH 35,041.179 Class 9U 3,273,503.110 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 USD 336,365,358 317,052,344 172,396,358 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AEH 16.5581 1 16.6368 1 8.2252 1 Class AU 17.7793 17.6124 8.5873 Class DEH 16.2757 1 16.4357 1 8.1660 1 Class DU 17.4841 17.4069 8.5270 Class IE 17.1002 1 15.9009 1 8.2360 1 Class IU 18.3099 17.9845 8.6950 Class ZU 18.2631 17.9572 8.6865 Class 1E 18.4235 1 17.2570 1 8.9994 1 Class 1EP 17.4744 1 16.5639 1 8.7169 1 Class 1U 17.8692 17.6803 8.6079 Class 2U 18.2483 17.9455 8.6842 Class 3EH 17.0721 1 17.0018 1 8.3303 1 Class 3U 18.3319 18.0025 8.6996 Class 8U 18.2318 17.9365 8.6833 Class 9EH 17.1199 1 17.0449 1 8.3502 1 Class 9U 18.3630 18.0258 8.7074 | |
| 1 Class is denominated in EUR. The base currency of the Portfolio is USD. | |
|
en
|
es
|
DOLFIN5534
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product’s investment objective is to generate performance by predominantly selecting North-American securities that are likely to reduce their discount relative to their business sector or the market on which they are listed.
Benchmark index: The benchmark index is will be the Russell 1000 Value Index, calculated with net dividends reinvested
The benchmark index of the Product serves only for comparison purposes and as a basis for determining the environmental, social and governance (ESG) investment universe of the Product. The Product is actively managed.
Investment policy: The Investment Manager implements a discretionary strategy which aims to expose between 75% and 110% of the Product’s net assets to North American equities (greater than USD 1 billion) covering all North American listed markets and sectors. The equities selected will be denominated in US dollars or Canadian dollars, thereby exposing the Product to currency risk of up to 110% of the net assets.
The Investment Manager will systematically include ESG factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. The Product will have an ESG rating that is greater than that of its benchmark.
The security selection process includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website.
The Product classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Up to the limit of 10% of its net assets, the Product may invest in units or shares of UCITS or other Investment Funds.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Income allocation: Accumulation
## Intended retail investor
The Product is suitable for institutional investors, for companies and individuals capable of understanding the specific risks in the Product and who wish to increase the value of their savings due to a vehicle, which in particular targets stocks in North America. This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg.
|
# ¿Qué es este producto?
## Tipo
El producto es un subfondo de EDMOND DE ROTHSCHILD FUND, una sociedad anónima constituida como «société d'investissement à capital variable» de conformidad con la Parte I de la Ley luxemburguesa de 17 de diciembre de 2010 relativa a organismos de inversión colectiva y por la que se modifica la Ley sobre organismos de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
La duración de este producto es ilimitada.
## Objetivos
Objetivo: El objetivo de inversión del producto es generar rentabilidad seleccionando principalmente valores norteamericanos susceptibles de reducir su descuento con respecto a su sector de actividad o al mercado en el que cotizan.
Valor de referencia: El valor de referencia será el Russell 1000 Value Index, calculado con los dividendos netos reinvertidos
El valor de referencia del producto sirve únicamente a efectos comparativos y como base para determinar el universo de inversión medioambiental, social y de gobernanza (ESG) del producto. El producto se gestiona de forma activa.
Política de inversión: El Gestor de inversiones implementa una estrategia discrecional cuyo objetivo es exponer entre el 75% y el 110% del patrimonio neto del producto a valores de renta variable norteamericanos (superiores a 1.000 millones de USD) que representen la totalidad de los mercados y sectores cotizados de Norteamérica. Los valores de renta variable seleccionados se denominarán en dólares estadounidenses o canadienses, exponiendo así al producto a un riesgo de cambio de hasta el 110% del patrimonio neto.
El Gestor de inversiones incluirá sistemáticamente factores ESG en su análisis financiero con el fin de seleccionar las empresas mejor valoradas.
Como mínimo el 90% de las empresas en cartera tendrán una calificación ESG. El producto tendrá una calificación ESG superior a la de su valor de referencia.
El proceso de selección de valores incluye un filtro negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, de conformidad con los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de conformidad con la política de exclusión del Grupo Edmond de Rothschild, disponible en su sitio web.
El producto cumple los requisitos del apartado 1 del artículo 8 del SFDR, en la medida en que promueve una combinación de características ESG, si bien no se ha designado ningún valor de referencia a efectos de alcanzar dichas características medioambientales o sociales.
Teniendo en cuenta su estrategia ESG, el producto promueve características medioambientales pero no invierte en actividades económicas sostenibles desde el punto de vista medioambiental. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental, en el contexto del Reglamento de Taxonomía.
A efectos de gestión de efectivo, el producto podrá invertir hasta el 25% de su patrimonio neto en títulos de crédito negociables, instrumentos del mercado monetario y fondos del mercado monetario.
El producto podrá utilizar instrumentos financieros derivados para alcanzar su objetivo de inversión.
Dentro del límite del 10% de su patrimonio neto, el producto podrá invertir en participaciones o acciones de OICVM u otros fondos de inversión.
Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde el punto de vista medioambiental.
Asignación de ingresos: Acumulación
## Inversor minorista al que va dirigido
El producto es adecuado para inversores institucionales, para empresas y personas físicas capaces de comprender los riesgos específicos del producto y que deseen aumentar el valor de sus ahorros gracias a un vehículo que, en particular, se centra en valores norteamericanos. Esta acción está destinada a inversores minoristas y empresas.
## Información práctica
Depositario: Edmond de Rothschild (Europe)
Si desea obtener información más detallada sobre Edmond de Rothschild Fund, los subfondos y las clases de acciones disponibles, así como el folleto y los informes anuales y semestrales, puede solicitarla gratuitamente, en inglés, en el domicilio social de Edmond de Rothschild Asset Management (Luxembourg) en: 4 Rue Robert Stumper, L-2557 Luxemburgo.
|
# What is this Product ?
## Type
The Product is a sub-fund of EDMOND DE ROTHSCHILD FUND, a public limited liability company (société anonyme), incorporated as a "société d’investissement à capital variable" under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment and qualifying as an undertaking for collective investment in transferable securities (UCITS).
## Term
The lifespan of this Product is not limited.
## Objectives
Objective: The Product’s investment objective is to generate performance by predominantly selecting North-American securities that are likely to reduce their discount relative to their business sector or the market on which they are listed.
Benchmark index: The benchmark index is will be the Russell 1000 Value Index, calculated with net dividends reinvested
The benchmark index of the Product serves only for comparison purposes and as a basis for determining the environmental, social and governance (ESG) investment universe of the Product. The Product is actively managed.
Investment policy: The Investment Manager implements a discretionary strategy which aims to expose between 75% and 110% of the Product’s net assets to North American equities (greater than USD 1 billion) covering all North American listed markets and sectors. The equities selected will be denominated in US dollars or Canadian dollars, thereby exposing the Product to currency risk of up to 110% of the net assets.
The Investment Manager will systematically include ESG factors in their financial analysis in order to select the highest-rated companies.
At least 90% of the companies in the portfolio will have an ESG rating. The Product will have an ESG rating that is greater than that of its benchmark.
The security selection process includes a negative filter to exclude companies that contribute to the production of controversial weapons in compliance with international conventions in this area as well as companies that are exposed to activities related to thermal coal or tobacco in accordance with the exclusion policy of Edmond de Rothschild Group, which is available on its website.
The Product classifies as Article 8(1) SFDR as it promotes a combination of ESG characteristics, although no reference benchmark has been designated for the purpose of attaining the environmental or social characteristics.
In view of its ESG strategy, the Product promotes environmental characteristics but does not invest in environmentally sustainable economic activities. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities, in the context of the Taxonomy Regulation.
For cash management purposes, the Product may invest up to 25% of its net assets in transferable debt securities, Money Market Instruments and Money Market Funds. The Product may use financial derivative instruments to achieve its investment objective.
Up to the limit of 10% of its net assets, the Product may invest in units or shares of UCITS or other Investment Funds.
The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.
Income allocation: Accumulation
## Intended retail investor
The Product is suitable for institutional investors, for companies and individuals capable of understanding the specific risks in the Product and who wish to increase the value of their savings due to a vehicle, which in particular targets stocks in North America. This share is intended for retail and corporate investors.
## Practical information
Custodian: Edmond de Rothschild (Europe)
More detailed information on Edmond de Rothschild Fund, the available sub-funds and share classes, such as the prospectus and the annual and semi-annual reports, may be obtained free of charge, in English, from the registered office of Edmond de Rothschild Asset Management (Luxembourg) at: 4 Rue Robert Stumper, L-2557 Luxembourg.
|
en
|
es
|
DOLFIN5537
|
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 SI3 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,717
-2.8%
USD 11,334
2.5%
|
# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI3 USD Acc entre 08/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 717 USD
-2,8%
11 334 USD
2,5%
|
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI3 USD Acc between 08/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
USD 9,717
-2.8%
USD 11,334
2.5%
|
en
|
es
|
DOLFIN5539
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Threadneedle (Lux) - Pan European Equity Dividend
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 12.2899 | 12.2123 | 8.4207 |
| --- | --- | --- | --- |
| Class AEP | 10.7997 | 11.1512 | 7.9601 |
| Class AUP | 10.9127 1 | 11.9099 1 | 7.9466 1 |
| Class DE | 12.1356 | 12.1020 | 8.3747 |
| Class DEP | 10.6571 | 11.0429 | 7.9168 |
| Class IE | 12.6707 | 12.4632 | 8.5228 |
| Class IEP | 11.1344 | 11.3788 | 8.0572 |
| Class ZE | 12.6183 | 12.4458 | 8.5167 |
| Class ZEP | 11.0767 | 11.3507 | 8.0497 |
| Class 1E | 2.0062 | 1.9917 | 1.3718 |
| Class 1EP | 1.0714 | 1.1057 | 0.7893 |
| Class 1G | 1.6952 2 | 1.6964 2 | 1.2138 2 |
| Class 1GP | 0.9066 2 | 0.9428 2 | 0.6989 2 |
| Class 2E | 12.5994 | 12.4322 | 8.5107 |
| Class 2EP | 11.0904 | 11.3572 | 8.0536 |
| Class 2G | 12.1240 2 | 12.0502 2 | 8.5638 2 |
| Class 2GP | 10.6484 2 | 10.9938 2 | 8.0970 2 |
| Class 3EP | 1.7509 | 1.7928 | 1.2698 |
| Class 3G | 1.6454 2 | 1.6343 2 | 1.1606 2 |
| Class 3GP | 1.4708 2 | 1.5182 2 | 1.1214 2 |
| Class 4GP | 1.3081 2 | 1.3394 2 | 0.9796 2 |
| Class 8E | 2.2182 | 2.1897 | 1.4996 |
| Class 8EP | 1.1693 | 1.1990 | 0.8512 |
| Class 8G | 1.8760 2 | 1.8667 2 | 1.3280 2 |
| Class 8GP | 0.9875 2 | 1.0208 2 | 0.7528 2 |
| Class 9EP | 11.1480 | 11.4256 | 8.0816 |
| Class 9G | 12.1739 2 | 12.0857 2 | 8.5782 2 |
| Class 9GP | 10.6983 2 | 11.0352 2 | 8.1121 2 |
1
Class is denominated in USD. The base currency of the Portfolio is EUR.
2
Class is denominated in GBP. The base currency of the Portfolio is EUR.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes EUR Net assets at the beginning of the year 967,772,792 Income Dividends, net 2 10,932,899 Bank interest 2 7,232 Total income 10,940,131 Expenses Asset management fees 5 (12,007,090) Bank interest 2 (26,515) Operating expenses 3, 5 (3,128,669) Total expenses (15,162,274) Net (loss) from investments (4,222,143) Net realised gain on sales of investments 54,814,360 Net realised gain on forward currency exchange contracts 1,559,020 Net realised gain on foreign exchange 620,014 Net realised gain on tax reclaim 136 Net realised gain 56,993,530 Change in net unrealised (loss) on investments (86,593,775) Change in net unrealised (loss) on forward currency exchange contracts (331,978) Net change in unrealised (loss) (86,925,753 Net (decrease) in net assets as a result of operations (34,154,366) Movements in capital Subscriptions of shares 274,055,250 Redemptions of shares (534,075,728) Total movements in capital (260,020,478) Net assets at the end of the year 673,597,948 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Subscriptions receivable Interest and dividends receivable, net Other assets | 2 2 | 673,161,083 2,059,536 366,836 457,608 541,350 |
| Total assets | | 676,586,413 |
| Liabilities Redemptions payable Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2, 9 5 | (2,043,478) (24,556) (739,786) (180,645) |
| Total liabilities | | (2,988,465) |
| Total net assets | | 673,597,948 |
| NUMBER OF SHARES OUTSTANDING Class AE 6,710,995.772 Class ASH 489,065.793 Class AUH 14,504.457 Class DE 1,269,184.850 Class DUH 1,177.000 Class IE 3,325,935.046 Class W 9,912.171 Class XE 88.000 Class ZE 4,170,201.128 Class ZFH 2,681.004 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AE 50.4135 53.6034 34.7061 Class ASH 34.6658 1 36.5279 1 23.5023 1 Class AUH 13.4075 2 14.0753 2 9.0044 2 Class DE 45.0490 48.3327 31.5752 Class DUH 12.9610 2 13.7346 2 8.8604 2 Class IE 63.8189 67.3496 43.2819 Class W 84.2877 89.6657 58.0840 Class XE # 10.4050 – – Class ZE 12.8349 13.5449 8.7046 Class ZFH 12.3467 3 13.0545 3 8.4083 3 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 EUR 673,597,948 967,772,792 435,284,977 |
| 1 Class is denominated in SGD. The base currency of the Portfolio is EUR. 2 Class is denominated in USD. The base currency of the Portfolio is EUR. 3 Class is denominated in CHF. The base currency of the Portfolio is EUR. # See note 1. | |
|
# Threadneedle (Lux) - Pan European Equity Dividend
### ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN
31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020
| Clase AE | 12,2899 | 12,2123 | 8,4207 |
| --- | --- | --- | --- |
| Clase AEP | 10,7997 | 11,1512 | 7,9601 |
| Clase AUP | 10,9127 1 | 11,9099 1 | 7,9466 1 |
| Clase DE | 12,1356 | 12,1020 | 8,3747 |
| Clase DEP | 10,6571 | 11,0429 | 7,9168 |
| Clase IE | 12,6707 | 12,4632 | 8,5228 |
| Clase IEP | 11,1344 | 11,3788 | 8,0572 |
| Clase ZE | 12,6183 | 12,4458 | 8,5167 |
| Clase ZEP | 11,0767 | 11,3507 | 8,0497 |
| Clase 1E | 2,0062 | 1,9917 | 1,3718 |
| Clase 1EP | 1,0714 | 1,1057 | 0,7893 |
| Clase 1G | 1,6952 2 | 1,6964 2 | 1,2138 2 |
| Clase 1GP | 0,9066 2 | 0,9428 2 | 0,6989 2 |
| Clase 2E | 12,5994 | 12,4322 | 8,5107 |
| Clase 2EP | 11,0904 | 11,3572 | 8,0536 |
| Clase 2G | 12,1240 2 | 12,0502 2 | 8,5638 2 |
| Clase 2GP | 10,6484 2 | 10,9938 2 | 8,0970 2 |
| Clase 3EP | 1,7509 | 1,7928 | 1,2698 |
| Clase 3G | 1,6454 2 | 1,6343 2 | 1,1606 2 |
| Clase 3GP | 1,4708 2 | 1,5182 2 | 1,1214 2 |
| Clase 4GP | 1,3081 2 | 1,3394 2 | 0,9796 2 |
| Clase 8E | 2,2182 | 2,1897 | 1,4996 |
| Clase 8EP | 1,1693 | 1,1990 | 0,8512 |
| Clase 8G | 1,8760 2 | 1,8667 2 | 1,3280 2 |
| Clase 8GP | 0,9875 2 | 1,0208 2 | 0,7528 2 |
| Clase 9EP | 11,1480 | 11,4256 | 8,0816 |
| Clase 9G | 12,1739 2 | 12,0857 2 | 8,5782 2 |
| Clase 9GP | 10,6983 2 | 11,0352 2 | 8,1121 2 |
1
La clase está denominada en USD. La divisa base de la Cartera es el EUR.
2
La clase está denominada en GBP. La divisa base de la Cartera es el EUR.
| ESTADO DEL PATRIMONIO NETO a 31 de marzo de 2022 | | | ESTADO DE OPERACIONES Y VARIACIONES EN EL PATRIMONIO NETO durante el ejercicio cerrado el 31 de marzo de 2022 2022 Notas EUR Patrimonio neto al inicio del ejercicio 967.772.792 Ingresos Dividendos, neto 2 10.932.899 Interés bancario 2 7.232 Total de ingresos 10.940.131 Gastos Comisiones de gestión de activos 5 (12.007.090 Interés bancario 2 (26.515 Gastos operativos 3, 5 (3.128.669 Total de gastos (15.162.274 (Pérdida) neta de inversiones (4.222.143 Ganancia neta realizada en ventas de inversiones 54.814.360 Ganancia neta realizada en contratos de divisas a plazo 1.559.020 Ganancia neta realizada de cambio de divisas 620.014 Ganancia neta realizada en reembolso de impuestos 136 Ganancia neta realizada 56.993.530 Cambio en la (pérdida) neta no realizada en inversiones (86.593.775 Cambio en la (pérdida) neta no realizada en contratos de divisas a plazo (331.978 Cambio neto en (pérdida) no realizada (86.925.753 (Disminución) neta en el patrimonio neto como resultado de operaciones (34.154.366 Movimientos de capital Suscripciones de acciones 274.055.250 Reembolsos de acciones (534.075.728 Total de movimientos de capital (260.020.478 Patrimonio neto al final del ejercicio 673.597.948 |
| --- | --- | --- | --- |
| | Notas | 2022 EUR |
| Activos Cartera de inversión al valor del mercado Efectivo en el banco Suscripciones por cobrar Interés y dividendos por cobrar, neto Otros activos | 2 2 | 673.161.083 2.059.536 366.836 457.608 541.350 |
| Total de activos | | 676.586.413 |
| Pasivos Reembolsos pagaderos (Pérdida) neta no realizada en contratos de divisas a plazo Comisiones de gestión de activos pagaderas Otros pasivos | 2, 9 5 | (2.043.478) (24.556) (739.786) (180.645) |
| Total de pasivos | | (2.988.465) |
| Total de patrimonio neto | | 673.597.948 |
| NÚMERO DE ACCIONES EN CIRCULACIÓN Clase AE 6.710.995,772 Clase ASH 489.065,793 Clase AUH 14.504,457 Clase DE 1.269.184,850 Clase DUH 1.177,000 Clase IE 3.325.935,046 Clase W 9.912,171 Clase XE 88,000 Clase ZE 4.170.201,128 Clase ZFH 2.681,004 |
| ESTADO DEL VALOR LIQUIDATIVO POR ACCIÓN 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 Clase AE 50,4135 53,6034 34,7061 Clase ASH 34,6658 1 36,5279 1 23,5023 1 Clase AUH 13,4075 2 14,0753 2 9,0044 2 Clase DE 45,0490 48,3327 31,5752 Clase DUH 12,9610 2 13,7346 2 8,8604 2 Clase IE 63,8189 67,3496 43,2819 Clase W 84,2877 89,6657 58,0840 Clase XE # 10,4050 – – Clase ZE 12,8349 13,5449 8,7046 Clase ZFH 12,3467 3 13,0545 3 8,4083 3 |
| VALOR LIQUIDATIVO TOTAL 31 de marzo de 2022 31 de marzo de 2021 31 de marzo de 2020 EUR 673.597.948 967.772.792 435.284.977 |
| 1 La clase está denominada en SGD. La divisa base de la Cartera es el EUR. 2 La clase está denominada en USD. La divisa base de la Cartera es el EUR. 3 La clase está denominada en CHF. La divisa base de la Cartera es el EUR. # Consulte la nota 1. | |
|
# Threadneedle (Lux) - Pan European Equity Dividend
### STATEMENT OF NET ASSET VALUE PER SHARE
March 31, 2022 March 31, 2021 March 31, 2020
| Class AE | 12.2899 | 12.2123 | 8.4207 |
| --- | --- | --- | --- |
| Class AEP | 10.7997 | 11.1512 | 7.9601 |
| Class AUP | 10.9127 1 | 11.9099 1 | 7.9466 1 |
| Class DE | 12.1356 | 12.1020 | 8.3747 |
| Class DEP | 10.6571 | 11.0429 | 7.9168 |
| Class IE | 12.6707 | 12.4632 | 8.5228 |
| Class IEP | 11.1344 | 11.3788 | 8.0572 |
| Class ZE | 12.6183 | 12.4458 | 8.5167 |
| Class ZEP | 11.0767 | 11.3507 | 8.0497 |
| Class 1E | 2.0062 | 1.9917 | 1.3718 |
| Class 1EP | 1.0714 | 1.1057 | 0.7893 |
| Class 1G | 1.6952 2 | 1.6964 2 | 1.2138 2 |
| Class 1GP | 0.9066 2 | 0.9428 2 | 0.6989 2 |
| Class 2E | 12.5994 | 12.4322 | 8.5107 |
| Class 2EP | 11.0904 | 11.3572 | 8.0536 |
| Class 2G | 12.1240 2 | 12.0502 2 | 8.5638 2 |
| Class 2GP | 10.6484 2 | 10.9938 2 | 8.0970 2 |
| Class 3EP | 1.7509 | 1.7928 | 1.2698 |
| Class 3G | 1.6454 2 | 1.6343 2 | 1.1606 2 |
| Class 3GP | 1.4708 2 | 1.5182 2 | 1.1214 2 |
| Class 4GP | 1.3081 2 | 1.3394 2 | 0.9796 2 |
| Class 8E | 2.2182 | 2.1897 | 1.4996 |
| Class 8EP | 1.1693 | 1.1990 | 0.8512 |
| Class 8G | 1.8760 2 | 1.8667 2 | 1.3280 2 |
| Class 8GP | 0.9875 2 | 1.0208 2 | 0.7528 2 |
| Class 9EP | 11.1480 | 11.4256 | 8.0816 |
| Class 9G | 12.1739 2 | 12.0857 2 | 8.5782 2 |
| Class 9GP | 10.6983 2 | 11.0352 2 | 8.1121 2 |
1
Class is denominated in USD. The base currency of the Portfolio is EUR.
2
Class is denominated in GBP. The base currency of the Portfolio is EUR.
| STATEMENT OF NET ASSETS as at March 31, 2022 | | | STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS for the year ended March 31, 2022 2022 Notes EUR Net assets at the beginning of the year 967,772,792 Income Dividends, net 2 10,932,899 Bank interest 2 7,232 Total income 10,940,131 Expenses Asset management fees 5 (12,007,090) Bank interest 2 (26,515) Operating expenses 3, 5 (3,128,669) Total expenses (15,162,274) Net (loss) from investments (4,222,143) Net realised gain on sales of investments 54,814,360 Net realised gain on forward currency exchange contracts 1,559,020 Net realised gain on foreign exchange 620,014 Net realised gain on tax reclaim 136 Net realised gain 56,993,530 Change in net unrealised (loss) on investments (86,593,775) Change in net unrealised (loss) on forward currency exchange contracts (331,978) Net change in unrealised (loss) (86,925,753 Net (decrease) in net assets as a result of operations (34,154,366) Movements in capital Subscriptions of shares 274,055,250 Redemptions of shares (534,075,728) Total movements in capital (260,020,478) Net assets at the end of the year 673,597,948 |
| --- | --- | --- | --- |
| | Notes | 2022 EUR |
| Assets Investment portfolio at market value Cash at bank Subscriptions receivable Interest and dividends receivable, net Other assets | 2 2 | 673,161,083 2,059,536 366,836 457,608 541,350 |
| Total assets | | 676,586,413 |
| Liabilities Redemptions payable Net unrealised (loss) on forward currency exchange contracts Asset management fees payable Other liabilities | 2, 9 5 | (2,043,478) (24,556) (739,786) (180,645) |
| Total liabilities | | (2,988,465) |
| Total net assets | | 673,597,948 |
| NUMBER OF SHARES OUTSTANDING Class AE 6,710,995.772 Class ASH 489,065.793 Class AUH 14,504.457 Class DE 1,269,184.850 Class DUH 1,177.000 Class IE 3,325,935.046 Class W 9,912.171 Class XE 88.000 Class ZE 4,170,201.128 Class ZFH 2,681.004 |
| STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2022 March 31, 2021 March 31, 2020 Class AE 50.4135 53.6034 34.7061 Class ASH 34.6658 1 36.5279 1 23.5023 1 Class AUH 13.4075 2 14.0753 2 9.0044 2 Class DE 45.0490 48.3327 31.5752 Class DUH 12.9610 2 13.7346 2 8.8604 2 Class IE 63.8189 67.3496 43.2819 Class W 84.2877 89.6657 58.0840 Class XE # 10.4050 – – Class ZE 12.8349 13.5449 8.7046 Class ZFH 12.3467 3 13.0545 3 8.4083 3 |
| TOTAL NET ASSET VALUE March 31, 2022 March 31, 2021 March 31, 2020 EUR 673,597,948 967,772,792 435,284,977 |
| 1 Class is denominated in SGD. The base currency of the Portfolio is EUR. 2 Class is denominated in USD. The base currency of the Portfolio is EUR. 3 Class is denominated in CHF. The base currency of the Portfolio is EUR. # See note 1. | |
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en
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es
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DOLFIN5541
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus.
30%
20%
10%
Swisscanto (LU) Portfolio Fund Responsible Balance (EUR) BT
Tailored benchmark index
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Los gastos que usted paga están destinados a sufragar la administración, distribución y comercialización del fondo. Los gastos pueden incidir en la evolución del valor del fondo.
Los gastos corrientes se refieren a los últimos doce meses. Los gastos corrientes pueden variar de un año a otro. El informe anual incluye detalles sobre los gastos.
Si desea obtener más información, consulte el punto 3 del folleto.
30 %
20 %
10 %
Swisscanto (LU) Portfolio Fund Responsible Balance (EUR) BT
Índice de referencia personalizado
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The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus.
30%
20%
10%
Swisscanto (LU) Portfolio Fund Responsible Balance (EUR) BT
Tailored benchmark index
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en
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es
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DOLFIN5546
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in European emerging market countries including Russia (the "Emerging European Countries").
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI Emerging Markets Europe 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
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# Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar un crecimiento del capital a largo plazo invirtiendo fundamentalmente en compañías de los mercados emergentes europeos, incluida Rusia (los «Países europeos emergentes»).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Emplea un proceso de selección de valores ascendente y de carácter fundamental.
- Aplica un enfoque de alta convicción para identificar las mejores ideas de inversión.
Índice de referencia de la Clase de Acciones MSCI Emerging Markets Europe 10/40 Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
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# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide long-term capital growth by investing primarily in companies in European emerging market countries including Russia (the "Emerging European Countries").
INVESTMENT PROCESS
Investment approach
- Uses a fundamental, bottom-up stock selection process.
- Uses a high conviction approach to finding the best investment ideas.
Share Class Benchmark MSCI Emerging Markets Europe 10/40 Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
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en
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es
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DOLFIN5549
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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 |
| --- | --- | --- |
| Total costs | 379 EUR | 874 EUR |
| Annual cost impact* | 3.79 % | 1.36 % |
|
| | Si vende su inversión después de 1 año | Si vende su inversión después de 5 años |
| --- | --- | --- |
| Costes totales | 379 EUR | 874 EUR |
| Incidencia anual de los costes* | 3,79 % | 1,36 % |
|
| | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- |
| Total costs | 379 EUR | 874 EUR |
| Annual cost impact* | 3.79 % | 1.36 % |
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en
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es
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DOLFIN5550
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
The depositary of the UCITS is Edmond de Rothschild (France).
The Sub-fund prospectus, its latest annual report and any subsequent interim report (in French and English) are available free of charge upon written request sent to Edmond de Rothschild Asset Management (France) 47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08 - France, telephone: +33 1 40 17 25 25, email: [email protected]. The price of the shares and, where applicable, information about other share classes are available online at www.edram.fr. Detailed information on the remuneration policy established by the management company, including a description of the method used to calculate remuneration and benefits, is available online at
http://www.edmond-de-rothschild.com/site/France/en/asset-management. A written copy of the policy is available free of charge from the management company upon request.
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
Ongoing charges are estimated on the basis of the expected total charges for the current financial year. This figure may vary from year to year.
It excludes performance fees and intermediary fees except for entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in USD, with net dividends reinvested. EdR SICAV – Financial Bonds was launched on 12.02.2019
Unit launch date: 11.2021
Benchmark index: 80% ICE BofA Euro Financial (USD hedged) + 20% ICE BofA Contingent Capital (USD hedged), coupons reinvested
French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Sub-fund’s prospectus.
The shares of this Sub-fund are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 12.07.2022.
|
# Información práctica
El banco depositario del OICVM es Edmond de Rothschild (France).
El folleto del subfondo, su informe anual más reciente y todo informe semestral posterior (en francés e inglés) se facilitan gratuitamente, previa solicitud por escrito enviada a Edmond de Rothschild Asset Management (France) 47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08 - Francia, teléfono: 00 33 1 40 17 25 25, correo electrónico: [email protected]. El precio de las acciones y, en su caso, los datos relativos a las otras categorías de acciones están disponibles en el sitio web www.edram.fr. La información detallada acerca de la política de remuneración establecida por la Sociedad Gestora, incluida la descripción del método de determinación de la remuneración y los beneficios, se encuentra disponible en el sitio web:
http://www.edmond-de-rothschild.com/site/France/fr/asset-management. También puede obtenerse de forma gratuita una copia por escrito de la política mediante solicitud dirigida a la Sociedad Gestora.
Los gastos y las comisiones se utilizan para cubrir los costes operativos del subfondo, incluidas la comercialización y la distribución de acciones. Estos gastos reducen el potencial de crecimiento de su inversión.
Los gastos de entrada y de salida que se indican en este documento constituyen un límite máximo, es decir, el inversor podrá pagar una cantidad inferior en determinados casos.
El inversor podrá obtener de su asesor o de su distribuidor financiero la información relativa al importe efectivo de los gastos de entrada y de salida.
Los gastos corrientes son objeto de una estimación basada en la cantidad total de gastos previstos durante el ejercicio en curso. Esta cifra puede variar de un ejercicio a otro.
No se incluyen las comisiones de rentabilidad ni los gastos de intermediación, salvo los gastos de entrada y de salida pagados por el subfondo cuando compra o vende participaciones y/o acciones de otro OIC y fondos de inversión.
Puede encontrar información más detallada acerca de los gastos y las comisiones en el folleto del subfondo y en el sitio web www.edram.fr.
La rentabilidad histórica no es indicativa de rendimientos futuros. No son constantes en el tiempo.
Los gastos corrientes, los gastos de intermediación y las comisiones de rentabilidad que se puedan detraer se incluyen en el cálculo de la rentabilidad. Se excluyen las comisiones de entrada y de salida.
La rentabilidad histórica se ha calculado en USD, dividendos netos reinvertidos. EdR SICAV- Financial Bonds se lanzó el 12.02.2019
Fecha de lanzamiento de la participación: 11.2021
Índice de referencia: Compuesto en un 80% por el ICE BofA Euro Financial (cubierto en USD) y en un 20% por el ICE BofA Contingent Capital (cubierto en USD), con cupones reinvertidos.
La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del subfondo.
Las acciones de este subfondo no están ni estarán registradas en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El subfondo no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico.
Este OICVM está autorizado en Francia y regulado por la Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (332 652 536 Registro Mercantil de París) está autorizada en Francia con el número GP-04000015 y está regulada por la AMF. Los presentes datos fundamentales para el inversor son exactos a 12 de julio de 2022.
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# Practical information
The depositary of the UCITS is Edmond de Rothschild (France).
The Sub-fund prospectus, its latest annual report and any subsequent interim report (in French and English) are available free of charge upon written request sent to Edmond de Rothschild Asset Management (France) 47, rue du Faubourg Saint-Honoré - 75401 Paris Cedex 08 - France, telephone: +33 1 40 17 25 25, email: [email protected]. The price of the shares and, where applicable, information about other share classes are available online at www.edram.fr. Detailed information on the remuneration policy established by the management company, including a description of the method used to calculate remuneration and benefits, is available online at
http://www.edmond-de-rothschild.com/site/France/en/asset-management. A written copy of the policy is available free of charge from the management company upon request.
The charges and fees you pay are used to cover the costs of running the Sub-fund, including the costs of marketing and distributing the shares. These charges reduce the potential growth of your investment.
The entry and exit charges shown here are maximum figures; in some cases, investors may pay less.
Investors can find out the actual entry and exit charges from their adviser or distributor.
Ongoing charges are estimated on the basis of the expected total charges for the current financial year. This figure may vary from year to year.
It excludes performance fees and intermediary fees except for entry and exit charges paid by the Sub-fund when buying or selling units and/or shares of other UCIs and investment funds.
More detailed information on charges and fees can be found in the Sub-fund prospectus and on the website www.edram.fr.
Past performance is not an indication of future returns. Performance may vary over time. Ongoing charges, intermediary fees and any performance fees charged are included in the performance calculation. Entry and exit charges are excluded.
Past performance has been calculated in USD, with net dividends reinvested. EdR SICAV – Financial Bonds was launched on 12.02.2019
Unit launch date: 11.2021
Benchmark index: 80% ICE BofA Euro Financial (USD hedged) + 20% ICE BofA Contingent Capital (USD hedged), coupons reinvested
French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Sub-fund’s prospectus.
The shares of this Sub-fund are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The Sub-fund may not be offered or sold for the benefit or on behalf of a “US Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status.
This UCITS is authorised in France and regulated by the Autorité des Marchés Financiers (AMF).
Edmond de Rothschild Asset Management (France) (Paris Trade and Companies Register No. 332 652 536) is authorised in France under the number GP-04000015 and regulated by the AMF.
This key investor information is accurate and up to date as at 12.07.2022.
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DOLFIN5562
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Accordingly, after having excluded the most controversial issuers from our investment universe through the exclusion policies implemented (discussed above), the investment teams systematically assess, for each underlying issuer, whether the so-called non-financial factors have an impact on the issuer’s development and sustainability in terms of both risk and opportunity, and where applicable, the probability of occurrence of material events.
ESG factors are thus systematically incorporated into the risk assessment and the fundamental analysis of issuers.
Each management team is called upon to determine the most appropriate way of incorporating these factors, by assessing the material nature of specific criteria and their impact on the overall assessment of issuers. The systematic and specific incorporation ensures that our approach is appropriate.
ESG IN FIXED INCOME
We incorporate ESG criteria into all our main bond investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers.
- AS REGARDS CREDIT ISSUERSWe incorporate ESG criteria into all our main investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers. The ESG incorporation process is based on our belief that material ESG factors, just like any other material factor, can have an impact on an issuer’s credit risk and can accordingly influence its fundamental rating.
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Por lo tanto, tras excluir a los emisores más controvertidos de nuestro universo de inversión gracias a las políticas de exclusión implementadas (explicadas anteriormente), los equipos de inversión evalúan sistemáticamente, para cada emisor subyacente, si las dimensiones extrafinancieras tienen un impacto en el desarrollo y la sostenibilidad del emisor, tanto en lo que respecta al riesgo como a la oportunidad, y, cuando corresponda, la probabilidad de que se produzcan hechos importantes.
Por lo tanto, las dimensiones ESG se integran sistemáticamente en la evaluación de riesgos y en el análisis fundamental de los emisores.
Cada equipo de gestión define la integración más relevante de estos elementos, evaluando la importancia de criterios específicos y su impacto en la evaluación general de los emisores. La integración sistemática y específica garantiza la pertinencia de nuestro enfoque.
ESG EN EL MARCO DE LA RENTA FIJA
Los criterios ESG se integran en todos los principales procesos de inversión en renta fija, mediante la revisión de los criterios ESG pertinentes en el análisis fundamental de los emisores.
- EMISORES DE CRÉDITOLos criterios ESG se integran en todos los principales procesos de inversión, mediante la revisión de los criterios ESG pertinentes en el análisis fundamental de los emisores. El proceso de integración de ESG se basa en nuestra creencia de que los elementos ESG relevantes, como cualquier otro elemento relevante, pueden repercutir en el riesgo de créditode un emisor y, por lo tanto, pueden influir en su calificación principal.
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Accordingly, after having excluded the most controversial issuers from our investment universe through the exclusion policies implemented (discussed above), the investment teams systematically assess, for each underlying issuer, whether the so-called non-financial factors have an impact on the issuer’s development and sustainability in terms of both risk and opportunity, and where applicable, the probability of occurrence of material events.
ESG factors are thus systematically incorporated into the risk assessment and the fundamental analysis of issuers.
Each management team is called upon to determine the most appropriate way of incorporating these factors, by assessing the material nature of specific criteria and their impact on the overall assessment of issuers. The systematic and specific incorporation ensures that our approach is appropriate.
ESG IN FIXED INCOME
We incorporate ESG criteria into all our main bond investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers.
- AS REGARDS CREDIT ISSUERSWe incorporate ESG criteria into all our main investment processes by reviewing relevant ESG criteria as part of our fundamental analysis of issuers. The ESG incorporation process is based on our belief that material ESG factors, just like any other material factor, can have an impact on an issuer’s credit risk and can accordingly influence its fundamental rating.
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DOLFIN5566
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: JP Morgan EMBI Global Index, hedged in EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R EUR (H)
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R EUR H of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R EUR H of the Absorbed Sub-Fund.
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## Índice de referencia: JP Morgan EMBI Global Index, cubierto en EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R EUR (H)
Índice de referencia
A: El Subfondo y la Clase se crearon el 1 de febrero de 2016 tras la fusión por absorción de la Clase R EUR (H) del fondo francés Edmond de Rothschild EMERGING BONDS (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R EUR (H) del Subfondo absorbido.
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## Benchmark: JP Morgan EMBI Global Index, hedged in EUR
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EMERGING BONDS R EUR (H)
Benchmark
A : The Sub-Fund and the Class were created on 01/02/2016 following the merger by absorption of Class R EUR H of the French Edmond de Rothschild EMERGING BONDS (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R EUR H of the Absorbed Sub-Fund.
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DOLFIN5571
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### General Risks
The Funds will primarily be investing in assets selected by the Sub-Investment Manager in accordance with their respective investment objectives and policies. The investments of a Fund in securities and derivatives are subject to normal market fluctuations and other risks inherent in investing in securities and derivatives. The value of investments and the income from them, and therefore the value of, and income from, Shares relating to each Fund can go down as well as up and an investor may not get back the amount s/he invests.
Any loss incurred by the Company or a Fund due to the late or non-payment of subscription proceeds in respect of subscription applications received shall be borne by the relevant investor or if not practical to recover such losses from the relevant investor, by the relevant Fund.
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### Riesgos de carácter general
Los Subfondos invertirán principalmente en los activos por los que opte la Gestora delegada de inversiones de acuerdo con sus respectivos objetivos y políticas de inversión. Las inversiones del Subfondo en valores mobiliarios y derivados están sujetas a las fluctuaciones normales del mercado y a otros riesgos inherentes a la inversión en valores y derivados. El valor de las inversiones y los ingresos generados por estas, y por lo tanto el valor y los ingresos procedentes de las Acciones relativas a cada Subfondo pueden bajar o subir, y es posible que los inversores no recuperen el importe de su inversión.
Toda pérdida en la que incurra la Sociedad o un Subfondo debido al pago atrasado o al incumplimiento de pago de los ingresos de la suscripción respecto a las solicitudes de suscripción recibidas correrá a cargo del inversor en cuestión o, en el caso de que no resulte factible recuperar tales pérdidas del inversor en cuestión, del Subfondo correspondiente.
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### General Risks
The Funds will primarily be investing in assets selected by the Sub-Investment Manager in accordance with their respective investment objectives and policies. The investments of a Fund in securities and derivatives are subject to normal market fluctuations and other risks inherent in investing in securities and derivatives. The value of investments and the income from them, and therefore the value of, and income from, Shares relating to each Fund can go down as well as up and an investor may not get back the amount s/he invests.
Any loss incurred by the Company or a Fund due to the late or non-payment of subscription proceeds in respect of subscription applications received shall be borne by the relevant investor or if not practical to recover such losses from the relevant investor, by the relevant Fund.
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DOLFIN5572
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Notwithstanding the powers of the Board described in paragraph (1) above, the general meeting of Shareholders of a Sub-Fund or of the affected Share Class(es) of the respective Sub-Fund may decide to merge the assets and liabilities of this Sub-Fund (or of the respective Share Class(es), as the case may be) (i) with another Sub-Fund of the Company, (ii) with another Share Class of the same Sub-Fund, (iii) with another UCITS or (iv) with another sub-fund or share class of such an UCITS. There are no quorum requirements for this action, and the merger may be decided upon by a simple majority of the Shares present or represented at the meeting. Such decision of the general meeting of Shareholders is binding to all Shareholders who do not make use of their right to redeem or convert their Shares within the period of thirty days mentioned in paragraph (1) above.
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## Fight Against Money Laundering and Terrorist Financing
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- Sin perjuicio de las facultades del Consejo descritas en el párrafo (1) anterior, la junta general de Accionistas de un Compartimento o de la(s) Clase(s) de Acciones en cuestión del Compartimento correspondiente podrá decidir fusionar los activos y pasivos de este Compartimento (o de la(s) Clase(s) de Acciones correspondiente(s), según sea el caso) (i) con otro Compartimento de la Sociedad, (ii) con otra Clase de Acciones del mismo Compartimento, (iii) con otro OICVM o (iv) con otro compartimento o clase de acciones de dicho OICVM. Para ello, no será necesario quórum, y la fusión podrá determinarse por mayoría simple de las Acciones presentes o representadas en la junta. La decisión que tome la junta general de Accionistas es vinculante para todos los Accionistas que no hagan uso de su derecho a reembolsar o canjear sus Acciones dentro del periodo de treinta días mencionado anteriormente en el párrafo (1).
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## Lucha contra el blanqueo de dinero y la financiación del terrorismo
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- Notwithstanding the powers of the Board described in paragraph (1) above, the general meeting of Shareholders of a Sub-Fund or of the affected Share Class(es) of the respective Sub-Fund may decide to merge the assets and liabilities of this Sub-Fund (or of the respective Share Class(es), as the case may be) (i) with another Sub-Fund of the Company, (ii) with another Share Class of the same Sub-Fund, (iii) with another UCITS or (iv) with another sub-fund or share class of such an UCITS. There are no quorum requirements for this action, and the merger may be decided upon by a simple majority of the Shares present or represented at the meeting. Such decision of the general meeting of Shareholders is binding to all Shareholders who do not make use of their right to redeem or convert their Shares within the period of thirty days mentioned in paragraph (1) above.
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## Fight Against Money Laundering and Terrorist Financing
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DOLFIN5578
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The management company informs the AMF by letter of the dissolution date and procedure selected. It then sends the Statutory Auditor's report to the AMF.
The extension of a fund may be decided by the management company in consultation with the depositary. Its decision must be made at least 3 months before the expiry of the term specified for the fund, and notified to the unitholders and to the AMF.
## Article 12 Liquidation
In the event of dissolution, the management company or the depositary will assume the duties of liquidator. Failing this, the liquidator is appointed by the courts at the request of any interested party. For this purpose, the liquidator is vested with the broadest powers to liquidate the assets, pay any creditors and distribute the available balance between the unitholders in cash or securities.
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# La sociedad gestora informará por correo a la Autorité des Marchés Financiers de la fecha y del procedimiento que vaya a seguirse. A continuación, le enviará el informe del Auditor.
La sociedad gestora podrá decidir la prórroga de un fondo de común acuerdo con el depositario. Deberá tomar su decisión con una antelación mínima de tres meses al vencimiento de la duración prevista del fondo y comunicarse a los partícipes y a la Autorité des Marchés Financiers.
## Artículo 12 - Liquidación
En caso de disolución, la sociedad gestora o el depositario asumirán las funciones de liquidador. En su defecto, los tribunales podrán designar a un liquidador a petición de cualquier interesada. A estos efectos, gozarán de las más amplias facultades para realizar los activos, pagar a los acreedores eventuales y repartir el saldo disponible entre los partícipes, en efectivo o en valores.
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# The management company informs the AMF by letter of the dissolution date and procedure selected. It then sends the Statutory Auditor's report to the AMF.
The extension of a fund may be decided by the management company in consultation with the depositary. Its decision must be made at least 3 months before the expiry of the term specified for the fund, and notified to the unitholders and to the AMF.
## Article 12 Liquidation
In the event of dissolution, the management company or the depositary will assume the duties of liquidator. Failing this, the liquidator is appointed by the courts at the request of any interested party. For this purpose, the liquidator is vested with the broadest powers to liquidate the assets, pay any creditors and distribute the available balance between the unitholders in cash or securities.
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en
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DOLFIN5583
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth through sustainable investments.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes and at least 70% of its assets in debt securities that are rated below Investment Grade. These securities are from issuers that are organised, have substantial business activities, or are impacted by developments, in Europe. These securities may be from issuers anywhere in the world, including emerging market countries.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Fund may invest in, or be exposed up to (i) 20% in emerging market sovereign debt securities (ii) 20% in structured products such as asset- backed and mortgage-back securities and (iii) 10% in contingent convertible bonds (CoCos).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund's exposure to ESG bond structures is at least 15%. The Fund's exposure to EUR is at least 90%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Bloomberg Euro High Yield 2% Issuer Constrained Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is EUR.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
ESG bond structures: Debt issued by both corporate and sovereign issuers that is designed to encourage sustainability.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment and institutions for sovereign debt. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion.
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# OBJETIVOS Y POLÍTICA DE INVERSIÓN
## Objetivo de Inversión
El Fondo trata de aumentar el valor de su inversión a lo largo del tiempo aumentando la rentabilidad total, para lo que utiliza una combinación de ingresos y crecimiento del capital a través de inversiones sostenibles.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de su patrimonio en títulos de renta fija, incluida deuda pública, de emisores que el gestor de inversiones considere que están alineados de forma positiva con temas de inversión sostenible y, como mínimo, un 70% de su patrimonio en títulos de renta fija con una calificación inferior al grado de inversión. Estos valores son de emisores constituidos en Europa, con una importante actividad en esa región o que se vean afectados por los acontecimientos que se desarrollen en Europa.
Los emisores de estos valores pueden ser de cualquier lugar del mundo, incluidos países de mercados emergentes.
El gestor de inversiones invierte en valores que considera que están relacionados con temas de inversión sostenible orientados al medioambiente o al ámbito social y derivados de los Objetivos de Desarrollo Sostenible de la ONU.
El Fondo puede invertir o tener una exposición de hasta (i) el 20% en títulos de deuda soberana de los mercados emergentes, (ii) el 20% en productos estructurados como bonos de titulización de deuda y bonos de titulización hipotecaria y (iii) el 10% en bonos convertibles contingentes (CoCo).
El gestor de inversiones hace hincapié en la selección positiva, en particular analizando la exposición a factores medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) de cada título o emisor, en vez de con filtrados negativos o excluyentes, para evaluar la exposición de un emisor a dichos factores ESG.
La exposición del Fondo a estructuras de bonos ESG es de, al menos, el 15%.
La exposición del Fondo al EUR es de, al menos, el 90%.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión.
## Inversión responsable
El Fondo entra en la categoría del artículo 9 del Reglamento SFDR. Si desea más información, consulte las referencias a la divulgación de información relativa a la sostenibilidad del folleto.
## Índice de referencia
Bloomberg Euro High Yield 2% Issuer Constrained Index se emplea para comparar la rentabilidad.
El Fondo se gestiona de forma activa, y el Gestor de Inversiones no está limitado por su índice de referencia. Consulte el folleto del Fondo para obtener más información.
## Divisa del compartimento
La divisa de referencia del Fondo es EUR.
## Divisa de la clase de acciones
La divisa de referencia de la clase de acciones es USD.
## Política de reparto
Esta clase de acciones es una clase de acciones de acumulación. Los ingresos y las plusvalías en capital generados por el Fondo se reinvierten.
## Amortización
Las acciones pueden amortizarse cualquier día en el que tanto la Bolsa de Nueva York como los bancos en Luxemburgo estén abiertos.
## Glosario
Valores respaldados por activos: Valores de deuda que representan un una participación en una cartera de deuda de consumo, como saldos de tarjetas de crédito o préstamos de automóviles.
Títulos por debajo del grado de inversión: títulos de renta fija con una calificación inferior al grado de inversión que pueden generar altas rentabilidades pero acarrear mayores riesgos.
Bonos convertibles contingentes (CoCo): Los CoCo son un tipo de título contingente emitido por instituciones financieras internacionales. Suelen ser subordinados y se convierten en acciones del emisor o sufren una quita si se produce un evento prefijado.
Valores de deuda: Valores que representan la obligación de pagar una deuda, con intereses.
Derivados: Instrumentos financieros cuyo valor está vinculado a uno o más tipos, índices, precios de acciones u otros valores.
Países de mercados emergentes: Países cuyas economías y mercados de valores están menos consolidados.
Estructuras de bonos ESG: Títulos de renta fija de emisores corporativos o soberanos diseñados para fomentar la sostenibilidad.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Valores relacionados con hipotecas: Valores de deuda representativos de una participación en una cartera de hipotecas.
Otros fines de inversión: significa aumentar la exposición o gestionar la duración de forma acorde con el objetivo y la política de inversión del Fondo.
Reglamento SFDR: Reglamento (UE) 2019/2088 del Parlamento Europeo y del Consejo, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Temas de inversión sostenible: temas de inversión derivados de los ODS de la ONU, tales como salud, clima y empoderamiento, e instituciones dedicadas a la deuda soberana. Los temas de inversión sostenible pueden cambiar con el tiempo.
Objetivos de Desarrollo Sostenible de la ONU (ODS): un conjunto de 17 objetivos que representan la visión a la que aspiran las Naciones Unidas de cómo podría ser el mundo en 2030. Estas 17 metas abordan la prosperidad económica, la sostenibilidad medioambiental y la inclusión social.
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# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time through total return, using a combination of income and capital growth through sustainable investments.
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in debt securities, including sovereign debt, of issuers that the Investment Manager believes are positively aligned with sustainable investment themes and at least 70% of its assets in debt securities that are rated below Investment Grade. These securities are from issuers that are organised, have substantial business activities, or are impacted by developments, in Europe. These securities may be from issuers anywhere in the world, including emerging market countries.
The Investment Manager invests in securities that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Fund may invest in, or be exposed up to (i) 20% in emerging market sovereign debt securities (ii) 20% in structured products such as asset- backed and mortgage-back securities and (iii) 10% in contingent convertible bonds (CoCos).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund's exposure to ESG bond structures is at least 15%. The Fund's exposure to EUR is at least 90%.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes.
## Responsible Investing
The Fund is classified as Article 9 under SFDR. For more information, please refer to sustainability-related disclosures in the prospectus.
## Benchmark
Bloomberg Euro High Yield 2% Issuer Constrained Index used for performance comparison.
The Fund is actively managed and the Investment Manager is not constrained by its benchmark. Please see the Fund's prospectus for more information.
## Fund currency
The reference currency of the Fund is EUR.
## Share class currency
The reference currency of the share class is USD.
## Distribution policy
This share class is a non-distributing share class. Income and capital gains derived from the Fund are reinvested.
## Redemption
Shares may be redeemed on any day when both the New York Stock Exchange and Luxembourg banks are open for business.
## Terms to understand
Asset-backed securities: Debt securities representing an interest in a pool of consumer debt, such as credit card debt or automobile loans.
Below Investment Grade Securities: Debt securities rated below Investment Grade that may be higher-yielding but riskier debt securities.
Contingent convertible bonds ("CoCos"): CoCos are a type of contingent security issued by global financial institutions. CoCos are usually subordinated and convert to the issuer's equity and/or have a write-down following the occurrence of a pre-determined event.
Debt securities: Securities that represent the obligation to pay a debt, with interest.
Derivatives: Financial instruments whose value is linked to one or more rates, indices, share prices or other values.
Emerging market countries: Nations whose economies and securities markets are less established.
ESG bond structures: Debt issued by both corporate and sovereign issuers that is designed to encourage sustainability.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Mortgage-related securities: Debt securities representing an interest in a pool of mortgages.
Other investment purposes: In line with the Fund's investment objective and policy, means to gain exposure and/or to manage duration.
SFDR: Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector.
Sustainable investment themes: those investment themes that are derived from the UNSDGs such as Health, Climate, and Empowerment and institutions for sovereign debt. Sustainable investment themes may change over time.
UN Sustainable Development Goals ("UNSDGs"): A set of 17 goals that represent the United Nations' aspirational view of how the world could look like by 2030. The 17 goals address economic prosperity, environmental sustainability and social inclusion.
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en
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es
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DOLFIN5589
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How long should I hold it and can I take money out early?
## Recommended holding period: 3 years
This product has no required minimum holding period but is designed for long-term investment; you should have an investment horizon of at least 3 years. You may buy or sell shares in the product, without penalty, on any normal business day by submitting a subscription or redemption request in the manner set out in the Prospectus. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this will increase the risk of lower investment returns or a loss.
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# ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada?
## Periodo de mantenimiento recomendado: 3 años
Este producto no tiene un periodo de mantenimiento mínimo obligatorio, pero está diseñado para la inversión a largo plazo; debe tener un horizonte de inversión de al menos 3 años. Puede comprar o vender acciones del producto, sin penalización, en cualquier día hábil normal mediante el envío de una solicitud de suscripción o reembolso de la forma establecida en el Folleto. Póngase en contacto con su agente de bolsa, asesor financiero o distribuidor para obtener información sobre los costes y gastos relacionados con la venta de las acciones. Si usted realiza una liquidación en una etapa temprana, aumentará el riesgo de una menor rentabilidad de la inversión o de una pérdida.
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# How long should I hold it and can I take money out early?
## Recommended holding period: 3 years
This product has no required minimum holding period but is designed for long-term investment; you should have an investment horizon of at least 3 years. You may buy or sell shares in the product, without penalty, on any normal business day by submitting a subscription or redemption request in the manner set out in the Prospectus. Please contact your broker, financial adviser or distributor for information on any costs and charges relating to the sale of the shares. If you cash in at an early stage this will increase the risk of lower investment returns or a loss.
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DOLFIN5591
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator.
Percentage
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Los gastos de entrada, salida y conversión que se muestran representan el importe máximo aplicable y se abonan al distribuidor. Podrán aplicarse comisiones más bajas en algunos casos; póngase en contacto son su asesor financiero o al distribuidor si desea saber el importe real.
Los gastos corrientes se basan en los gastos correspondientes al último ejercicio cerrado el 31 de diciembre de 2021. Podrán variar de un año al otro y no incluyen las comisiones de rentabilidad o los gastos operativos (salvo los gastos de entrada/salida pagados por el subfondo cuando se compran o venden las participaciones de otro vehículo de inversión colectiva). Los gastos y las comisiones que se pagan están destinados a sufragar los costes de funcionamiento del fondo, incluidos los costes de comercialización y distribución de las participaciones. Dichos gastos reducen el potencial de crecimiento de la inversión.
Si desea obtener más información acerca de los gastos y las modalidades de cálculo de la comisión de rentabilidad, remítase al apartado «Gastos y comisiones» del Folleto informativo, que está disponible en la siguiente página web: www.carmignac.com
La comisión de rentabilidad se basa en la rentabilidad superior de la clase de acciones con respecto a la de su indicador de referencia. La comisión de rentabilidad se calcula para un periodo de rentabilidad de 1 año, correspondiente al ejercicio financiero del subfondo, y se devenga a diario. La comisión de rentabilidad será pagadera cuando la rentabilidad de la clase de acciones sea superior a la del indicador de referencia durante el periodo de rentabilidad. No obstante, no se abonará ninguna comisión de rentabilidad hasta que no se recupere cualquier rentabilidad inferior registrada en un periodo máximo de 5 años (aplicable desde el 1 de enero de 2022 o desde el lanzamiento de la clase de acciones si se produce posteriormente).
Asimismo, la comisión de rentabilidad podrá cobrarse incluso si la rentabilidad absoluta es negativa, es decir, si la rentabilidad absoluta del fondo es negativa pero sigue siendo superior a la del indicador de referencia.
Porcentaje
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Entry, exit and conversion charges shown are the maximum applicable and are paid to the distributor. Lower fees may apply in some cases; contact your financial advisor or distributor to find out the actual amount.
Ongoing charges are based on the expenses for the last financial year ended 31 December 2021. They may vary from year to year and do not include performance fees or transaction costs (except in the case of entry/exit charges paid by the sub-fund when buying or selling units of another collective investment vehicle). The charges and fees paid are used to cover the costs of running the fund, including the costs of marketing and distributing units. These charges reduce the potential growth of the investments.
For more information on fees, charges and performance fee calculation methods, please refer to the “Fees and expenses” section of the prospectus, available on the website: www.carmignac.com
Performance fee is based on the relative overperformance of the share class relative to its reference indicator. The performance fee is calculated over a performance period of 1 year, corresponding to the financial year of the sub-fund and accrued on a daily basis. The performance fee becomes payable when the performance of the share class is superior to the performance of the reference indicator during the performance period. However, performance fee is not payable before any underperformance over a period of maximum 5 years (applicable as from 1.1.2022 or since the launch of the share class if later) is clawed back.
Performance fee may be charged also when absolute performance is negative, i.e. when the absolute performance of the fund is negative but still exceeds that of the reference indicator.
Percentage
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DOLFIN5593
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Each Sub-Fund may invest in financial derivative instruments that are traded “over-the-counter” (“OTC”) including, without limitation, total return swaps or other financialderivative instruments with similar characteristics, in accordance with the conditions set outin this section and the investment objective and policy of the Sub-Fund as detailed in therelevant Appendix.
When using OTC derivatives and/or efficient portfolio management techniques, assets provided as collateral by the counterparties to such transactions may take the form of the assets listed above and shall always comply with the criteria provided by the CSSF Circular 14/592 or any applicable laws or regulations. When exposure arising from OTC financial derivative transactions and efficient portfolio management techniques exceeds 10% of the net assets of a Sub-Fund, the level of collateral received shall at all times equal at least 100% (taking into account any haircut) of the exceeding counterparty exposure.
Where a Sub-Fund enters into OTC financial derivative transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure should comply with the following criteria at all times:
- liquidity: any collateral received other than cash should be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing;
- valuation: collateral received should be valued on at least a daily basis and assets that exhibit high price volatility should not be accepted as collateral unless suitability conservative haircuts are in place;
- issuer credit quality: collateral received should be of high quality;
- correlation: the collateral received by the Sub-Fund should be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty;
- collateral diversification: any collateral received other than cash should not represent more than 20% of the Sub-Fund’s net asset value, even if the Sub-Fund is exposed to different counterparties; and
- safe-keeping: Collateral must be held by the Depositary or its delegate.
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Cada Subfondo podrá invertir en instrumentos financieros derivados negociados en mercadosextrabursátiles (OTC), así como en permutas de rendimiento total u otros instrumentosfinancieros derivados con características similares, entre otros, de conformidad con lascondiciones que se recogen en esta sección y el objetivo y la política de inversión delSubfondo, tal como se detalla en el Anexo correspondiente.
Cuando se utilicen derivados OTC o técnicas para una gestión eficaz de la cartera, los activos entregados como garantía por las contrapartes de dichas transacciones podrán adoptar la forma de los activos enumerados anteriormente y deberán cumplir en todo momento los criterios fijados por la Circular 14/592 de la CSSF o cualquier ley o reglamento aplicable. Cuando la exposición derivada de operaciones con derivados financieros OTC y técnicas para una gestión eficaz de la cartera supere el 10% del patrimonio neto de un Subfondo, el nivel de la garantía recibida deberá equivaler en todo momento como mínimo al 100% (teniendo en cuenta cualquier reducción del valor) de la exposición a las contrapartes por encima de dicho 10%.
Si un Subfondo realiza operaciones con derivados financieros OTC y participa en técnicas de gestión eficiente de cartera, toda garantía utilizada a fin de reducir la exposición al riesgo de contraparte deberá adaptarse en todo momento a los criterios expuestos a continuación:
- liquidez: toda garantía obtenida que no sea efectivo deberá ser muy líquida y negociarse en un mercado regulado o en un sistema de negociación multilateral en el que los precios se determinen de forma transparente;
- valoración: las garantías obtenidas deberán valorarse al menos a diario y no deberán aceptarse como garantía aquellos activos cuyos precios presenten unaelevada volatilidad, salvo que se establezcan descuentos conservadores adecuados;
- calidad crediticia del emisor: las garantías obtenidas deberán ser de gran calidad;
- correlación: la garantía recibida por el Subfondo deberá ser emitida por una entidad independiente de la contraparte y cabe esperar que no tenga una elevada correlación con la rentabilidad de la contraparte;
- diversificación de las garantías: toda garantía obtenida que no se haya recibido en efectivo no deberá suponer más del 20% del Valor liquidativo del Subfondo, incluso si el Subfondo tiene exposición a distintas contrapartes; y
- custodia: el Depositario o la persona en la que este delegue debe mantener la garantía.
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Each Sub-Fund may invest in financial derivative instruments that are traded “over-the-counter” (“OTC”) including, without limitation, total return swaps or other financialderivative instruments with similar characteristics, in accordance with the conditions set outin this section and the investment objective and policy of the Sub-Fund as detailed in therelevant Appendix.
When using OTC derivatives and/or efficient portfolio management techniques, assets provided as collateral by the counterparties to such transactions may take the form of the assets listed above and shall always comply with the criteria provided by the CSSF Circular 14/592 or any applicable laws or regulations. When exposure arising from OTC financial derivative transactions and efficient portfolio management techniques exceeds 10% of the net assets of a Sub-Fund, the level of collateral received shall at all times equal at least 100% (taking into account any haircut) of the exceeding counterparty exposure.
Where a Sub-Fund enters into OTC financial derivative transactions and efficient portfolio management techniques, all collateral used to reduce counterparty risk exposure should comply with the following criteria at all times:
- liquidity: any collateral received other than cash should be highly liquid and traded on a regulated market or multilateral trading facility with transparent pricing;
- valuation: collateral received should be valued on at least a daily basis and assets that exhibit high price volatility should not be accepted as collateral unless suitability conservative haircuts are in place;
- issuer credit quality: collateral received should be of high quality;
- correlation: the collateral received by the Sub-Fund should be issued by an entity that is independent from the counterparty and is expected not to display a high correlation with the performance of the counterparty;
- collateral diversification: any collateral received other than cash should not represent more than 20% of the Sub-Fund’s net asset value, even if the Sub-Fund is exposed to different counterparties; and
- safe-keeping: Collateral must be held by the Depositary or its delegate.
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DOLFIN5603
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.20% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | A 30% annual share of any gain above that of the benchmark index + 0.80% |
| This fee amounted to 0.23% of average net assets at the end of the previous financial year |
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| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | Cero |
| Gastos de salida | Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,20% del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 30% anual del rendimiento a partir del registrado por el índice de referencia + 0,80% |
| Al cierre del ejercicio anterior, esta comisión representaba el 0,23% del activo neto medio. |
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| One-off charges taken before or after you invest |
| --- |
| Entry charge | None |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.20% of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | A 30% annual share of any gain above that of the benchmark index + 0.80% |
| This fee amounted to 0.23% of average net assets at the end of the previous financial year |
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DOLFIN5605
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Product
## Xtrackers MSCI Europe Value UCITS ETF
Share class: 1C, ISIN: LU0486851024, German Security Code: DBX0FK, Currency: EUR
a sub-fund of Xtrackers. The fund is a Luxembourg based UCITS. The management company is DWS Investment S.A. (the manufacturer), a member of DWS Group. Please refer to www.etf.dws.com or call +352 42101 - 860 for more information. The Competent Authority Commission de Surveillance du Secteur Financier is responsible for supervising Xtrackers in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. The management company DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. This key information is accurate as at 20.02.2023.
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# Producto
## Xtrackers MSCI Europe Value UCITS ETF
Clase de acciones: 1C, ISIN: LU0486851024, Código del fondo Alemán: DBX0FK, Divisa: EUR
un subfondo de Xtrackers. El fondo es un OICVM domiciliado en Luxemburgo. La sociedad gestora es DWS Investment S.A. (productor), un miembro del grupo DWS. Si desea más información, entre en www.etf.dws.com o llame al +352 42101 - 860. La Commission de Surveillance du Secteur Financier es la autoridad competente responsable de supervisar a Xtrackers en lo que respecta a este documento de datos fundamentales. Este PRIIP está autorizado en Luxemburgo. La sociedad gestora DWS Investment S.A. está autorizada en Luxemburgo y su regulación corresponde a la Commission de Surveillance du Secteur Financier. Los presentes datos fundamentales son exactos a 20.02.2023.
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# Product
## Xtrackers MSCI Europe Value UCITS ETF
Share class: 1C, ISIN: LU0486851024, German Security Code: DBX0FK, Currency: EUR
a sub-fund of Xtrackers. The fund is a Luxembourg based UCITS. The management company is DWS Investment S.A. (the manufacturer), a member of DWS Group. Please refer to www.etf.dws.com or call +352 42101 - 860 for more information. The Competent Authority Commission de Surveillance du Secteur Financier is responsible for supervising Xtrackers in relation to this Key Information Document. This PRIIP is authorised in Luxembourg. The management company DWS Investment S.A. is authorised in Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. This key information is accurate as at 20.02.2023.
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DOLFIN5613
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- The horizon over which performance is measured is a rolling period of up to five years (“Performance Reference Period”). The clawback mechanism may be partially reset at the end of this period. This means that after five years of cumulative underperformance over the Performance Reference Period, underperformance may be partially reset on a rolling annual basis, wiping out the first year of underperformance during the Performance Reference Period concerned. In relation to the Performance Reference Period concerned, underperformance in the first year may be offset by outperformance in the following years of the Performance Reference Period.
- Over a given Performance Reference Period, any past underperformance must be clawed back before performance fees become payable again.
- Where a performance fee is crystalised at the end of a Calculation Period (except when due to redemptions), a new Performance Reference Period begins.
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- El horizonte temporal en el que se calcula la rentabilidad es un periodo móvil de una duración máxima de cinco años («Periodo de referencia de la rentabilidad»). Al final de dicho periodo, el mecanismo de compensación de las rentabilidades inferiores pasadas puede restablecerse parcialmente. Así, tras cinco años de rentabilidad inferior acumulada en el Periodo de referencia de la rentabilidad, las rentabilidades inferiores podrán restablecerse parcialmente sobre la base de un periodo móvil de un año, eliminando el primer año de rentabilidad inferior del Periodo de referencia de la rentabilidad en cuestión. En relación con el correspondiente Periodo de referencia de la rentabilidad, las rentabilidades inferiores del primer año pueden compensarse con las rentabilidades superiores obtenidas en los años siguientes del Periodo de referencia de la rentabilidad.
- En un Periodo de referencia de la rentabilidad determinado, toda rentabilidad inferior pasada deberá recuperarse antes de que puedan volver a cobrarse comisiones de rentabilidad.
- Cuando se cristalice una comisión de rentabilidad al final de un Periodo de cálculo (salvo en caso de cristalización debido a reembolsos), se iniciará un nuevo Periodo de referencia de la rentabilidad.
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- The horizon over which performance is measured is a rolling period of up to five years (“Performance Reference Period”). The clawback mechanism may be partially reset at the end of this period. This means that after five years of cumulative underperformance over the Performance Reference Period, underperformance may be partially reset on a rolling annual basis, wiping out the first year of underperformance during the Performance Reference Period concerned. In relation to the Performance Reference Period concerned, underperformance in the first year may be offset by outperformance in the following years of the Performance Reference Period.
- Over a given Performance Reference Period, any past underperformance must be clawed back before performance fees become payable again.
- Where a performance fee is crystalised at the end of a Calculation Period (except when due to redemptions), a new Performance Reference Period begins.
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DOLFIN5615
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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 2,220 | USD 1,640 |
| | Average return each year % | -77.80% | -30.34% |
| Unfavourable scenario | What you might get back after costs | USD 7,370 | USD 7,120 |
| | Average return each year % | -26.30% | -6.57% |
| Moderate scenario | What you might get back after costs | USD 10,800 | USD 13,320 |
| | Average return each year % | 8.00% | 5.90% |
| Favourable scenario | What you might get back after costs | USD 18,510 | USD 22,930 |
| | Average return each year % | 85.10% | 18.05% |
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| | 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 2.220 | USD 1.640 |
| | Rendimiento medio cada año | -77,80% | -30,34% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.370 | USD 7.120 |
| | Rendimiento medio cada año | -26,30% | -6,57% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.800 | USD 13.320 |
| | Rendimiento medio cada año | 8,00% | 5,90% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 18.510 | USD 22.930 |
| | Rendimiento medio cada año | 85,10% | 18,05% |
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| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,220 | USD 1,640 |
| | Average return each year % | -77.80% | -30.34% |
| Unfavourable scenario | What you might get back after costs | USD 7,370 | USD 7,120 |
| | Average return each year % | -26.30% | -6.57% |
| Moderate scenario | What you might get back after costs | USD 10,800 | USD 13,320 |
| | Average return each year % | 8.00% | 5.90% |
| Favourable scenario | What you might get back after costs | USD 18,510 | USD 22,930 |
| | Average return each year % | 85.10% | 18.05% |
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DOLFIN5619
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The annual general meeting of Shareholders will be held in accordance with the Articles of Incorporation and Luxembourg law. Notices of all general meetings will be published to the extent required by Luxembourg law, and in such other newspaper as the Board of Directors shall determine and will be sent to the holders of registered Shares in accordance with Luxembourg Law. Such notices will include the agenda and will specify the time and place of the meeting and the conditions of admission. They will also refer to the rules of quorum and majorities required by Luxembourg law.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any General Meeting of Shareholders may provide that the quorum and the majority at this General Meeting shall be determined according to the Shares issued and outstanding at midnight the fifth day preceding the General Meeting (the “Record Date”), whereas the right of a Shareholder to attend a General Meeting of Shareholders and to exercise the voting rights attaching to his/her/its Shares shall be determined by reference to the Shares held by this Shareholder as at the Record Date.
Each Share confers the right to one vote. The vote on the payment of a dividend on a particular Class of Shares requires a separate majority of votes cast from the meeting of Shareholders of the Class of Shares concerned. Any change in the Articles of Incorporation affecting the rights of a Sub-Fund must be approved by a resolution of both the General Meeting of the Fund and the Shareholders of the Sub- Fund concerned by a simple majority of votes cast.
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#### Reports and Accounts
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La junta general de Accionistas se llevará a cabo de conformidad con los Estatutos sociales y la legislación luxemburguesa. Las convocatorias de todas las juntas generales se publicarán con arreglo a los requisitos de la ley de Luxemburgo y en cualquier otro periódico que determine el Consejo de administración, y se enviarán a los titulares de Acciones nominativas, de conformidad con la legislación luxemburguesa. Dichas convocatorias incluirán el orden del día, y especificarán la hora y el lugar de la junta, así como las condiciones de admisión. También se referirán a las normas sobre cuórum y mayorías que exige la legislación luxemburguesa.
En virtud de las condiciones establecidas en la legislación y las normativas luxemburguesas, la notificación de cualquier Junta general de Accionistas podrá establecer que el cuórum y la mayoría en esa Junta General se determinen en función de las acciones emitidas y en circulación en la medianoche del quinto día anterior a la Junta General (la «Fecha de registro»), mientras que el derecho del Accionista a asistir a la Junta General de Accionistas y a ejercer los derechos de voto inherentes a sus Acciones se determinará por referencia a las Acciones que posea el Accionista en la Fecha de registro.
Cada Acción otorga derecho a un voto. La votación sobre el pago de un dividendo de una Clase de Acciones en particular exige una mayoría separada de los votos emitidos en la junta de Accionistas de la Clase de Acciones correspondiente. Cualquier cambio en los Estatutos sociales que afecte a los derechos de un Subfondo deberá ser aprobado por una resolución de la Junta general del Fondo y los Accionistas del Subfondo de que se trate, por mayoría simple de los votos emitidos.
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#### Informes y cuentas
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The annual general meeting of Shareholders will be held in accordance with the Articles of Incorporation and Luxembourg law. Notices of all general meetings will be published to the extent required by Luxembourg law, and in such other newspaper as the Board of Directors shall determine and will be sent to the holders of registered Shares in accordance with Luxembourg Law. Such notices will include the agenda and will specify the time and place of the meeting and the conditions of admission. They will also refer to the rules of quorum and majorities required by Luxembourg law.
Under the conditions set forth in Luxembourg laws and regulations, the notice of any General Meeting of Shareholders may provide that the quorum and the majority at this General Meeting shall be determined according to the Shares issued and outstanding at midnight the fifth day preceding the General Meeting (the “Record Date”), whereas the right of a Shareholder to attend a General Meeting of Shareholders and to exercise the voting rights attaching to his/her/its Shares shall be determined by reference to the Shares held by this Shareholder as at the Record Date.
Each Share confers the right to one vote. The vote on the payment of a dividend on a particular Class of Shares requires a separate majority of votes cast from the meeting of Shareholders of the Class of Shares concerned. Any change in the Articles of Incorporation affecting the rights of a Sub-Fund must be approved by a resolution of both the General Meeting of the Fund and the Shareholders of the Sub- Fund concerned by a simple majority of votes cast.
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#### Reports and Accounts
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DOLFIN5625
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Manager Comment
Cumulative performance
1M YTD
### Market Review
Financial markets regained some footing in October amid some speculation around a softening in central banks’ stances, signs of stabilization in the UK and declining energy prices in Europe. Equity markets bounced up from their September lows, led by US value sectors and Eurozone, while Quality growth stocks, EM markets and especially China underperformed. Global bond markets had an overall negative month that hides disparities between government yields in USD, still under pressure from high inflation and a hawkish Fed on the one hand, and corporate spreads benefitting from an improvement in risk appetite on the other hand. The US dollar pulled back vs the EUR and the GBP but remained strong against Asian currencies and the CHF. Gold posted another negative monthly return.
### Fund Review
The fund posted a positive performance in October, led by the equity allocation while bonds also contributed positively.
The equity allocation was the main positive contributor, led by exposure to US and Eurozone indices, as well as global value stocks. Quality growth stocks and China equity exposure were detractors to the contribution of the equity portfolio. Downside hedges (put options on US indices) offset part of the positive contribution of the equity allocation. The fixed income allocation was a small contributor to the performance. The rise in USD short term interest rates weighed on short-dated high quality bonds but tighter credit spreads helped to mitigated somewhat the impact. Actively managed duration hedges were ultimately a small positive contributor to the performance. Gold was a marginal detractor, balanced by the positive contribution from the allocation to alternative strategies. Small unhedged FX exposure outside the USD was a marginal detractor to the performance.
The overall risk exposure of the portfolio was raised in October from its low level of end-September. Exposure to equity markets was increased toward 46% after the US inflation report, by taking partial profits on downside protections on US indices. The duration was also increased from close-to-0 toward 2, by a combination of partial profit taking on duration hedges and of a gradual build-up of positions in 10y future contracts. The allocation to credit was slightly reduced by selectively selling specific positions with limited perceived potential for the months ahead. A 3% exposure to a diversified portfolio of alternative strategies was introduced in the portfolio at the beginning of the month, while thee Gold exposure was trimmed. At the end of October, the portfolio remained generally cautiously positioned, with downside protections for the equity and bond allocations. But the selective increase in risk exposure allowed the fund to benefit from positive market developments.
### Outlook
High inflation and interest rate hikes remain the defining features of the investment landscape. While forcing a repricing of virtually all asset classes, they also raise uncertainties by proving to be much stickier than expected. However, some elements of uncertainty are gradually declining and might support more favorable market developments for the coming months: the “Truss experiment” in the UK poured cold water on the temptation of ever-larger fiscal support to face the cost-of-living crisis, thus removing some of the pressure for central banks to lean on the hawkish side. Slowing economic growth in Europe, and to a lesser extent in the US, also gradually increases the chances of a slowdown in inflation, again lowering the pressure for more rate hikes by central banks. As such, inflation and rising rates will continue to fuel volatility in the near future, thus warranting a still cautious portfolio positioning. But significant adjustments on rates, spreads and equity valuations have already happened and plead now for moderate exposures to selected segments of the market.
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# Manager Comment
Cumulative performance
1M YTD
### Market Review
Los mercados financieros recuperaron algo de terreno en octubre ante una cierta especulación en torno a la moderación de la postura de los bancos centrales, los indicios de estabilización en el Reino Unido y el descenso de los precios de la energía en Europa. Los mercados de renta variable repuntaron desde sus mínimos de septiembre, liderados por los sectores de valor estadounidenses y la zona euro, mientras que las acciones de crecimiento de calidad, los mercados emergentes y especialmente China, quedaron rezagados. Los mercados de renta fija mundiales protagonizaron un mes negativo en términos generales que oculta las disparidades entre los rendimientos de la deuda pública en dólares estadounidenses, todavía bajo la presión de la elevada inflación y el endurecimiento monetario de la Fed, por un lado, y los diferenciales de la deuda corporativa se beneficiaron de una mejora de la predisposición al riesgo, por el otro. El dólar estadounidense retrocedió frente al EUR y la GBP, pero mantuvo su solidez frente a las monedas asiáticas y el CHF. El oro registró de nuevo una rentabilidad mensual negativa.
### Fund Review
El fondo registró una rentabilidad positiva en octubre, encabezada por la asignación a la renta variable, mientras que la renta fija también contribuyó positivamente.
La asignación a la renta variable fue la principal contribución positiva, liderada por la exposición a los índices de EE. UU. y la zona euro, así como a las acciones de valor mundiales. Los valores de crecimiento de calidad y la exposición a la renta variable china fueron perjudiciales para la contribución de la cartera de renta variable. Las coberturas frente a caídas (opciones de venta sobre índices estadounidenses) contrarrestaron parte de la contribución positiva de la asignación a la renta variable. La asignación a renta fija constituyó una pequeña contribución a la rentabilidad. La subida de los tipos de interés a corto plazo en USD lastró los bonos de alta calidad con vencimientos cortos, pero el estrechamiento de los diferenciales de crédito contribuyó a mitigar en cierta medida el impacto. Las coberturas de duración gestionadas de forma activa representaron, en última instancia, una pequeña contribución positiva a la rentabilidad. El oro registró un desempeño ligeramente negativo, lo que se compensó con la contribución positiva de la asignación a estrategias alternativas. La reducida exposición a divisas distintas al USD lastró ligeramente la rentabilidad. La exposición general al riesgo de la cartera se incrementó en octubre desde su reducido nivel de finales de septiembre. La exposición a los mercados de renta variable se incrementó hasta el 46 % tras el informe sobre la inflación estadounidense, recogiendo parcialmente beneficios en coberturas frente a caídas en los índices estadounidenses. La duración también se incrementó de casi 0 a 2, mediante una combinación de recogidas parciales de beneficios en coberturas de duración y de una acumulación gradual de posiciones en futuros a 10 años. La asignación a la deuda corporativa se redujo ligeramente mediante la venta selectiva de posiciones específicas con un escaso potencial para los próximos meses. A principios de mes se introdujo una exposición del 3 % a una cartera diversificada de estrategias alternativas, mientras que la exposición al oro se recortó. A finales de octubre, la cartera se mantuvo posicionada con prudencia en términos generales, con coberturas frente a caídas para las asignaciones a renta variable y renta fija. Sin embargo, el aumento selectivo de la exposición al riesgo permitió al fondo beneficiarse de los acontecimientos positivos del mercado.
### Outlook
La elevada inflación y las subidas de los tipos de interés siguen siendo las características determinantes del panorama de inversión. Si bien obligan a un reajuste de precios de prácticamente todas las clases de activos, también aumentan la incertidumbre al demostrar que son mucho más persistentes de lo esperado. No obstante, algunos elementos de incertidumbre están disminuyendo gradualmente y podrían respaldar acontecimientos de mercado más favorables en los próximos meses: el «experimento Truss» en el Reino Unido fue un jarro de agua fría ante la tentación de un apoyo fiscal cada vez mayor para hacer frente a la crisis del coste de la vida, eliminando así parte de la presión sobre el endurecimiento monetario de los bancos centrales. La desaceleración del crecimiento económico en Europa y, en menor medida, en EE. UU. también aumenta gradualmente las posibilidades de una desaceleración de la inflación, lo que vuelve a reducir la presión para que los bancos centrales suban más los tipos. Así, la inflación y la subida de los tipos seguirán alimentando la volatilidad a corto plazo, lo que justificará un posicionamiento de cartera aún prudente. No obstante, ya se han producido importantes ajustes en los tipos, los diferenciales y las valoraciones de la renta variable, que justifican ahora exposiciones moderadas a determinados segmentos del mercado.
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# Manager Comment
Cumulative performance
1M YTD
### Market Review
Financial markets regained some footing in October amid some speculation around a softening in central banks’ stances, signs of stabilization in the UK and declining energy prices in Europe. Equity markets bounced up from their September lows, led by US value sectors and Eurozone, while Quality growth stocks, EM markets and especially China underperformed. Global bond markets had an overall negative month that hides disparities between government yields in USD, still under pressure from high inflation and a hawkish Fed on the one hand, and corporate spreads benefitting from an improvement in risk appetite on the other hand. The US dollar pulled back vs the EUR and the GBP but remained strong against Asian currencies and the CHF. Gold posted another negative monthly return.
### Fund Review
The fund posted a positive performance in October, led by the equity allocation while bonds also contributed positively.
The equity allocation was the main positive contributor, led by exposure to US and Eurozone indices, as well as global value stocks. Quality growth stocks and China equity exposure were detractors to the contribution of the equity portfolio. Downside hedges (put options on US indices) offset part of the positive contribution of the equity allocation. The fixed income allocation was a small contributor to the performance. The rise in USD short term interest rates weighed on short-dated high quality bonds but tighter credit spreads helped to mitigated somewhat the impact. Actively managed duration hedges were ultimately a small positive contributor to the performance. Gold was a marginal detractor, balanced by the positive contribution from the allocation to alternative strategies. Small unhedged FX exposure outside the USD was a marginal detractor to the performance.
The overall risk exposure of the portfolio was raised in October from its low level of end-September. Exposure to equity markets was increased toward 46% after the US inflation report, by taking partial profits on downside protections on US indices. The duration was also increased from close-to-0 toward 2, by a combination of partial profit taking on duration hedges and of a gradual build-up of positions in 10y future contracts. The allocation to credit was slightly reduced by selectively selling specific positions with limited perceived potential for the months ahead. A 3% exposure to a diversified portfolio of alternative strategies was introduced in the portfolio at the beginning of the month, while thee Gold exposure was trimmed. At the end of October, the portfolio remained generally cautiously positioned, with downside protections for the equity and bond allocations. But the selective increase in risk exposure allowed the fund to benefit from positive market developments.
### Outlook
High inflation and interest rate hikes remain the defining features of the investment landscape. While forcing a repricing of virtually all asset classes, they also raise uncertainties by proving to be much stickier than expected. However, some elements of uncertainty are gradually declining and might support more favorable market developments for the coming months: the “Truss experiment” in the UK poured cold water on the temptation of ever-larger fiscal support to face the cost-of-living crisis, thus removing some of the pressure for central banks to lean on the hawkish side. Slowing economic growth in Europe, and to a lesser extent in the US, also gradually increases the chances of a slowdown in inflation, again lowering the pressure for more rate hikes by central banks. As such, inflation and rising rates will continue to fuel volatility in the near future, thus warranting a still cautious portfolio positioning. But significant adjustments on rates, spreads and equity valuations have already happened and plead now for moderate exposures to selected segments of the market.
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en
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es
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DOLFIN5629
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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's objective is to achieve long term income and capital growth. The Fund will invest primarily in bonds issued or guaranteed by companies that are exposed directly or indirectly to emerging market countries. The Fund may also (i) invest in bonds issued or guaranteed by governments in emerging market countries,(ii) invest up to 10% of its assets in bonds of companies and governments which are not in emerging market countries and (iii) invest in bonds that are convertible into shares. Emerging market countries shall consist of all those countries which are included in the JPMorgan CEMBI Broad Diversified Total Return Index or JPMorgan Emerging Markets Bond Global Diversified Index at the time of the relevant investment.
Up to 10% of the Fund's assets may be invested in bonds of companies or governments which are experiencing financial or operational distress, default or may be in bankruptcy. These types of bonds are typically referred to as distressed bonds.
The Fund has the power to use derivative instruments for investment purposes. Derivatives allow the Investment Manager to track changes in the price of an item, for example a corporate bond or index, without actually owning it. Derivatives may be used to gain exposure to a number of different asset classes, including company shares, financial indices and currency exchange rates. The Fund may also use derivatives for hedging purposes. Investment in financial derivative instruments can introduce significant leverage risks and lead to high volatility.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Corporate Bond include the promotion of the transition to a low carbon economy and the upholding of responsibilities to people and planet.
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# Objetivos y política de inversión
El objetivo del Fondo consiste en lograr ingresos y un crecimiento del capital a largo plazo. El Fondo invertirá principalmente en bonos emitidos o garantizados por empresas que están expuestas directa o indirectamente a países con mercados emergentes. El Fondo también podrá (i) invertir en bonos emitidos o garantizados por gobiernos de países con mercados emergentes, (ii) invertir hasta el 10% de sus activos en bonos de empresas y gobiernos que no se encuentran en países con mercados emergentes e (iii) invertir en bonos convertibles en acciones. Los mercados emergentes comprenderán todos los países incluidos en el índice JPMorgan CEMBI Broad Diversified Total Return o JPMorgan Emerging Markets Bond Global Diversified en el momento de la inversión pertinente.
El Fondo podrá invertir hasta un 10% de su patrimonio en bonos de empresas o gobiernos que atraviesen dificultades financieras u operativas, se encuentren en situación de impago o puedan haberse declarado en bancarrota. Estos tipos de bonos suelen conocerse como títulos de deuda «distressed».
El Fondo puede utilizar instrumentos derivados con fines de inversión. Los derivados permiten al Gestor de inversiones replicar los cambios de los precios de un producto, por ejemplo, un bono corporativo o un índice, sin haberlo adquirido realmente. Los derivados pueden utilizarse para adquirir exposición a una serie de clases de activos diferentes, como acciones de empresas, índices financieros y tipos de cambio. El Fondo también podrá recurrir a los derivados con fines de cobertura. La inversión en instrumentos financieros derivados puede acarrear significativos riesgos de apalancamiento y conllevar un elevado grado de volatilidad.
El Fondo promueve las características medioambientales y sociales de forma continua de conformidad con el artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. Las características medioambientales y sociales seleccionadas por Jupiter Global Emerging Markets Corporate Bond incluyen la transición a una economía con bajas emisiones de carbono y el cumplimiento de las responsabilidades con las personas
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# Objectives and investment policy
The Fund's objective is to achieve long term income and capital growth. The Fund will invest primarily in bonds issued or guaranteed by companies that are exposed directly or indirectly to emerging market countries. The Fund may also (i) invest in bonds issued or guaranteed by governments in emerging market countries,(ii) invest up to 10% of its assets in bonds of companies and governments which are not in emerging market countries and (iii) invest in bonds that are convertible into shares. Emerging market countries shall consist of all those countries which are included in the JPMorgan CEMBI Broad Diversified Total Return Index or JPMorgan Emerging Markets Bond Global Diversified Index at the time of the relevant investment.
Up to 10% of the Fund's assets may be invested in bonds of companies or governments which are experiencing financial or operational distress, default or may be in bankruptcy. These types of bonds are typically referred to as distressed bonds.
The Fund has the power to use derivative instruments for investment purposes. Derivatives allow the Investment Manager to track changes in the price of an item, for example a corporate bond or index, without actually owning it. Derivatives may be used to gain exposure to a number of different asset classes, including company shares, financial indices and currency exchange rates. The Fund may also use derivatives for hedging purposes. Investment in financial derivative instruments can introduce significant leverage risks and lead to high volatility.
The Fund promotes environmental and social characteristics on an ongoing basis within the scope of Article 8 of the Sustainable Finance Disclosure Regulation. The environmental and social characteristics selected for the Jupiter Global Emerging Markets Corporate Bond include the promotion of the transition to a low carbon economy and the upholding of responsibilities to people and planet.
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en
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es
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DOLFIN5635
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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 CSIF (Lux) Equity Emerging Markets DB EUR between 30/11/2012-30/11/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,191
1.90%
EUR 14,245
5.20%
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# Este tipo de escenario se produjo para una inversión CSIF (Lux) Equity Emerging Markets DB EUR entre 30/11/2012-30/11/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 191 EUR
1,90%
14 245 EUR
5,20%
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# This type of scenario occurred for an investment CSIF (Lux) Equity Emerging Markets DB EUR between 30/11/2012-30/11/2019.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,191
1.90%
EUR 14,245
5.20%
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en
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es
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DOLFIN5637
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Interest Rate and Related Risks
Interest rates have an effect on the value of each Sub-Fund’s fixed income investments because the value of those investments will vary as interest rates fluctuate. Changes in interest rates in each of the countries in which a Sub-Fund may invest, as well as interest rates in more developed countries, may cause a decline in the market value of an investment. In a portfolio with bonds linked to multiple interest rate regimes, the duration of the portfolio is the weighted average of all the interest rate durations across all the interest rate regimes and does not indicate price sensitivity to changes on any one interest rate regime. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. The longer the effective maturity of a Sub-Fund’s securities, the more sensitive the Sub-Fund will be to interest rate changes. (As an approximation, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Duration is a measure of the average life of a fixed income security that was developed as a more precise alternative to the concepts of “term to maturity” or “average dollar weighted maturity” as measures of “volatility” or “risk”
associated with changes in interest rates. With respect to the composition of a fixed income portfolio, the longer the duration of the portfolio, generally the greater the anticipated potential for total return, with, however, greater attendant interest rate risk and price volatility than for a portfolio with a shorter duration.
Prepayment Risk—As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated. The issuers of callable corporate bonds and similar securities may, therefore, repay principal in advance. This forces a Sub-Fund to reinvest the proceeds from the principal prepayments at lower rates, which reduces the Sub-Fund’s income. In addition, changes in prepayment levels can increase the volatility of prices and yields on bonds and similar securities held by a Sub- Fund. If a Sub-Fund pays a premium (a price higher than the principal amount of the bond) for a security and that security is prepaid, the Sub-Fund may not recover the premium, resulting in a capital loss.
Extension Risk—Extension risk is the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a security to increase. Rapidly rising interest rates may cause prepayments to occur more slowly than expected, thereby lengthening the maturity of the securities held by a Sub-Fund and making their prices more sensitive to rate changes and more volatile.
Income Risk—A Sub-Fund’s income could decline during periods of falling interest rates.
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#### Tipos de interés y riesgos asociados
Los tipos de interés afectan al valor de las inversiones de renta fija de cada Subfondo, ya que el valor de estas variará a medida que fluctúen los tipos de interés. Las variaciones que se producen en los tipos de interés en cada uno de los países en los que puede invertir un Subfondo, así como los tipos de interés de países más desarrollados, pueden provocar un descenso del valor de mercado de una inversión. En una cartera de bonos vinculados a distintos regímenes de tipos de interés, la duración de la cartera es la media ponderada de todas las duraciones de tipos de interés de todos los regímenes de tipos de interés, y no indica la sensibilidad de los precios ante los cambios que se producen en un régimen de tipos de interés concreto. Por lo general, los valores de renta fija verán reducido su valor cuando suban los tipos de interés y lo verán aumentado cuando bajen los tipos de interés. Cuanto a más largo plazo sea el vencimiento efectivo de los valores de un Subfondo, más sensible será el Subfondo a los cambios que se producen en los tipos de interés (a modo de aproximación, un aumento de los tipos de interés del 1% implica un descenso del 1% del valor por cada año de duración). La duración es una medida de la vida media de un valor de renta fija que se desarrolló como alternativa más exacta a los conceptos de
«vigencia hasta el vencimiento» o «vencimiento medio ponderado en dólares» como medidas de la
«volatilidad» o el «riesgo» asociadas a los cambios que experimentan los tipos de interés. Con respecto a la composición de una cartera de renta fija, cuanto mayor sea la duración de la cartera, por lo general mayor será el potencial previsto de rentabilidad total, sin embargo, llevará asociado un riesgo de tipos de interés y una volatilidad de los precios mayores que los de una cartera de duración más corta.
Riesgo de cancelación anticipada— A medida que descienden los tipos de interés, los emisores de deuda pueden amortizar o refinanciar sus préstamos u obligaciones antes de lo previsto. Por consiguiente, los emisores de bonos corporativos rescatables y valores similares pueden amortizar el principal de forma anticipada. Esto obliga al Subfondo a reinvertir el producto de los pagos anticipados de principal a tipos más bajos, lo cual reduce los ingresos del Subfondo. Por otra parte, los cambios que se producen en los niveles de pagos anticipados pueden aumentar la volatilidad de los precios, así como los rendimientos de los bonos y de valores similares incluidos en la cartera del Subfondo. Si un Subfondo abona una prima (un precio superior al importe del principal del bono) a cambio de un valor y dicho valor se abona de forma anticipada, es posible que el Subfondo no recupere la prima, lo cual generaría una minusvalía.
Riesgo de extensión—El riesgo de extensión consiste en que la amortización del principal no se produzca tan rápido como se había esperado, y provoque un aumento del plazo previsto hasta el vencimiento de un valor. Una subida rápida de los tipos de interés puede hacer que los pagos anticipados se produzcan más lentamente de lo previsto, con lo que se pospondría el vencimiento de los valores que mantiene un Subfondo y haría que sus precios se mostrasen más sensibles a los tipos de cambio y más volátiles.
Riesgo de ingresos—Los ingresos de un Subfondo podrían verse reducidos durante períodos de descenso de los tipos de interés.
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#### Interest Rate and Related Risks
Interest rates have an effect on the value of each Sub-Fund’s fixed income investments because the value of those investments will vary as interest rates fluctuate. Changes in interest rates in each of the countries in which a Sub-Fund may invest, as well as interest rates in more developed countries, may cause a decline in the market value of an investment. In a portfolio with bonds linked to multiple interest rate regimes, the duration of the portfolio is the weighted average of all the interest rate durations across all the interest rate regimes and does not indicate price sensitivity to changes on any one interest rate regime. Generally, fixed income securities will decrease in value when interest rates rise and can be expected to rise in value when interest rates decline. The longer the effective maturity of a Sub-Fund’s securities, the more sensitive the Sub-Fund will be to interest rate changes. (As an approximation, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Duration is a measure of the average life of a fixed income security that was developed as a more precise alternative to the concepts of “term to maturity” or “average dollar weighted maturity” as measures of “volatility” or “risk”
associated with changes in interest rates. With respect to the composition of a fixed income portfolio, the longer the duration of the portfolio, generally the greater the anticipated potential for total return, with, however, greater attendant interest rate risk and price volatility than for a portfolio with a shorter duration.
Prepayment Risk—As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated. The issuers of callable corporate bonds and similar securities may, therefore, repay principal in advance. This forces a Sub-Fund to reinvest the proceeds from the principal prepayments at lower rates, which reduces the Sub-Fund’s income. In addition, changes in prepayment levels can increase the volatility of prices and yields on bonds and similar securities held by a Sub- Fund. If a Sub-Fund pays a premium (a price higher than the principal amount of the bond) for a security and that security is prepaid, the Sub-Fund may not recover the premium, resulting in a capital loss.
Extension Risk—Extension risk is the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a security to increase. Rapidly rising interest rates may cause prepayments to occur more slowly than expected, thereby lengthening the maturity of the securities held by a Sub-Fund and making their prices more sensitive to rate changes and more volatile.
Income Risk—A Sub-Fund’s income could decline during periods of falling interest rates.
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en
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es
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DOLFIN5639
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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 long-term capit- al appreciation. The Fund will seek to achieve the investment ob- jective by investing primarily in a broad range of fixed income secur- ities, such as bonds (including, inter alia, inflation-linked or high-y- ield), treasuries and money market instruments (including certific- ates of deposit), floating rate notes and fixed or variable rate com- mercial paper and in cash, mainly denominated in Emerging Mar- kets or Frontier Markets currencies or otherwise linked or related to Emerging Markets or Frontier Markets. Notwithstanding that the Fund will typically focus on issuers in the public sector or suprana- tional issuers, the bonds held by the Fund can be government, cor- porate and/or supranational bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below in- vestment grade, as determined by Standard & Poor's Rating Group or any similar recognised ratings agency. “Emerging Markets” are countries that are in the process of developing into modern indus- trialised nations and therefore offer a high potential but also an el- evated risk. “Frontier Markets” are countries that are less estab- lished than Emerging Markets because they are smaller, carry high-
er inherent risk, or are more illiquid compared to an Emerging Mar- ket. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient portfolio management and / or investment purposes. Environment- al, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively man- aged in reference to JPM GBI-EM Global Diversified (TR) Index (the "Benchmark"), by virtue of fact that it uses the Benchmark for per- formance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transac- tion costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.
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# Risk and Reward Profile
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El objetivo de este Fondo es generar una revalorización coherente del capital a largo plazo. El Fondo tratará de alcanzar su objetivo de inversión invirtiendo principalmente en una amplia gama de valores de renta fija —como bonos (incluidos, entre otros, los bonos vincu- lados a la inflación o de alto rendimiento), bonos del Tesoro e ins- trumentos del mercado monetario (incluidos los certificados de de- pósito), obligaciones con interés variable, papeles comerciales con tipo fijo o variable y en efectivo— denominados principalmente en divisas de mercados emergentes o mercados fronterizos, o que es- tén vinculados o relacionados con dichos mercados. A pesar de que el Fondo normalmente se centrará en emisores del sector público o supranacionales, los bonos que posea el Fondo pueden ser estata- les, corporativos o supranacionales y pueden emitirse a tipo fijo o variable, según resulte apropiado, situándose en el nivel de grado de inversión o por debajo de este, según determine la agencia de calificación de riesgos Standard & Poor's o cualquier otra entidad calificadora que goce de reconocimiento similar. Los «mercados emergentes» son países que están en proceso de convertirse en paí- ses industrializados modernos y que, por lo tanto, ofrecen un alto potencial, pero también un elevado riesgo. Los «mercados fronterizos» son países que están menos consolidados que los mer-
cados emergentes porque son más pequeños, conllevan un mayor riesgo inherente o son más ilíquidos en comparación con los merca- dos emergentes. El Fondo podrá invertir en derivados (instrumentos financieros derivados de otros valores o activos) con fines de cober- tura, de gestión eficiente de la cartera y/o de inversión. Los aspectos ambientales, sociales y de gobernanza ("ESG") se consideran parte del proceso de inversión del Fondo. El fondo se gestiona de forma activa con relación a su valor de referencia, el JPM GBI-EM Global Diversified (TR) Índice (también denominado "Valor de referencia"), y lo utiliza para comparar la rentabilidad. Sin embargo, el Valor de referencia no se utiliza para definir la composición de la cartera del Fondo, que podrá invertirse íntegramente en valores que no sean componentes del Valor de referencia. El Fondo podrá tener posicio- nes en efectivo y equivalentes de efectivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reembolsarlas diariamente. Se distribuyen todos los ingresos generados por el Fondo. Los costes de transacción de la cartera pueden tener un im- pacto importante en el rendimiento. El Fondo puede no resultar adecuado para aquellos inversores que planeen retirar su dinero en menos de 5 años.
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# Perfil de riesgo y beneficio
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The objective of this Fund is to generate consistent long-term capit- al appreciation. The Fund will seek to achieve the investment ob- jective by investing primarily in a broad range of fixed income secur- ities, such as bonds (including, inter alia, inflation-linked or high-y- ield), treasuries and money market instruments (including certific- ates of deposit), floating rate notes and fixed or variable rate com- mercial paper and in cash, mainly denominated in Emerging Mar- kets or Frontier Markets currencies or otherwise linked or related to Emerging Markets or Frontier Markets. Notwithstanding that the Fund will typically focus on issuers in the public sector or suprana- tional issuers, the bonds held by the Fund can be government, cor- porate and/or supranational bonds and can be fixed and/or floating rate, where appropriate and may be investment grade or below in- vestment grade, as determined by Standard & Poor's Rating Group or any similar recognised ratings agency. “Emerging Markets” are countries that are in the process of developing into modern indus- trialised nations and therefore offer a high potential but also an el- evated risk. “Frontier Markets” are countries that are less estab- lished than Emerging Markets because they are smaller, carry high-
er inherent risk, or are more illiquid compared to an Emerging Mar- ket. The Fund may invest in derivatives (financial instruments de- rived from other securities or assets) for hedging purposes, efficient portfolio management and / or investment purposes. Environment- al, social and governance ("ESG") aspects are considered as part of the Fund's investment process. The Fund’s portfolio is actively man- aged in reference to JPM GBI-EM Global Diversified (TR) Index (the "Benchmark"), by virtue of fact that it uses the Benchmark for per- formance comparison purposes. However, the Benchmark is not used to define the portfolio composition of the Fund and the Fund may be wholly invested in securities which are not constituents of the Benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transac- tion costs may have a material impact on performance. The Fund may not be appropriate for investors who plan to withdraw their money within less than 5 years.
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# Risk and Reward Profile
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en
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es
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DOLFIN5642
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which aims to out-perform the return of the FTSE Euro Government Bond Index, the Fund’s benchmark index.
The Fund has an enhanced index strategy which differs from a pure-index tracking strategy. Although both strategies invest in a similar range of fixed income (FI) securities (such as bonds), enhanced strategies aim to take overweight and/or underweight positions relative to the benchmark index in order to achieve some out- performance of the benchmark index.
The Fund invests predominantly in the FI securities, denominated in Euro, that make up the Fund's benchmark index.
The FI securities may be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade rated by Moody’s, Standard & Poor’s or Fitch Ratings (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
In those jurisdictions where the Fund may be liable to withholding taxes on investment in government FI securities, the Fund may invest in high quality institutions. These may include AAA rated FI securities issued by supranational and agency issuers (administrative divisions of a government or similar body) and are not likely to exceed 10 per cent of the Fund’s assets.
The benchmark index measures the performance of investment grade euro denominated FI securities issued by governments in EMU member states (including any new member states which are included in the benchmark index).
The Fund is designed to provide investors with a selected exposure to the Index as described in its objectives and policy, which may generate a modest tracking difference. The Fund is designed to provide investors with achievement of the investment objective by typically taking a low to conservative level of active risk relative to the Index, in order to seek a commensurate active return in excess of applicable management fees over the medium term (i.e. 3 years or more).
The investment manager may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) for efficient portfolio management purposes or to protect against exchange rate risk.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is €500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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# Objetivos y política de inversión
El Fondo tiene por objetivo obtener la rentabilidad total de su inversión, a través de una combinación de revalorización del capital y rendimientos, que supere la rentabilidad del Índice FTSE Euro Government Bond, el índice de referencia del Fondo.
El Fondo cuenta con una estrategia de índice mejorada, que se diferencia de una estrategia pura de seguimiento de un índice. Aunque ambas estrategias invierten en una gama similar de valores de renta fija (RF) (como bonos), las estrategias mejoradas tratan de sobreponderar y/o infraponderar posiciones en relación con el índice de referencia para tratar de superar en cierta medida la rentabilidad del índice de referencia.
El Fondo invierte principalmente en los valores de RF denominados en euros que componen el índice de referencia del Fondo.
Los valores de RF podrán ser emitidos por gobiernos, agencias gubernamentales y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y tendrán la calificación de solvencia de categoría de inversión otorgada por Moody’s, Standard & Poor’s o Fitch Ratings (o sea, cumplirán un nivel específico de solvencia) en el momento de la compra. Si las calificaciones de solvencia de un valor de RF se revisan a la baja, el Fondo podrá seguir manteniéndolo hasta que resulte factible vender la posición.
En aquellas jurisdicciones en las que el Fondo esté sujeto a retenciones fiscales por la inversión en valores de RF de Estados, el Fondo podrá invertir en instituciones de alta calidad. Estos podrán incluir valores de RF con calificación AAA, emitidos por emisores supranacionales y agencias (divisiones administrativas de un gobierno u organismo similar) y probablemente no superarán el 10% de los activos del Fondo.
El índice de referencia mide la rentabilidad de los valores de RF denominados en euros de categoría de inversión emitidos por gobiernos de los Estados miembros de la UEM (incluidos los nuevos Estados miembros que se incorporen al índice de referencia).
El Fondo está diseñado para ofrecer a los inversores una exposición seleccionada al Índice tal como se describe en sus objetivos y su política, que podría generar una diferencia moderada en el seguimiento. El Fondo está diseñado para ofrecer a los inversores la posibilidad de alcanzar el objetivo de inversión adoptando un nivel de riesgo activo entre bajo y conservador en relación con el Índice, con el fin de buscar una rentabilidad activa que supere las comisiones de gestión aplicables a medio plazo (es decir, con un horizonte igual o superior a tres años).
La gestora de inversiones podrá utilizar instrumentos financieros derivados (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de gestión eficiente de la cartera o para protegerse frente al riesgo de los tipos de cambio.
El Subfondo también podrá realizar préstamos garantizados a corto plazo de sus inversiones a determinados terceros aptos. Este tipo de operación se utiliza como medio de generar rendimientos adicionales y de compensar los costes del Subfondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en euros, 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 EUR.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
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# Objectives and Investment Policy
The Fund aims to achieve a total return on your investment, through a combination of capital growth and income, which aims to out-perform the return of the FTSE Euro Government Bond Index, the Fund’s benchmark index.
The Fund has an enhanced index strategy which differs from a pure-index tracking strategy. Although both strategies invest in a similar range of fixed income (FI) securities (such as bonds), enhanced strategies aim to take overweight and/or underweight positions relative to the benchmark index in order to achieve some out- performance of the benchmark index.
The Fund invests predominantly in the FI securities, denominated in Euro, that make up the Fund's benchmark index.
The FI securities may be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development) and will be investment grade rated by Moody’s, Standard & Poor’s or Fitch Ratings (i.e. meet a specified level of credit worthiness) at the time of purchase. If the credit rating of a FI security is downgraded, the Fund may continue to hold this, until it is practicable to sell the position.
In those jurisdictions where the Fund may be liable to withholding taxes on investment in government FI securities, the Fund may invest in high quality institutions. These may include AAA rated FI securities issued by supranational and agency issuers (administrative divisions of a government or similar body) and are not likely to exceed 10 per cent of the Fund’s assets.
The benchmark index measures the performance of investment grade euro denominated FI securities issued by governments in EMU member states (including any new member states which are included in the benchmark index).
The Fund is designed to provide investors with a selected exposure to the Index as described in its objectives and policy, which may generate a modest tracking difference. The Fund is designed to provide investors with achievement of the investment objective by typically taking a low to conservative level of active risk relative to the Index, in order to seek a commensurate active return in excess of applicable management fees over the medium term (i.e. 3 years or more).
The investment manager may use financial derivative instruments (i.e. investments the prices of which are based on one or more underlying assets) for efficient portfolio management purposes or to protect against exchange rate risk.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be accumulating shares (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is €500,000.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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en
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es
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DOLFIN5650
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund 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.
- 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 fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA Asian Dollar High Yield Corporate Constrained Blended Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in 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.
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# Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar un alto nivel de renta corriente y crecimiento del capital.
- El fondo invertirá al menos un 70 % en bonos de grado especulativo de alta rentabilidad de emisores o en bonos de alta rentabilidad de emisores de grado especulativo, todos ellos con sus actividades principales en Asia.
- Esta región incluye países considerados mercados emergentes.
- Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- Los tipos de bonos en los que invertirá principalmente este Subfondo tendrán un riesgo elevado y no deberán cumplir ningún criterio mínimo de calificación crediticia.
- 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 exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta.
- El 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.
- 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.
- 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 ICE BofA Asian Dollar High Yield Corporate Constrained Blended Index Hedged to EUR (en adelante, el «Índice»). La rentabilidad del Subfondo puede compararse con la de su Índice. El Gestor de Inversiones tiene un amplio rango de discrecionalidad en relación con el Índice. Aunque el Subfondo contará con activos que formen parte del Índice, también podrá invertir en 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.
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# Objectives and Investment Policy
- The fund aims to provide a high level of current income and capital growth.
- The fund will invest at least 70% in high yielding sub investment grade bonds of issuers or in high-yielding bonds of sub investment grade issuers, all having their main business activities in Asia.
- This region includes countries considered to be emerging markets.
- Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The types of bonds in which the fund will mainly invest will be subject to high risk and will not be required to meet a minimum rating standard.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis.
- The fund 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.
- 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 fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA Asian Dollar High Yield Corporate Constrained Blended Index Hedged to EUR (the ‘‘Index’’). The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in 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.
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en
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es
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DOLFIN5652
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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 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- Since the instruments held by the Sub-Fund may be denominated in currencies other than the Base Currency, the Sub-Fund may be affected unfavourably by exchange control regulations or fluctuations in currency rates. For this reason, changes in currency exchange rates can affect the value of the Sub-Fund's portfolio and may impact the value of the Shares.
- 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.
- Further information about risks can be found in the "Risk Information" section of the Prospectus.
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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 6 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones alto.
generales del mercado, en ocasiones de forma rápida o impredecible. Si una empresa se declara en quiebra o se somete a otro procedimiento de reestructuración financiera similar, sus acciones en circulación suelen perder la mayor parte o la totalidad de su valor.
- Puesto que los instrumentos mantenidos por el Subfondo pueden estar denominados en divisas distintas de la Moneda base, el Subfondo podrá verse perjudicado por los reglamentos de control cambiario o las fluctuaciones de los tipos de cambio. Por este motivo, las variaciones de los tipos de cambio pueden repercutir en el valor de la cartera del Subfondo, así como afectar el valor de las Acciones.
- 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.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto.
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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 6 because its simulated Net Asset Value has shown high fluctuations historically.
performance of individual companies and general market conditions, sometimes rapidly or unpredictably. If a company goes through bankruptcy or a similar financial restructuring, its shares in issue typically lose most or all of their value.
- Since the instruments held by the Sub-Fund may be denominated in currencies other than the Base Currency, the Sub-Fund may be affected unfavourably by exchange control regulations or fluctuations in currency rates. For this reason, changes in currency exchange rates can affect the value of the Sub-Fund's portfolio and may impact the value of the Shares.
- 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.
- Further information about risks can be found in the "Risk Information" section of the Prospectus.
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