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DOLFIN6114
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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 regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Multi-asset approach, leveraging specialists from around JPMorgan Asset Management's global investment platform, with a focus on risk- adjusted income.
- Flexible implementation of the managers’ allocation views at asset class and regional level.
Share Class Benchmark 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to USD / 35% MSCI World Index (Total Return Net) Hedged to USD / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure Primarily invests in debt securities (including MBS/ABS), equities and real estate investment trusts (REITs) from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 5% and 25% of its assets in MBS/ABS of any credit quality. MBS which may be agency (issued by
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# Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Proporcionar ingresos periódicos invirtiendo principalmente en una cartera de valores de todo el mundo generadores de ingresos, y a través del uso de derivados.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Enfoque multiactivos que saca partido de los especialistas de la plataforma de inversión mundial de JPMorgan Asset Management y que privilegia los ingresos ajustados al riesgo.
- Implementación flexible de las opiniones de asignación de los gestores al nivel de la clase de activos y por regiones.
Índice de referencia de la Clase de Acciones 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to USD / 35% MSCI World Index (Total Return Net) Hedged to USD / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to USD
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
- Base para los cálculos de VaR relativo.
El Subfondo se gestiona de forma activa. Aunque la mayor parte de sus posiciones (excluidos los derivados) son probablemente componentes del índice de referencia, el Gestor de inversiones dispone de un amplio margen discrecional para desviarse de los valores, las ponderaciones y las características de riesgo de dicho índice de referencia.
El grado de semejanza entre el Subfondo y el índice de referencia en términos de composición y características de riesgo variará con el paso del tiempo y sus rentabilidades podrían ser considerablemente diferentes.
POLÍTICAS
Exposición de inversión principal Invierte principalmente en títulos de deuda (incluidos MBS/ABS), valores de renta variable y fondos de inversión inmobiliarios (REIT) de emisores de cualquier lugar del mundo, incluidos los mercados emergentes.
Se prevé que el Subfondo invierta entre un 5% y un 25% de su patrimonio en MBS/ABS de cualquier calidad crediticia. Los MBS, que pueden haber sido emitidos por agencias (organismos cuasigubernamentales de Estados Unidos) o por otras entidades
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# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives.
INVESTMENT PROCESS
Investment approach
- Multi-asset approach, leveraging specialists from around JPMorgan Asset Management's global investment platform, with a focus on risk- adjusted income.
- Flexible implementation of the managers’ allocation views at asset class and regional level.
Share Class Benchmark 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to USD / 35% MSCI World Index (Total Return Net) Hedged to USD / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to USD
Benchmark uses and resemblance
- Performance comparison.
- Basis for relative VaR calculations.
The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics.
The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.
POLICIES
Main investment exposure Primarily invests in debt securities (including MBS/ABS), equities and real estate investment trusts (REITs) from issuers anywhere in the world, including emerging markets.
The Sub-Fund is expected to invest between 5% and 25% of its assets in MBS/ABS of any credit quality. MBS which may be agency (issued by
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en
|
es
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DOLFIN6118
|
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: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
30%
20%
10%
0%
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### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 16 de marzo de 2020. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en EUR.
30%
20%
10%
0%
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### Launch Date and Currency
Sub-Fund's launch date: March 16, 2020.
The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR.
30%
20%
10%
0%
|
en
|
es
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DOLFIN6119
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Euro Opportunistic Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 0.94%. Over the same period, the Bloomberg Euro Aggregate Bond Index (Total Return, Hedged, EUR) returned -2.85%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Euro zone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. On the contrary the credit market outperformed, benefiting from this better economic outlook as their spreads over government yields tightened by few basis points.
This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave. This may reflect the economy has adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos has almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx.
On the contrary, the second round of social restrictions impacted the service sector, weighing on consumption, which led the Euro governments to decide 2 types of measures: the first one is to implement national and common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second one consists in preparing from Q2 the acceleration of the vaccination rollout through the acquisitions of new vaccine types. The bond market sell-off led the European Central Bank (ECB) to affirm a rise in real yields in not appropriated as it could tighten financial conditions: Mrs. Lagarde decided a significant increase in the monthly amount of the PEPP bond amount.
The agenda was also driven by the Italian government dissolution. The former Italian Prime Minister Matteo Renzi announced the withdrawal of his party Italia Viva from the government coalition. Mario Draghi agreed to form the new government made up of several political heavyweights on top of the expected technocrats. By including politics in the government, Draghi may have increased the unity government’s life expectancy. In addition, the EU Commission approved the Next Gen EU recovery plans for most countries. We can anticipate the start of the payment for the “grants” to each country during the summer.
The period from June to August saw the bond market to recover. The new COVID-19 Delta strain breakdown pushed higher the Euro bonds: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen last February.
Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The ECB maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP).
The period from September to the end of the year has known the recovery of the Euro bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. While bond yields for maturities higher than 10-year suffered just in September, the short to medium term bond yields rose at the very end of the year considering the hawkish central bank messages for 2022. The emergence of the new Omicron variant led to only temporary pause in the bond market correction from November to mid-December as the market finally returned to optimism considering the breakout only implied a low number of people having to go to the hospital and more important a small increase in ICU beds.
The main economic event of the last period of 2021 was the jump in Euro inflation rate to end close to 5% year on year, the highest level since the Euro currency inception. The main reasons are the energy price increase, the supply chain disruption and the demand recovery. In parallel, the economic indicators showed a steady activity due to CapEx and consumption strength, especially in the south of the Eurozone. The central banks revised upward the magnitude and the duration of the inflation rebound, leading the ECB to turn slightly hawkish by ending its PEPP in March 2022 and only compensating that by an increase of the APP amount for 6 months. Such an ECB policy evolution and the coming Italian presidential election weighted on the periphery, especially Italy and Greece, which underperformed significantly as shown by the 10-year Italian government spread versus Bund rising by 30 bps.
In addition, the heavy primary market put pressure on the credit market, but only slightly due to the strong equity market rally.
The Portfolio managed actively an underweight duration exposure all the yearlong since the COVID-19 pandemic seemed being under control and didn’t impact so much growth in the Eurozone: this has been implementing through an under exposure of bonds having a maturity higher than 7 years. In addition, we took advantage of the market volatility by taking temporary some profits on our under exposure to duration, which was re increased it at higher prices in spring as well as in October. For the same purpose we also managed actively long put option positions. We ended the year with the lowest duration exposure considering how expensive are the real yields in a context of a sustainable economic growth. We underweighted core and semi core countries. We took profit on more than 1/3 of our overweighted inflation exposure which still represents 10% of the fund AUM.
ANNUAL REPORT 2021 73
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT
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# Euro Opportunistic Bond – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I EUR en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 0,94%. En el mismo periodo, el Bloomberg Euro Aggregate Bond Index (rentabilidad total en EUR, con cobertura) rindió un -2,85%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El optimismo regresó a la zona euro en el primer semestre de 2021. El comienzo de la normalización de la economía puso fin a la tendencia alcista de los bonos de 2020: la rentabilidad del bono alemán a 10 años subió 47 puntos básicos a mediados de mayo. Por el contrario, el mercado de crédito generó una rentabilidad superior, beneficiándose de esta mejora de las perspectivas económicas y sus diferenciales con respecto a las rentabilidades de la deuda pública se estrecharon unos cuantos puntos básicos.
Este periodo confirmó la resiliencia de la actividad de la zona euro a pesar de la pandemia de COVID-19 y del acuerdo del Brexit: la segunda ronda de confinamientos tuvo una repercusión mucho menor en la actividad que durante la primera ola. Puede que esto refleje que la economía se ha adaptado a la COVID-19, tal y como indican la estabilidad de la inversión, el aumento de los puestos de trabajo y el rebote de las exportaciones en la mayoría de países. El sector manufacturero, salvo la automoción, prácticamente ha recuperado su nivel previo a la crisis. Los indicadores adelantados de la zona euro, como el IFO y el ZEW alemanes, alcanzaron su nivel más alto en años. El desglose del PIB alemán del 1T mostró un inesperado crecimiento sostenible del CapEx.
Por el contrario, la segunda ronda de restricciones sociales repercutió en el sector servicios y lastró el consumo, lo que empujó a los gobiernos de la zona euro a tomar dos tipos de medidas: la primera consistente en implementar planes fiscales nacionales y comunes europeos para facilitar la financiación de las empresas, ofrecer rebajas fiscales y pagar empleos a tiempo parcial. La segunda, en organizar, a partir del segundo trimestre, la aceleración de la campaña de vacunación mediante la adquisición de nuevos tipos de vacunas. La corriente de ventas del mercado de bonos llevó al Banco Central Europeo ("BCE") a afirmar que un aumento de las rentabilidades reales no resultaría conveniente, puesto que podría endurecer las condiciones financieras: Lagarde decidió incrementar de forma significativa el importe dedicado a la compra de bonos del programa PEPP.
La agenda también estuvo marcada por la disolución del gobierno italiano. El anterior primer ministro italiano Matteo Renzi anunció el abandono de su partido, Italia Viva, de la coalición de gobierno. Mario Draghi se comprometió a formar el nuevo gobierno, compuesto por varios pesos pesadosde la política además de los esperados tecnócratas. Al incluir políticos en el gobierno, puede que Draghi haya aumentado la esperanza de vida del gobierno de unidad. Por otra parte, la Comisión Europea aprobó los planes de recuperación Next Gen EU para la mayoría de los países. Prevemos el comienzo del pago de las "subvenciones" a cada país durante el verano.
El mercado de bonos se recuperó en el periodo comprendido entre junio y agosto. La contención de la nueva variante delta de la COVID-19 provocó una subida de los bonos de la zona euro: la rentabilidad del bono de deuda pública alemana a 10 años perdió 32 pb, regresando al -0,50%, un nivel no observado desde febrero.
Sorprendentemente, los indicadores económicos se mantuvieron estables: la inversión, los planes de infraestructuras y el consumo aumentaron a pesar de las tensiones de la cadena de suministro. El dato positivo procedió por primera vez del sur de la zona euro, que se benefició de los pagos públicos de las "subvenciones" enviadas a través del plan Next Generation de la UE. El BCE mantuvo su política monetaria extraordinariamente acomodaticia y solo decidió un ligero reajuste del programa de compras de emergencia frente a la pandemia (PEPP) para el cuarto trimestre.
En el periodo transcurrido entre septiembre y final de año se produjo una recuperación de la volatilidad del mercado de bonos de la zona euro como consecuencia del aumento inesperado de la inflación, de las reacciones de los bancos centrales y de la evolución de la nueva variante de la COVID-19. A pesar de que las rentabilidades de los bonos en el segmento de vencimientos superiores a 10 años solo atravesaron dificultades en septiembre, las rentabilidades de los bonos a corto y medio plazo subieron a finales de año como consecuencia del endurecimiento del tono de los mensajes de los bancos centrales con respecto a 2022. La aparición de la nueva variante ómicron tan solo provocó una pausa temporal de la corrección del mercado de bonos entre noviembre y mediados de diciembre, dado que el mercado finalmente recuperó el optimismo al considerar que el brote solo implicaba la hospitalización de un número reducido de personas y, lo que es más importante, un pequeño incremento de la ocupación de camas UCI.
El principal acontecimiento económico en los últimos meses de 2021 fue el salto de la tasa de inflación de la zona euro, que cerró el periodo cerca del 5% interanual, lo que representa el nivel más alto desde el lanzamiento del euro. Esto se explica sobre todo por el aumento de precios de la energía los problemas de la cadena de suministro y la recuperación de la demanda. Al mismo tiempo, los indicadores económicos revelaron una actividad estable gracias a la solidez de la inversión y el consumo, especialmente en el sur de la zona euro. Los bancos centrales revisaron al alza sus previsiones para la magnitud y duración del rebote de la inflación, lo que empujó al BCE a adoptar una postura ligeramente más agresiva, con la conclusión del programa PEPP en marzo de 2022 compensada tan solo con un incremento del importe de su programa ampliado de compras de activos (EPP) durante seis meses. Esta evolución de la política del BCE y las próximas elecciones presidenciales en Italia pesaron sobre los países periféricos, en especial Italia y Grecia, que generaron una rentabilidad notablemente inferior, tal y como pone de manifiesto la ampliación en 30 pb del diferencial del bono de deuda pública italiana a 10 años respecto del Bund.
Por otra parte, la abundante oferta del mercado primario ejerció presión sobre el mercado de crédito, pero solo ligeramente gracias a la fuerte recuperación del mercado de renta variable.
La Cartera gestionó de forma activa una infraponderación en duración a lo largo de todo el año, dado que la pandemia de la COVID-19 parecía bajo control y no afectó demasiado al crecimiento de la zona euro: esto se implementó a través de una escasa exposición a bonos con vencimientos superiores a siete años. Por otra parte, aprovechamos la volatilidad del mercado recogiendo beneficios temporalmente de nuestra infraponderación en duración, que se volvió a aumentar a precios más elevados en primavera y en octubre. Con ese mismo propósito, también gestionamos de forma activa las posiciones en opciones de venta en corto. Cerramos el ejercicio con la exposición mínima a duración, teniendo en cuenta lo caras que resultan las rentabilidades reales en un contexto de crecimiento económico sostenible. Adoptamos infraponderaciones en países centrales y semicentrales. Recogimos beneficios en más de una tercera parte de nuestra sobreponderación en inflación, que todavía representa el 10% de los activos gestionados del fondo.
INFORME ANUAL 2021 73
CUENTAS INFORME DEL GESTOR DE INVERSIONES
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# Euro Opportunistic Bond – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the EUR I Accumulating Class was 0.94%. Over the same period, the Bloomberg Euro Aggregate Bond Index (Total Return, Hedged, EUR) returned -2.85%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
The first half of 2021 saw the return of optimism in the Euro zone. The start of the economy normalisation ended the 2020 bullish bond trend: the German 10-year yield rose to 47 basis points mid-May. On the contrary the credit market outperformed, benefiting from this better economic outlook as their spreads over government yields tightened by few basis points.
This period confirmed the resilience of the Eurozone activity despite the COVID-19 pandemic and the Brexit deal: the second round of lockdowns had a much milder activity impact than during the first wave. This may reflect the economy has adapted to the COVID-19 as shown by steady CapEx, job increase and the rebound in exports for most countries. The manufacturing sector except autos has almost returned to its pre-crisis level. The Euro leading indicators like the German IFO and ZEW reached their highest level for years. The Q1 German GDP breakdown showed an unexpected sustainable growth in CapEx.
On the contrary, the second round of social restrictions impacted the service sector, weighing on consumption, which led the Euro governments to decide 2 types of measures: the first one is to implement national and common Euro fiscal plans to help corporate funding, to offer tax rebates and to pay for part time jobs. The second one consists in preparing from Q2 the acceleration of the vaccination rollout through the acquisitions of new vaccine types. The bond market sell-off led the European Central Bank (ECB) to affirm a rise in real yields in not appropriated as it could tighten financial conditions: Mrs. Lagarde decided a significant increase in the monthly amount of the PEPP bond amount.
The agenda was also driven by the Italian government dissolution. The former Italian Prime Minister Matteo Renzi announced the withdrawal of his party Italia Viva from the government coalition. Mario Draghi agreed to form the new government made up of several political heavyweights on top of the expected technocrats. By including politics in the government, Draghi may have increased the unity government’s life expectancy. In addition, the EU Commission approved the Next Gen EU recovery plans for most countries. We can anticipate the start of the payment for the “grants” to each country during the summer.
The period from June to August saw the bond market to recover. The new COVID-19 Delta strain breakdown pushed higher the Euro bonds: the 10-year German government yield lost 32 bps, being back to -0.50%, a level seen last February.
Surprisingly, the economic indicators were steady: CapEx, infrastructure plans and consumption increased despite the supply chain tensions. The bright spot came for the first time from the south of the Eurozone which benefited from the public payments of the “grants” sent through the Next Generation EU plan. The ECB maintained its very accommodative monetary policy and only decided for the 4th quarter a light recalibration of the pace of Pandemic Emergency Purchase Program (PEPP).
The period from September to the end of the year has known the recovery of the Euro bond market volatility in the wake of the unexpected inflation rate jump, central bank member reactions and the new COVID-19 strain evolution. While bond yields for maturities higher than 10-year suffered just in September, the short to medium term bond yields rose at the very end of the year considering the hawkish central bank messages for 2022. The emergence of the new Omicron variant led to only temporary pause in the bond market correction from November to mid-December as the market finally returned to optimism considering the breakout only implied a low number of people having to go to the hospital and more important a small increase in ICU beds.
The main economic event of the last period of 2021 was the jump in Euro inflation rate to end close to 5% year on year, the highest level since the Euro currency inception. The main reasons are the energy price increase, the supply chain disruption and the demand recovery. In parallel, the economic indicators showed a steady activity due to CapEx and consumption strength, especially in the south of the Eurozone. The central banks revised upward the magnitude and the duration of the inflation rebound, leading the ECB to turn slightly hawkish by ending its PEPP in March 2022 and only compensating that by an increase of the APP amount for 6 months. Such an ECB policy evolution and the coming Italian presidential election weighted on the periphery, especially Italy and Greece, which underperformed significantly as shown by the 10-year Italian government spread versus Bund rising by 30 bps.
In addition, the heavy primary market put pressure on the credit market, but only slightly due to the strong equity market rally.
The Portfolio managed actively an underweight duration exposure all the yearlong since the COVID-19 pandemic seemed being under control and didn’t impact so much growth in the Eurozone: this has been implementing through an under exposure of bonds having a maturity higher than 7 years. In addition, we took advantage of the market volatility by taking temporary some profits on our under exposure to duration, which was re increased it at higher prices in spring as well as in October. For the same purpose we also managed actively long put option positions. We ended the year with the lowest duration exposure considering how expensive are the real yields in a context of a sustainable economic growth. We underweighted core and semi core countries. We took profit on more than 1/3 of our overweighted inflation exposure which still represents 10% of the fund AUM.
ANNUAL REPORT 2021 73
FINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORT
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en
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es
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DOLFIN6122
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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
## Objective
The objective of this Compartment is to outperform the benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the S&P 500 Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 75% of its net assets in equities of large-cap companies, without any restriction as to the sector, whose registered office is located in the United States or who carry out most of their business activities in the United States.
## All securities must be listed on a US market.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and the United States, with the exception of Good Friday and 24 December (Christmas Eve). Redemption requests must be received no later than 12:30 p.m. (Luxembourg time) on the applicable valuation day. Any day on which banks are normally open in Luxembourg and New York is a valuation day.
## Income allocation: Distribution
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# Objetivos y política de inversión
## Objetivo
El objetivo de este Subfondo es obtener una rentabilidad superior a la de su índice de referencia, en un ciclo de mercado completo, invirtiendo en una cartera gestionada de forma activa. Los criterios medioambientales, sociales y de gobierno corporativo (ESG) son uno de los componentes de la gestión. No obstante, el grado de importancia de cada uno de estos criterios en la decisión final no está definido de antemano.
## Índice de referencia
La rentabilidad del Subfondo puede compararse con el índice S&P 500, denominado en USD, calculado con dividendos netos reinvertidos. El Subfondo se gestiona de forma activa. El índice de referencia se utiliza únicamente con fines de comparación de la rentabilidad.
## Política de inversión
El Subfondo invierte al menos el 75% de su patrimonio neto en acciones de sociedades de gran capitalización sin limitación sectorial con domicilio social en Estados Unidos o que realicen gran parte de sus actividades en Estados Unidos.
## Todos los títulos deben estar cotizados en un mercado estadounidense.
## El Subfondo podrá estar expuesto al riesgo de cambio hasta el 100% del patrimonio neto.
## Con el fin de proteger sus activos y/o de lograr su objetivo de gestión, el Subfondo puede recurrir a instrumentos financieros derivados negociados en Mercados regulados o extrabursátiles.
A efectos de gestión de la tesorería, el Subfondo podrá invertir hasta el 25% del patrimonio neto en títulos de deuda transferibles e Instrumentos del mercado monetario. El Subfondo se centrará principalmente en emisiones de emisores públicos o privados.
Al menos el 90% de las empresas de la cartera tendrán una calificación ESG. Se tratará de una calificación interna en materia de ESG, tal y como se define en la política de integración e inversión responsable en materia de ESG del gestor (disponible en su sitio web en el siguiente enlace: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/), o de una calificación otorgada por una agencia de calificación extrafinanciera externa. Al final de este proceso, el Fondo tendrá una calificación ESG superior a la de su universo de inversión.
Además, el proceso de selección de valores incluye un cribado negativo para excluir aquellas empresas que contribuyen a la producción de armas controvertidas, con arreglo a los convenios internacionales en la materia, así como las empresas expuestas a actividades relacionadas con el carbón térmico o el tabaco, de acuerdo con la política de exclusión del Grupo Edmond de Rothschild, que está disponible en su sitio web https://www.edmond-de-rothschild.com/fr/asset-management/investissement-responsable.
El Subfondo tiene la clasificación de “artículo 8(1) del Reglamento de sostenibilidad” porque promueve un conjunto de características ESG, aunque no se ha designado ningún índice de referencia a efectos de lograr dichas características medioambientales o sociales.
El Subfondo, en virtud de su estrategia ESG, promueve las características medioambientales, pero no invierte en actividades económicas medioambientalmente sostenibles, tal y como se definen en el Reglamento de taxonomía. Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles, en el marco del Reglamento de taxonomía.
## La duración mínima de la participación recomendada es de 5 años
Frecuencia de compra o venta de acciones: Los inversores pueden obtener el reembolso de sus acciones cualquier día hábil bancario en Luxemburgo y Estados Unidos, con excepción del Viernes Santo y el 24 de diciembre (Nochebuena). Las órdenes de reembolso se deben recibir a más tardar a las 12:30 horas (hora de Luxemburgo) el Día de valoración aplicable. Los días en los que los bancos se encuentran normalmente operativos en Luxemburgo y Nueva York son días de valoración.
## Asignación de los ingresos: Distribución
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# Objectives and investment policy
## Objective
The objective of this Compartment is to outperform the benchmark index over a full market cycle by investing in an actively managed portfolio. Environmental, social and governance (ESG) criteria are one of the management components. However, the individual weighting of each one of these criteria in the final decision is not defined in advance.
## Benchmark index
The performance of the Compartment may be compared to the S&P 500 Index denominated in USD, calculated with net dividends reinvested. The Compartment is actively managed. The benchmark index is used only for performance comparison purposes.
## Investment policy
The Compartment invests at least 75% of its net assets in equities of large-cap companies, without any restriction as to the sector, whose registered office is located in the United States or who carry out most of their business activities in the United States.
## All securities must be listed on a US market.
## Up to 100% of the Compartment’s net assets may be exposed to currency risk.
## In order to protect its assets and/or achieve its management objective, the Compartment may use derivative financial instruments traded on regulated markets or over-the-counter markets.
For cash management purposes, the Compartment may invest up to 25% of its net assets in transferable debt securities and money market instruments. The Compartment will mainly target public or private issuers.
At least 90% of the companies in the portfolio will have an ESG rating. This may be either an internal ESG rating such as that defined by the Manager’s Sustainable Investment and ESG Integration Policy (available online at the following link: https://www.wellington.com/en/sustainable-investing/sustainable-finance-disclosure-regulation-sfdr/) or a rating provided by an external non-financial rating agency. At the end of this process, the Fund will have a higher ESG rating than that of its investment universe.
In addition, the selection process for securities includes negative filtering with the aim of excluding companies that contribute to the manufacture of controversial weapons, in accordance with international conventions on the matter, as well as companies exposed to activities related to thermal coal or tobacco, in accordance with the Groupe Edmond de Rothschild exclusion policy, available on its website at https://www.edmond-de-rothschild.com/en/Pages/Asset%20Management/Responsible-investment.aspx.
The Compartment falls within the scope of Article 8(1) of the Sustainable Finance Disclosure Regulation (SFDR) because it promotes a combination of environmental and social characteristics, even though no benchmark index has been selected for the purposes of achieving these environmental and social characteristics.
In light of its environmental, social and governance (ESG) strategy, the Compartment promotes environmental characteristics but does not invest in environmentally sustainable economic activities as defined in the Taxonomy Regulation. The investments underlying this financial product do not take into account the EU’s criteria regarding environmentally sustainable economic activities as defined in the Taxonomy Regulation.
## Minimum recommended holding period: 5 years
Frequency of share buying or selling: Investors may redeem their shares on any bank business day in Luxembourg and the United States, with the exception of Good Friday and 24 December (Christmas Eve). Redemption requests must be received no later than 12:30 p.m. (Luxembourg time) on the applicable valuation day. Any day on which banks are normally open in Luxembourg and New York is a valuation day.
## Income allocation: Distribution
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### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
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### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 19 de enero de 2012. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en GBP.
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### Launch Date and Currency
Sub-Fund's launch date: January 19, 2012.
The reference currency of the Sub-Fund is EUR. Past performance was calculated in GBP.
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DOLFIN6128
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Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2001. This class was launched on 20/08/2015. Past performance has been calculated in GBP.
The performance of the Benchmark is also included in the graph for comparative purposes.
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La rentabilidad histórica no es indicativa de los resultados futuros.
En su caso, la rentabilidad histórica que aquí se muestra tiene en cuenta los gastos corrientes, excepto los gastos aplicables de entrada y salida.
El Subfondo se creó el 05/09/2001. Esta clase se creó el 20/08/2015.
El cálculo de la rentabilidad histórica se ha efectuado en GBP.
A efectos de comparación, la rentabilidad del Índice de referencia también se incluye en el gráfico.
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Past performance is not a guide to future performance results.
If any, the past performance shown takes into account the ongoing charges with exception of any applicable entry/exit charges.
The fund was launched on 05/09/2001. This class was launched on 20/08/2015. Past performance has been calculated in GBP.
The performance of the Benchmark is also included in the graph for comparative purposes.
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DOLFIN6132
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The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous year ended 31 May 2019. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another Fund.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
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.
6.0%
6.5%
The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - GREEN BONDS - P class on 20 April 2018.
The reference currency is the euro (EUR).
Practical information
2015 2016 2017 2018 2019
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020.
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Los gastos de entrada y de salida indicados son gastos máximos. En algunos casos, los gastos abonados pueden ser inferiores, usted puede obtener más información dirigiéndose a su asesor financiero.
Los gastos corrientes se basan en las cifras del ejercicio anterior, cerrado a 31 de mayo de 2019. Este porcentaje puede variar de un año a otro. Excluye:
Las comisiones de rentabilidad superior.
Los gastos de intermediación, salvo los gastos de entrada y de salida que paga el OICVM cuando compra o vende participaciones o acciones de otro OICVM.
Rentabilidad histórica
Si desea obtener más información sobre los gastos, consulte la sección "gastos y comisión"del folleto de este OICVM, disponible a petición del interesado dirigiéndose a la sociedad gestora.
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.
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La SICAV fue creada el 04 de enero de 2018 y su clase AMUNDI RESPONSIBLE INVESTING - GREEN BONDS - P el 20 de abril de 2018.
La divisa de referencia es el euro (EUR).
Información práctica
2015 2016 2017 2018 2019
Nombre del depositario: CACEIS Bank.
El último folleto, los últimos documentos de información periódica reglamentarios y demás información práctica, se hallan disponibles de forma gratuita en la sociedad gestora.
Debido a que este OICVM está formado por compartimentos, su último informe anual agregado también se halla disponible en la sociedad gestora.
El valor de liquidación se halla disponible previa solicitud en la sociedad gestora, en su sitio web www.amundi.com, en los sitios web de las entidades comercializadoras, y publicado en varios diarios nacionales, regionales y periódicos.
Según su régimen fiscal, las plusvalías y los ingresos eventuales relacionados con la tenencia de títulos del OICVM pueden estar sujetos a impuestos. Le aconsejamos que solicite información al respecto a su comercializador del OICVM.
El OICVM no está disponible para los residentes de los Estados Unidos de América/«Personas estadounidenses» (cuya definición se encuentra disponible en el sitio web de la sociedad gestora www.amundi.com y/o en el folleto).
La responsabilidad de Amundi Asset Management solo puede verse comprometida sobre la base de declaraciones engañosas, inexactas o incoherentes con las partes correspondientes del folleto del OICVM contenidas en el presente documento.
El OICVM propone otras participaciones o acciones para categorías de inversores definidas en su folleto.
Este OICVM está autorizado en Francia y regulado por la Autoridad de Mercados Financieros (AMF).
La sociedad gestora Amundi Asset Management está autorizada en Francia y regulada por la Autoridad de Mercados Financieros (AMF). Los presentes datos fundamentales para el inversor son exactos y vigentes a 01 de julio de 2020.
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The stated exit and entry fees are maximum amounts. In certain cases, the fees paid may be lower - further information may be obtained from your financial advisor.
The ongoing charges are based on the figures for the previous year ended 31 May 2019. This percentage may vary from year to year. It excludes:
performance fees,
brokerage fees, except for the entry and exit charges paid by the UCITS when buying or selling units in another Fund.
Past performance
For more information about charges, please refer to the Costs and Fees section of the UCITS prospectus, available upon request from the Management Company.
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.
6.0%
6.5%
The SICAV was launched on 04 January 2018 and its AMUNDI RESPONSIBLE INVESTING - GREEN BONDS - P class on 20 April 2018.
The reference currency is the euro (EUR).
Practical information
2015 2016 2017 2018 2019
Name of the Depositary: CACEIS Bank.
The latest prospectus and most recent periodic disclosure documents, and all other useful information, are available free of charge from the Management Company.
This UCITS has sub-funds and its latest aggregate annual report is also available from the Management Company.
The net asset value is available on request from the management company, on its website www.amundi.com, on the websites of distributor establishments, and is published in various national and regional daily newspapers as well as in periodicals.
Depending upon your personal tax position, capital gains and any income associated with holding securities in the Fund may be subject to taxation. We advise you to seek information about this from the UCITS distributor.
This UCITS is not available to residents of the United States of America/“U.S. Persons” (the definition of “U.S. Person” is provided on the Management Company’s website, www.amundi.com, and/or in the prospectus).
Amundi Asset Management may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS.
The Fund offers other units or shares for the categories of investors defined in its prospectus.
This Fund is approved in France and regulated by the French Market Regulator (AMF).
The Management Company, Amundi Asset Management, is authorised in France and regulated by the French market regulator, the Autorité des marchés financiers (AMF). This key investor information is accurate as at 01 July 2020.
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DOLFIN6134
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# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 31/12/2011-31/12/2017.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,183
31.8%
EUR 18,022
10.3%
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# Este tipo de escenario se produjo para una inversión Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) entre 31/12/2011-31/12/2017.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
13 183 EUR
31,8%
18 022 EUR
10,3%
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# This type of scenario occurred for an investment Partners Group Listed Investments SICAV - Listed Infrastructure - EUR (P - Acc.) between 31/12/2011-31/12/2017.
Favourable scenario
What you might get back after costs
Average return each year
EUR 13,183
31.8%
EUR 18,022
10.3%
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DOLFIN6135
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The risk indicator assumes you keep the product for 5 years.
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact the value of your investment.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies and the Fund's success in hedging. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at the website listed above.
This product does not include any protection from future market performance so you could lose some or all of your investment.
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El indicador de riesgo presupone que usted mantendrá el producto durante 5 años.
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados.
Hemos clasificado este producto en la clase de riesgo 4 en una escala de 7, en la que 4 significa un riesgo medio. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media y es posible que una mala coyuntura de mercado influya en el valor de su inversión.
Tenga presente el riesgo de cambio. Usted recibirá los pagos en una moneda distinta, por lo que el rendimiento final que reciba dependerá del tipo de cambio entre ambas monedas y el éxito que haya tenido la cobertura del Fondo. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Con relación a otros riesgos de importancia significativa para el producto que no se tienen en cuenta en el indicador resumido de riesgo, remítase al Informe anual del producto o a su Folleto, disponibles en el sitio web arriba indicado.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión.
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The risk indicator assumes you keep the product for 5 years.
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets.
We have classified this product as 4 out of 7, which is a medium risk class. This rates the potential losses from future performance at a medium level, and poor market conditions could impact the value of your investment.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies and the Fund's success in hedging. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at the website listed above.
This product does not include any protection from future market performance so you could lose some or all of your investment.
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DOLFIN6139
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# 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 China Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index. The Fund aims to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Index measures the performance of large and mid-capitalisation stocks of the Chinese equity market, which are subject to the index provider’s liquidity, investability and replicability criteria.
The Index is comprised of (i) China A Shares (securities of companies incorporated in the People’s Republic of China (PRC) denominated in Renminbi and listed on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE)); (ii) China B Shares (securities of companies incorporated in the PRC and either denominated in US Dollars and listed on the SSE or denominated in Hong Kong Dollars and listed on the SZSE); (iii) China H Shares (securities of companies incorporated in the PRC and denominated in Hong Kong Dollars and listed on the Stock Exchange of Hong Kong (SEHK)); (iv) P Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by private companies or individuals in the PRC and which derive substantial revenues from, or allocate substantial assets in, the PRC); (v) Red Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by PRC government entities and which derive substantial revenues from, or allocate substantial assets in, the PRC); and (vi) foreign listings (securities issued by Chinese companies that are traded outside the PRC, including those traded by way of depositary receipts (investments issued by financial institutions which give exposure to underlying equity securities (e.g. American Depositary Receipts (ADRs))).
The China A Shares included in the Index (as determined by the index provider) are subject to a capping methodology so that their representation in the Index is limited to a fixed percentage (as determined by the index provider) of their free-float adjusted market capitalisation. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the market capitalisation. The Index is a free float-adjusted market capitalisation weighted index and rebalances on a quarterly basis.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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# 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 China Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y realizable, componen el Índice. El Fondo pretende replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Índice mide la rentabilidad de los valores de elevada y mediana capitalización del mercado de valores chino, que están sometidos a los criterios de liquidez, aptitud para la inversión y repetibilidad del proveedor del Índice.
El Índice está compuesto por (i) acciones China A (valores de empresas constituidas en la República Popular de China (RPC) denominados en renminbi y que cotizan en la Bolsa de Shanghái (SSE) y en la Bolsa de Shenzhen (SZSE)); (ii) acciones B chinas (valores de empresas constituidas en la RPC, denominados en dólares estadounidenses y que cotizan en la SSE, o denominados en dólares de Hong Kong y que cotizan en la SZSE); (iii) acciones H chinas (valores de empresas constituidas en la RPC, denominados en dólares de Hong Kong y que cotizan en la Bolsa de Hong Kong (SEHK)); (iv) P Chips (valores que cotizan en la SEHK de empresas constituidas fuera de la RPC, controladas por empresas o personas privadas de la RPC, que obtienen una parte importante de sus ingresos de la RPC o que asignan una parte importante de sus activos en la RPC); (v) Red Chips (valores que cotizan en la SEHK de empresas constituidas fuera de la RPC, controladas por entidades gubernamentales de la RPC, que obtienen una parte importante de sus ingresos de la RPC o que asignan una parte importante de sus activos en la RPC); y (vi) cotizaciones extranjeras (valores emitidos por empresas chinas que se negocian fuera de la RPC, incluidos aquellos valores negociados mediante recibos de depósitos (inversiones emitidas por instituciones financieras que ofrecen exposición a valores de renta variable subyacentes (por ejemplo, recibos de depósito estadounidenses («ADR», por sus siglas en inglés))).
Las acciones China A incluidas en el Índice (según lo establecido por el proveedor del índice) están sometidas a la metodología de limitación para que su representación en el Índice se limite a un porcentaje fijo (que establecerá el proveedor del índice) de su capitalización bursátil ajustada a flotación libre. «Ajustada a flotación libre» significa que para el cálculo del Índice solamente se utilizan las acciones inmediatamente disponibles en el mercado, en vez de todas las acciones emitidas por una empresa. El Índice es un índice ponderado por capitalización bursátil ajustado a flotación libre y se reajusta trimestralmente.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
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# 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 China Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed, and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index. The Fund aims to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Index measures the performance of large and mid-capitalisation stocks of the Chinese equity market, which are subject to the index provider’s liquidity, investability and replicability criteria.
The Index is comprised of (i) China A Shares (securities of companies incorporated in the People’s Republic of China (PRC) denominated in Renminbi and listed on the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE)); (ii) China B Shares (securities of companies incorporated in the PRC and either denominated in US Dollars and listed on the SSE or denominated in Hong Kong Dollars and listed on the SZSE); (iii) China H Shares (securities of companies incorporated in the PRC and denominated in Hong Kong Dollars and listed on the Stock Exchange of Hong Kong (SEHK)); (iv) P Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by private companies or individuals in the PRC and which derive substantial revenues from, or allocate substantial assets in, the PRC); (v) Red Chips (SEHK listed securities of companies incorporated outside the PRC, controlled by PRC government entities and which derive substantial revenues from, or allocate substantial assets in, the PRC); and (vi) foreign listings (securities issued by Chinese companies that are traded outside the PRC, including those traded by way of depositary receipts (investments issued by financial institutions which give exposure to underlying equity securities (e.g. American Depositary Receipts (ADRs))).
The China A Shares included in the Index (as determined by the index provider) are subject to a capping methodology so that their representation in the Index is limited to a fixed percentage (as determined by the index provider) of their free-float adjusted market capitalisation. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the market capitalisation. The Index is a free float-adjusted market capitalisation weighted index and rebalances on a quarterly basis.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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DOLFIN6141
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##### Securities borrowing
The Sub-Fund may enter into any securities lending transaction with counterparties selected on the basis of the following combined criteria: regulatory status, protection provided by local legislation, operational processes, available credit spreads and analysis and/or external credit ratings.
The securities borrowed by the Sub-Fund may not be disposed of during the time they are held by the Sub-Fund, unless they are covered by sufficient financial instruments which enable the Sub- Fund to restitute the borrowed securities at the close of the transaction.
The Sub-Fund may borrow securities under the following circumstances in connection with the settlement of a sale transaction: (a) during a period where the securities have been sent out for re-registration; (b) when the securities have been loaned and not returned in time and (c) to avoid a failed settlement when the depositary fails to make delivery.
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##### Toma en préstamo de títulos
El subfondo podrá celebrar cualquier operación de préstamo de títulos con contrapartes seleccionadas con arreglo a los siguientes criterios combinados: situación normativa, protección proporcionada por la legislación local, procesos operativos, diferenciales de crédito disponibles y análisis o calificaciones crediticias externos.
El subfondo no podrá enajenar los títulos que tome en préstamo mientras obren en su poder, a menos que estén cubiertos por instrumentos financieros suficientes que permitan al subfondo restituir los valores tomados en préstamo al término de la operación.
El subfondo podrá tomar títulos en préstamo en las siguientes circunstancias relacionadas con la liquidación de una operación de venta: a) durante un período en el cual los valores estén en proceso de reinscripción; b) cuando los valores hayan sido prestados y no hayan sido restituidos puntualmente y c) a fin de evitar una liquidación fallida en caso de que el depositario no realice la entrega.
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##### Securities borrowing
The Sub-Fund may enter into any securities lending transaction with counterparties selected on the basis of the following combined criteria: regulatory status, protection provided by local legislation, operational processes, available credit spreads and analysis and/or external credit ratings.
The securities borrowed by the Sub-Fund may not be disposed of during the time they are held by the Sub-Fund, unless they are covered by sufficient financial instruments which enable the Sub- Fund to restitute the borrowed securities at the close of the transaction.
The Sub-Fund may borrow securities under the following circumstances in connection with the settlement of a sale transaction: (a) during a period where the securities have been sent out for re-registration; (b) when the securities have been loaned and not returned in time and (c) to avoid a failed settlement when the depositary fails to make delivery.
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DOLFIN6147
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Under the Trust Deed, the Manager is given authority to effect the issue of Units and has absolute discretion to accept or reject in whole or in part any application for Units without assigning any reason therefore. The Manager has the power to impose such restrictions as it deems necessary to ensure that no Units are subscribed for by any person which might result in the legal and beneficial ownership of Units by a person who is not a Qualified Holder or, in the sole opinion of the Manager, may expose the Fund or any Sub-Fund to adverse tax or regulatory consequences.
If an application is rejected, any monies received will be returned to the applicant (minus any handling charge incurred in any such return) as soon as practicable by post or telegraphic transfer (but without interest, costs or compensation).
No Units of a Sub-Fund will be issued or allotted during a period when the determination of Net Asset Value of that Sub- Fund is suspended.
- Subscription Procedure GeneralExcept for Class A, Class I and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A and Class I Units are only available through: (i) financial intermediaries which according to either regulatory requirements (e.g. in the European Union, financial intermediaries providing discretionary portfolio management or investment advice on an independent basis) or separate fee arrangements with their clients, are not allowed to keep trail commissions, and/ or (ii) to institutional investors investing on their own behalf.
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De conformidad con la Escritura Fiduciaria, la Sociedad Gestora tiene autoridad para realizar emisiones de Participaciones, así como para aceptar o rechazar en su totalidad o en parte cualquier solicitud de suscripción de Participaciones sin necesidad de alegar motivo alguno. La Sociedad Gestora está autorizada a imponer las restricciones que considere necesarias para garantizar que ninguna persona suscriba Participaciones, de modo que su titularidad formal o efectiva recaiga sobre una persona que no sea un Titular autorizado o, al juicio exclusivo de la Sociedad Gestora, pueda exponer al Fondo o cualquiera de los Subfondos a consecuencias normativas o fiscales perjudiciales.
Si se rechaza una solicitud, se restituirá el importe recibido al solicitante (una vez deducidos los gastos de tramitación derivados de dicha devolución) lo antes posible por transferencia postal o telegráfica (sin intereses, costes ni compensación).
No se emitirán ni adjudicarán Participaciones de un Subfondo en los periodos en los que esté suspendido el cálculo del Valor Liquidativo para dicho Subfondo.
- Procedimiento de suscripción Aspectos generalesExcepto por lo que se refiere a las Participaciones de las Clases A, I y M, todas las Clases de Participaciones están disponibles para todos los solicitantes aptos. La inversión en Participaciones de Clase M está restringida a los inversores considerados aptos por la Sociedad Gestora a su entera discreción. Las participaciones de la Clase A y de la Clase I solo están disponibles a través de: (i) intermediarios financieros que, según sus requisitos regulatorios (por ejemplo, en la Unión Europea, intermediarios financieros que ofrecen gestión discrecional de carteras o asesoría independiente de inversión ) acuerdos particulares de comisiones con sus clientes, no están autorizados a cobrar comisiones de renovación y/o (ii) a inversores institucionales que invierten por su cuenta.
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Under the Trust Deed, the Manager is given authority to effect the issue of Units and has absolute discretion to accept or reject in whole or in part any application for Units without assigning any reason therefore. The Manager has the power to impose such restrictions as it deems necessary to ensure that no Units are subscribed for by any person which might result in the legal and beneficial ownership of Units by a person who is not a Qualified Holder or, in the sole opinion of the Manager, may expose the Fund or any Sub-Fund to adverse tax or regulatory consequences.
If an application is rejected, any monies received will be returned to the applicant (minus any handling charge incurred in any such return) as soon as practicable by post or telegraphic transfer (but without interest, costs or compensation).
No Units of a Sub-Fund will be issued or allotted during a period when the determination of Net Asset Value of that Sub- Fund is suspended.
- Subscription Procedure GeneralExcept for Class A, Class I and Class M Units, all Unit Classes are available to all qualifying applicants. Investment in Class M Units is restricted to investors deemed eligible by the Manager in its sole discretion. Class A and Class I Units are only available through: (i) financial intermediaries which according to either regulatory requirements (e.g. in the European Union, financial intermediaries providing discretionary portfolio management or investment advice on an independent basis) or separate fee arrangements with their clients, are not allowed to keep trail commissions, and/ or (ii) to institutional investors investing on their own behalf.
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DOLFIN6149
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fund management commentary
## Market Review
July was a positive turnaround in high yield. On the back of strong earnings and brighter Fed expectations, high yield saw widespread tightening and a monthly inflow from retail for the first time this year. July was marked by the strongest equity performance in nearly two years and a sharp decline in the 10-year Treasury yield compared to its June high. July marked the release of second quarter GDP figures, which has contracted for a second time, widely considered the signal of an economic recession. However, investors have not been so quick to arrive at this conclusion amidst healthy payroll growth and the sentiment being given by many companies that their financial positions remain strong. Higher quality remains the winner of high yield with BBs finishing as the top performer, followed by single Bs and CCCs. The best performing industries were cable/satellite, housing, and utilities. The worst sectors were metals/mining, telecom, and diversified media. This month had the lowest issuance seen in high yield in over four years. Specifically, only US$1.8 billion was issued. There were no new defaults in July. Moody’s global 12-month trailing default rate decreased lightly with the current rate at 2.06%. U.S. high yield funds reported their first inflow in 2022. Loan funds saw their third consecutive outflow.
## Fund Review
Sector allocation outperformed due to underweights to banking and real estate. This was somewhat offset due to an underweight to telecommunications and an overweight to consumer goods.
## Market Outlook
With the significant amount of issuance we have seen over the last couple of years and very little debt maturing, we are confident that defaults will remain below average. While market movements are choppy and inflationary conditions are very prevalent, the constructive fundamental backdrop of high yield issuers along with higher yields creates a foundation for good long-term returns. We are still looking to increase duration as we believe rates are close to their highs for the year. We will also continue to increase our exposure to BB-rated bonds. We continue to be overweight transportation and capital goods, and we are still increasing our non-cyclical exposure.
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# Comentario de gestión del fondo
## Revisión del mercado
Julio constituyó un cambio positivo en la alta rentabilidad. Gracias a los sólidos beneficios y a las mejores expectativas de la Fed, la alta rentabilidad experimentó un estrechamiento generalizado de los diferenciales y una entrada mensual de fondos de inversores particulares por primera vez este año. Julio estuvo marcado por la mejor rentabilidad de las acciones en casi dos años y por una fuerte caída del rendimiento de los títulos del Tesoro estadounidense a 10 años en comparación con su máximo de junio. Julio marcó la publicación de las cifras del PIB del segundo trimestre, que se contrajo por segunda vez, lo que se considera ampliamente como la señal de una recesión económica. Sin embargo, los inversores no han sido tan rápidos en llegar a esta conclusión en medio de un crecimiento saludable de las nóminas y de la confianza que están ofreciendo muchas empresas de que sus posiciones financieras siguen siendo sólidas. La calidad más alta sigue siendo la ganadora de la alta rentabilidad y los títulos con rating BB fueron los más rentables, seguidos de los calificados con B y CCC. Las industrias que mejor evolucionaron fueron cable/satélite, vivienda y servicios públicos. Los sectores menos rentables fueron metales/minería, telecomunicaciones y medios de comunicación diversificados. Este mes registró el menor volumen de emisiones en alta rentabilidad en más de cuatro años. Específicamente, solo hubo emisiones por valor de 1.800 millones de USD. No hubo nuevos impagos en julio. La tasa global de impagos global a 12 meses de Moody's descendió ligeramente, situándose en el 2,06%. Los fondos de alta rentabilidad de EE. UU. registraron su primera entrada de capital en 2022. Los fondos de préstamos tuvieron su tercer mes consecutivo de salidas de dinero.
## Revisión del Fondo
La asignación por sectores brindó un rendimiento relativo positivo debido a las infraponderaciones en los sectores bancario e inmobiliario. Esto se vio parcialmente compensado por una infraponderación en telecomunicaciones y una sobreponderación en bienes de consumo.
## Perspectiva del mercado
Con la cantidad significativa de emisiones que hemos visto en los últimos años y el vencimiento de muy poca deuda, confiamos en que los incumplimientos se mantendrán por debajo del promedio. Si bien los movimientos del mercado son erráticos y las condiciones inflacionistas son muy dominantes, el positivo telón de fondo de los fundamentales de los emisores de alta rentabilidad junto con unos rendimientos más altos crea una base para buenas rentabilidades a largo plazo. Seguimos buscando aumentar la duración, ya que creemos que los tipos están cerca de sus máximos del año. También seguiremos incrementando la exposición a los bonos con calificación BB. Seguimos sobreponderados en transporte y bienes de capital y continuamos aumentando la exposición no cíclica.
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# Fund management commentary
## Market Review
July was a positive turnaround in high yield. On the back of strong earnings and brighter Fed expectations, high yield saw widespread tightening and a monthly inflow from retail for the first time this year. July was marked by the strongest equity performance in nearly two years and a sharp decline in the 10-year Treasury yield compared to its June high. July marked the release of second quarter GDP figures, which has contracted for a second time, widely considered the signal of an economic recession. However, investors have not been so quick to arrive at this conclusion amidst healthy payroll growth and the sentiment being given by many companies that their financial positions remain strong. Higher quality remains the winner of high yield with BBs finishing as the top performer, followed by single Bs and CCCs. The best performing industries were cable/satellite, housing, and utilities. The worst sectors were metals/mining, telecom, and diversified media. This month had the lowest issuance seen in high yield in over four years. Specifically, only US$1.8 billion was issued. There were no new defaults in July. Moody’s global 12-month trailing default rate decreased lightly with the current rate at 2.06%. U.S. high yield funds reported their first inflow in 2022. Loan funds saw their third consecutive outflow.
## Fund Review
Sector allocation outperformed due to underweights to banking and real estate. This was somewhat offset due to an underweight to telecommunications and an overweight to consumer goods.
## Market Outlook
With the significant amount of issuance we have seen over the last couple of years and very little debt maturing, we are confident that defaults will remain below average. While market movements are choppy and inflationary conditions are very prevalent, the constructive fundamental backdrop of high yield issuers along with higher yields creates a foundation for good long-term returns. We are still looking to increase duration as we believe rates are close to their highs for the year. We will also continue to increase our exposure to BB-rated bonds. We continue to be overweight transportation and capital goods, and we are still increasing our non-cyclical exposure.
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DOLFIN6152
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# Risk warning
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. Screening out sectors or companies may result in less diversification and hence more volatility in investment values. An investment concerns the acquisition of units or shares in a fund, and not underlying assets such as buildings or shares of a company, as these are only the underlying assets owned by the fund. The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in the prospectus. Full list of relevant risks can be found in the KIID and prospectus.
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# Advertencia sobre riesgos
El valor de las inversiones y los ingresos provenientes de las mismas pueden disminuir al igual que aumentar como consecuencia de oscilaciones de los mercados bursátiles o las divisas, y los inversores podrían no recuperar el importe invertido originalmente. El filtrado de sectores o empresas podría conllevar una menor diversificación y, por tanto, una mayor volatilidad de los valores de las inversiones. La inversión consiste en la adquisición de participaciones o acciones de un fondo y no activos subyacentes como edificios o acciones de una empresa, ya que estos son solo los activos subyacentes propiedad del fondo. Al decidir invertir en el fondo promovido también debe tenerse en cuenta todas las características u objetivos del fondo promovido que se describen en el folleto. El listado completo de los riesgos relevantes figura en el documento de datos fundamentales para el inversor y el folleto.
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# Risk warning
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested. Screening out sectors or companies may result in less diversification and hence more volatility in investment values. An investment concerns the acquisition of units or shares in a fund, and not underlying assets such as buildings or shares of a company, as these are only the underlying assets owned by the fund. The decision to invest in the promoted fund should also take into account all the characteristics or objectives of the promoted fund as described in the prospectus. Full list of relevant risks can be found in the KIID and prospectus.
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DOLFIN6160
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The Net Asset Value of each fund is determined in the Reference Currency of the respective fund in accordance with the Articles of Incorporation. The determination is normally made on each Valuation Date. Each such amount will be divided by the number of Shares of the relevant fund then outstanding as at close of business to the extent feasible.
The Articles of Incorporation contain valuation regulations which provide that for the purpose of determining Net Asset Value:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as Directors or their delegate may consider appropriate in such case to reflect the true value thereof;
- the value of transferable securities, money market instruments and financial derivative instruments are valued on the basis of the last available price of the relevant stock exchange or regulated market on which these securities or assets are traded or admitted for trading. Where such securities or other assets quoted or dealt in on one or more than one stock exchange or regulated market, the Board or its delegate shall adopt policies as to the order of priority in which such stock exchanges or other regulated markets shall be used for the provisions of prices of securities or assets;
- if a transferable security or money market instrument is not traded or admitted on any official stock exchange or an regulated market, or in the case of transferable securities or money market instruments so traded or admitted where the last available price is not representative of their fair market value, the Board or its delegate shall proceed on the basis of their reasonably foreseeable sales price, which shall be valued with prudence and in good faith;
- the financial derivative instruments which are not listed on any official stock exchange or traded on any other regulated market will be valued in accordance with market practice;
- units or shares of undertakings for collective investment, including funds, shall be valued on the basis of their last available Net Asset Value, as reported by such undertakings;
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner.
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El Valor liquidativo de cada Subfondo se calcula en la Divisa de referencia del Subfondo en cuestión, de conformidad con los Estatutos. Generalmente, el cálculo se lleva a cabo en cada Fecha de valoración. Los importes correspondientes se dividirán entre el número de Acciones de cada Subfondo en circulación en ese momento al cierre de la sesión de contratación, en la medida en que ello sea posible.
Los Estatutos contienen normas de valoración que prevén, a efectos del cálculo del Valor liquidativo de las Acciones, lo siguiente:
- El valor de cualquier efectivo disponible o en depósito, letras de cambio y pagarés a la vista, cuentas por cobrar, gastos abonados por adelantado, dividendos en efectivo e intereses declarados o acumulados según lo anterior y que todavía no se hayan materializado, se considerará como el importe íntegro de los mismos, salvo que resulte improbable que éstos vayan a abonarse o recibirse en su totalidad, en cuyo caso su valor se determinará aplicando el descuento que los Administradores o su delegado estimen oportuno en cada caso para reflejar su valor real;
- El valor de los valores negociables, instrumentos del mercado monetario e instrumentos financieros derivados se determina conforme al último precio disponible en la bolsa o mercado regulado en que se negocien o estén admitidos a negociación estos valores o activos. Cuando dichos valores u otros activos coticen o se negocien en una o más de una bolsa o mercado regulado, el Consejo o su delegado adoptarán políticas para establecer el orden de prioridad en el que vaya a recurrirse a esas bolsas u otros mercados regulados para aportar los precios de los valores o activos implicados;
- Si un valor negociable o instrumento del mercado monetario no se negocia ni está admitido en ninguna bolsa oficial o mercado regulado, o en el caso de aquellos valores negociables o instrumentos del mercado monetario que sí se negocien o estén admitidos, pero cuyo último precio disponible no sea representativo de su valor razonable de mercado, el Consejo o su delegado procederán teniendo en cuenta su precio de venta razonablemente previsible, que se valorará con prudencia y de buena fe;
- Los instrumentos financieros derivados que no coticen en ninguna bolsa oficial o que no se negocien en ningún otro mercado regulado se valorarán de acuerdo con las prácticas del mercado;
- Las participaciones o acciones de organismos de inversión colectiva, incluidos los Subfondos, se valorarán conforme a su último Valor liquidativo disponible comunicado por dichos organismos;
- Los activos líquidos y los instrumentos del mercado monetario podrán valorarse a su valor nominal más los intereses devengados, o bien según el coste amortizado. Todos los demás activos, cuando la práctica lo permita, podrán valorarse del mismo modo.
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The Net Asset Value of each fund is determined in the Reference Currency of the respective fund in accordance with the Articles of Incorporation. The determination is normally made on each Valuation Date. Each such amount will be divided by the number of Shares of the relevant fund then outstanding as at close of business to the extent feasible.
The Articles of Incorporation contain valuation regulations which provide that for the purpose of determining Net Asset Value:
- the value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as Directors or their delegate may consider appropriate in such case to reflect the true value thereof;
- the value of transferable securities, money market instruments and financial derivative instruments are valued on the basis of the last available price of the relevant stock exchange or regulated market on which these securities or assets are traded or admitted for trading. Where such securities or other assets quoted or dealt in on one or more than one stock exchange or regulated market, the Board or its delegate shall adopt policies as to the order of priority in which such stock exchanges or other regulated markets shall be used for the provisions of prices of securities or assets;
- if a transferable security or money market instrument is not traded or admitted on any official stock exchange or an regulated market, or in the case of transferable securities or money market instruments so traded or admitted where the last available price is not representative of their fair market value, the Board or its delegate shall proceed on the basis of their reasonably foreseeable sales price, which shall be valued with prudence and in good faith;
- the financial derivative instruments which are not listed on any official stock exchange or traded on any other regulated market will be valued in accordance with market practice;
- units or shares of undertakings for collective investment, including funds, shall be valued on the basis of their last available Net Asset Value, as reported by such undertakings;
- liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner.
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DOLFIN6163
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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
Depositary Bank: The Fund’s assets are held with the depositary, RBC Investor Services Bank S.A.
Further Information: Further information about the ICAV, copies of the Prospectus, latest annual and semi-annual reports and other practical information may be obtained free of charge from www.carnegroup.com/fsfundsicav and at the registered office of the ICAV. Please refer to the Supplement for information on other share classes.
Representative Share Class Information: This KIID, for Class I EUR Distributing, is also representative of Class I EUR Non-Distributing (IE00BDCK1279), Class I GBP Distributing, Class I GBP Non-Distributing (IE00BF0Y6H57), Class I CHF Distributing, Class I CHF Non-Distributing (IE00BF0Y6J71), Class I CNH Distributing, Class I CNH Non-Distributing, Class I SGD Distributing and Class I SGD Non-Distributing. Further information in relation to these share classes is available in the Fund’s supplement.
Latest Share Prices/Net Asset Value: The latest share prices will be made available free of charge at: www.carnegroup.com or by contacting the Administrator, RBC Investor Services Ireland Limited.
Remuneration Policy: Details of the remuneration policy of the Manager is available on the Manager's website, www.carnegroup.com/resources. A paper copy will be available free of charge from the office of the Manager upon request.
Switching Between Share Classes: A Shareholder may switch from one share class or one sub-fund to another, free of charge. Notice should be given to the Administrator in such form as the Administrator may require.
Tax Legislation: The taxation of income and capital gains of the ICAV and of the Shareholders is subject to the fiscal laws and practices of Ireland, of the countries in which the ICAV invests and of the jurisdictions in which the Shareholders are resident for tax purposes or otherwise subject to tax. Depending on your country of residence, this may impact your personal tax position. For further details, please speak to your financial/tax adviser.
Accuracy Statement: 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 ICAV’s Prospectus.
Segregated Liability: The Fund is a sub-fund of FS Funds ICAV, an umbrella ICAV. Under Irish law the assets and liabilities of the Fund are segregated from other sub-funds within the ICAV and the assets of the Fund will not be available to satisfy the liabilities of another sub-fund of the ICAV.
This Fund is authorised in Ireland and regulated by Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This Key Investor Information is accurate as at 18 February 2022.
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# Información práctica
Banco depositario: Los activos del Fondo se encuentran bajo custodia del depositario, RBC Investor Services Bank S.A.
Más información: Se puede obtener más información sobre la ICAV, copias del Folleto, los informes anuales y semestrales más recientes y otra información práctica de forma gratuita en www.carnegroup.com/fsfundsicav y en el domicilio social de la ICAV. Consulte el Suplemento para obtener información sobre otras clases de acciones.
Información sobre la clase de acciones representativa: Este KIID para la Clase I EUR de distribución también representa a la Clase I EUR de no distribución (IE00BDCK1279), la Clase I GBP de distribución, la Clase I GBP de no distribución (IE00BF0Y6H57), la Clase I CHF de distribución, la Clase I CHF de no distribución (IE00BF0Y6J71), la Clase I CNH de distribución, la Clase I CNH de no distribución, la Clase I SGD de distribución y la Clase I SGD de no distribución. Puede obtener más información sobre estas clases de acciones en el suplemento del Fondo.
Últimos precios de acciones/valor liquidativo: Los últimos precios de acciones se podrán obtener de forma gratuita en www.carnegroup.com o poniéndose en contacto con el Administrador, RBC Investor Services Ireland Limited.
Política de remuneración: Los detalles de la política de remuneración del Gestor se encuentran disponibles en el sitio web del Gestor, www.carnegroup.com/en/downloads. Puede solicitarse una copia impresa de forma gratuita en la oficina del Gestor previa solicitud.
Canje entre clases de acciones: Un Accionista puede cambiar de una clase de acciones o de un subfondo a otro de forma gratuita. Se debe notificar al Administrador de la forma que el Administrador requiera.
Legislación fiscal: La tributación de los ingresos y las ganancias de capital de la ICAV y de los Accionistas está sujeta a la legislación y las prácticas fiscales de Irlanda, de los países en los que invierte la ICAV y de las jurisdicciones en las que los Accionistas sean residentes a efectos fiscales o estén sujetos a imposición de otra manera. Según su país de residencia, esto puede afectar a su situación fiscal personal. Para conocer más detalles, consulte con su asesor financiero o fiscal.
Declaración de exactitud: El Gestor 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 ICAV.
Responsabilidad segregada: El Fondo es un subfondo de FS Funds ICAV, una ICAV de tipo paraguas. En virtud de la legislación irlandesa, los activos y pasivos del Fondo se encuentran segregados de otros subfondos dentro de la ICAV y los activos del Fondo no estarán disponibles para cubrir los pasivos de otro subfondo de la ICAV.
Este Fondo está autorizado en Irlanda y regulado por el Banco Central de Irlanda. El Gestor está autorizado en Irlanda y regulado por el Banco Central de Irlanda.
Estos datos fundamentales para el inversor son exactos a 18 de febrero de 2022.
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# Practical Information
Depositary Bank: The Fund’s assets are held with the depositary, RBC Investor Services Bank S.A.
Further Information: Further information about the ICAV, copies of the Prospectus, latest annual and semi-annual reports and other practical information may be obtained free of charge from www.carnegroup.com/fsfundsicav and at the registered office of the ICAV. Please refer to the Supplement for information on other share classes.
Representative Share Class Information: This KIID, for Class I EUR Distributing, is also representative of Class I EUR Non-Distributing (IE00BDCK1279), Class I GBP Distributing, Class I GBP Non-Distributing (IE00BF0Y6H57), Class I CHF Distributing, Class I CHF Non-Distributing (IE00BF0Y6J71), Class I CNH Distributing, Class I CNH Non-Distributing, Class I SGD Distributing and Class I SGD Non-Distributing. Further information in relation to these share classes is available in the Fund’s supplement.
Latest Share Prices/Net Asset Value: The latest share prices will be made available free of charge at: www.carnegroup.com or by contacting the Administrator, RBC Investor Services Ireland Limited.
Remuneration Policy: Details of the remuneration policy of the Manager is available on the Manager's website, www.carnegroup.com/resources. A paper copy will be available free of charge from the office of the Manager upon request.
Switching Between Share Classes: A Shareholder may switch from one share class or one sub-fund to another, free of charge. Notice should be given to the Administrator in such form as the Administrator may require.
Tax Legislation: The taxation of income and capital gains of the ICAV and of the Shareholders is subject to the fiscal laws and practices of Ireland, of the countries in which the ICAV invests and of the jurisdictions in which the Shareholders are resident for tax purposes or otherwise subject to tax. Depending on your country of residence, this may impact your personal tax position. For further details, please speak to your financial/tax adviser.
Accuracy Statement: 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 ICAV’s Prospectus.
Segregated Liability: The Fund is a sub-fund of FS Funds ICAV, an umbrella ICAV. Under Irish law the assets and liabilities of the Fund are segregated from other sub-funds within the ICAV and the assets of the Fund will not be available to satisfy the liabilities of another sub-fund of the ICAV.
This Fund is authorised in Ireland and regulated by Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland.
This Key Investor Information is accurate as at 18 February 2022.
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en
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es
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DOLFIN6167
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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 securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. As at year end, securities which were fair valued are identified with an asterisk (*) and securities in default are denoted with (§) in the Schedule of Investments.
Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 31 December 2021. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation, except for JPMorgan Investment Funds - Europe Select Equity Fund, JPMorgan Investment Funds - Europe Strategic Dividend Fund, JPMorgan Investment Funds - Japan Sustainable Equity Fund and JPMorgan Investment Funds - Japan Strategic Value Fund which were calculated on 30 December 2021.
In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a Fair Value Committee to address any potential valuation concerns. In line with this, no adjustments were made on 31 December 2021 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevant underlying markets.
- Swing Pricing AdjustmentTo protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund.
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En el caso de los valores que cotizan o se negocian en varias bolsas o mercados, el precio aplicable será el último del que se tenga conocimiento o, si corresponde, el precio medio en la bolsa o mercado principal.
Los valores mobiliarios no admitidos a cotización en una bolsa oficial o que no se negocian en otro mercado regulado se valoran según el último precio del que se tenga conocimiento. En el caso de valores cuyo precio no sea conocido o cuyo último precio conocido no tenga carácter representativo, el valor se determina por el precio de venta que el Consejo de administración, actuando con prudencia y buena fe, considere racionalmente previsible. Al cierre del ejercicio, los valores calculados al valor razonable se identifican con un asterisco (*) y los títulos-valores en situación de impago se indican con (§) en la Cartera de inversiones.
Las Acciones o participaciones en OICVM u otros organismos de inversión colectiva se valoran según el último precio disponible o de acuerdo con el valor liquidativo, según los informes o los datos publicados por dichos emisores o sus representantes.
Los activos líquidos y los instrumentos del mercado monetario pueden valorarse al valor nominal más cualesquiera intereses devengados, o al coste amortizado.
Los Estados Financieros se presentan con arreglo a los valores liquidativos de los Subfondos calculados el 31 de diciembre de 2021. De acuerdo con el Folleto, los valores liquidativos se calcularon utilizando los últimos tipos de cambio conocidos en el momento del cálculo, excepto en el caso de JPMorgan Investment Funds - Europe Select Equity Fund, JPMorgan Investment Funds - Europe Strategic Dividend Fund, JPMorgan Investment Funds - Japan Sustainable Equity Fund y JPMorgan Investment Funds - Japan Strategic Value Fund, que se calculó el 30 de diciembre de 2021.
A la hora de gestionar los Fondos cuyos precios se fijan de forma diaria, el principio aplicado por el Consejo consiste en valorar correctamente las carteras para proporcionar un trato igualitario a los Accionistas y, con tal fin, la Sociedad gestora ha creado un Comité de Valor Razonable para solucionar posibles problemas respecto de la valoración. En esta línea, al 31 de diciembre de 2021 no se realizó ningún ajuste, ya que el valor de la cartera en el momento de valoración representa el mismo valor desde el cierre de los mercados subyacentes de la cartera.
- Ajuste de precios mediante swing pricingCon el fin de proteger los intereses de los Accionistas, podrá ajustarse el VL de un Subfondo para compensar las diluciones que pueden producirse al ser objeto de grandes entradas y salidas de flujos de efectivo.
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If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or market will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable sales price determined with prudence and in good faith by the Board of Directors. As at year end, securities which were fair valued are identified with an asterisk (*) and securities in default are denoted with (§) in the Schedule of Investments.
Shares or Units in UCITS or other UCIs are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents. Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
The Financial Statements are presented on the basis of the net asset values of the Sub-Funds calculated on 31 December 2021. In accordance with the Prospectus, the net asset values were calculated using the latest exchange rates known at the time of calculation, except for JPMorgan Investment Funds - Europe Select Equity Fund, JPMorgan Investment Funds - Europe Strategic Dividend Fund, JPMorgan Investment Funds - Japan Sustainable Equity Fund and JPMorgan Investment Funds - Japan Strategic Value Fund which were calculated on 30 December 2021.
In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in this context the Management Company has implemented a Fair Value Committee to address any potential valuation concerns. In line with this, no adjustments were made on 31 December 2021 as the portfolio value at the valuation point represents the same value since closure of the portfolios’ relevant underlying markets.
- Swing Pricing AdjustmentTo protect the interests of Shareholders, a Sub-Fund’s NAV may be adjusted to compensate for dilutions that can arise in connection with large flows of cash into or out of a Sub-Fund.
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en
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es
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DOLFIN6171
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risks
The fund invests in equities (directly or indirectly via derivatives) which may be subject to significant fluctuations in value.
The fund may invest in derivatives, which are subject to the risks of their underlying markets or underlying instruments as well as issuer risks and often involve higher risks than direct investments.
The fund may invest in assets denominated in various currencies, giving rise to exchange rate risks which may be hedged. If the currency in which the past performance is displayed differs from the currency of the country in which an investor resides, due to exchange rate fluctuations, the performance shown may increase or decrease if converted into the investor's local currency.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.
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# Riesgos
El Fondo invierte en renta variable (directamente o indirectamente a través de derivados), que puede estar sujeta a fuertes fluctuaciones de valor.
Puede invertir en instrumentos derivados, que están expuestos a los riesgos de sus mercados o activos subyacentes, así como a los de emisor, y a menudo albergan más riesgos que las inversiones directas.
Puede invertir en activos denominados en distintas divisas, lo que da lugar a riesgos de cambio, que pueden cubrirse. Si la moneda en la que se muestra el comportamiento pasado difiere de la moneda del país en el que reside un inversor, debido a fluctuaciones en el tipo de cambio, el comportamiento mostrado puede subir o bajar si se convierte en la moneda local del inversor.
Capital a riesgo: Los instrumentos financieros conllevan un elemento de riesgo. Por lo tanto, el valor de la inversión y el rendimiento resultante pueden variar y no se puede garantizar el valor inicial de la inversión.
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# Risks
The fund invests in equities (directly or indirectly via derivatives) which may be subject to significant fluctuations in value.
The fund may invest in derivatives, which are subject to the risks of their underlying markets or underlying instruments as well as issuer risks and often involve higher risks than direct investments.
The fund may invest in assets denominated in various currencies, giving rise to exchange rate risks which may be hedged. If the currency in which the past performance is displayed differs from the currency of the country in which an investor resides, due to exchange rate fluctuations, the performance shown may increase or decrease if converted into the investor's local currency.
Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.
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en
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es
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DOLFIN6185
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/04/2018.
The share class of the Fund was launched on 14/05/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month LIBOR (USD).
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Tenga en cuenta que la rentabilidad histórica no es un indicador fiable de los rendimientos futuros.
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 27/04/2018.
La clase de acciones del Fondo se lanzó el 14/05/2018.
Solo se indica la rentabilidad histórica cuando existe un historial de rentabilidad de un año natural completo.
La rentabilidad histórica se ha calculado en EUR y se expresa como variación porcentual del patrimonio neto del Fondo al final de cada año.
La rentabilidad del índice de referencia y la clase de acciones se expresan en monedas distintas, lo que puede ser relevante al comparar la rentabilidad.
El índice de referencia del Fondo, utilizado para la comparación de la rentabilidad, se modificó el 1 de enero de 2022. Los datos sobre rentabilidad pasada antes de esta fecha se basan en 3-Month LIBOR (USD).
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Please be aware that past performance is not a reliable indicator of future results.
The past performance is shown after deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Fund was launched on 27/04/2018.
The share class of the Fund was launched on 14/05/2018.
Performance is shown only where full calendar-year performance history is available.
Past performance has been calculated in EUR and is expressed as a percentage change of the Fund's net asset value at each year end.
The benchmark performance is in a different currency than the share class which may impact the performance comparison.
The Fund's benchmark, used for performance comparison, was changed as of 1 January 2022. The past performance data prior to this date was based on 3-Month LIBOR (USD).
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en
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es
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DOLFIN6186
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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 Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,370
3.7%
EUR 12,063
3.8%
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# Este tipo de escenario se produjo para una inversión Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) entre 31/08/2015-31/08/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 370 EUR
3,7%
12 063 EUR
3,8%
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# This type of scenario occurred for an investment Twelve Capital FUND - Twelve Insurance Best Ideas Fund - SIM Accumulating (EUR) between 31/08/2015-31/08/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,370
3.7%
EUR 12,063
3.8%
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en
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es
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DOLFIN6203
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Article 7 – Suspension of unit value calculation
- The Management Company is entitled to temporarily suspend the calculation of the unit value if and for as long as circumstances exist which render such suspension necessary and if this suspension is justified in view of the interests of investors. This is particularly the case
- during times when a stock exchange or other regulated market on which a significant proportion of the assets are officially listed or traded is closed (other than for public or bank holidays) or trad- ing on such stock exchange or on the relevant market is suspended or restricted;
- in emergency situations in which the Management Company cannot have access to the invest- ments of a fund, or in which it is impossible to transfer the countervalue of investment purchases or sales freely, or in which the calculation of the share value cannot be properly conducted.
- if disruptions in the communications network, or any other reason, make it impossible to calcu- late the value of a considerable part of the net assets either quickly or sufficiently.
As long as the calculation of the net asset value per unit has been temporarily suspended, the issue, re- demption and exchange of units will also be temporarily suspended.
- Investors who have issued a subscription, redemption or exchange order shall be immediately informed of any suspension of the unit value calculation and shall be immediately notified after the resumption of unit value calculation.
- Subscription, redemption and exchange orders shall automatically become invalid if the calculation of the net asset value is suspended. The investors or potential investors shall be informed that the sub- scription, redemption or exchange orders must be resubmitted after the resumption of the calculation of the net asset value.
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# Artículo 7 – Suspensión del cálculo del valor de la participación
- La sociedad gestora tendrá derecho a suspender temporalmente el cálculo del valor de la participación cuando y mientras haya unas circunstancias que hagan necesaria esta suspensión y cuando se justifique la suspensión tomando en consideración los intereses de los inversores. Este será el caso, sobre todo:
- durante el tiempo en que una bolsa u otro mercado regulado en la/el que se cotice o negocie una parte esencial de los activos esté cerrada/o o se haya suspendido o limitado la contratación en esa bolsa o en el mercado correspondiente por otras razones que no sean días festivos legales o bancarios;
- en cualquier situación de emergencia, como consecuencia de la cual la sociedad gestora no pue- da disponer de los activos del fondo o no pueda transferir libremente el contravalor de las com- pras o ventas de inversiones, ni realizar correctamente el cálculo del valor liquidativo de la parti- cipación.
- en caso de interrupción de la comunicación o si, por cualquier otro motivo, el valor de un activo no puede determinarse con suficiente rapidez o precisión.
Si el cálculo del valor liquidativo neto por participación se suspende temporalmente, la emisión, el re- embolso y el canje de participaciones también se suspenderán temporalmente.
- Se informará sin dilación a los inversores que hayan presentado una solicitud de suscripción o reembol- so o de canje de la suspensión del cálculo del valor liquidativo de la participación y se les notificará igualmente sin demora en cuanto se vuelva a reanudar el cálculo del mismo.
- Las solicitudes de suscripción, reembolso o canje se cancelarán de forma automática en caso de que se suspenda el cálculo del valor liquidativo neto. Se informa al inversor o al posible inversor de que, una vez retomado el cálculo del valor liquidativo neto, las solicitudes de suscripción, reembolso o canje de- berán presentarse de nuevo.
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# Article 7 – Suspension of unit value calculation
- The Management Company is entitled to temporarily suspend the calculation of the unit value if and for as long as circumstances exist which render such suspension necessary and if this suspension is justified in view of the interests of investors. This is particularly the case
- during times when a stock exchange or other regulated market on which a significant proportion of the assets are officially listed or traded is closed (other than for public or bank holidays) or trad- ing on such stock exchange or on the relevant market is suspended or restricted;
- in emergency situations in which the Management Company cannot have access to the invest- ments of a fund, or in which it is impossible to transfer the countervalue of investment purchases or sales freely, or in which the calculation of the share value cannot be properly conducted.
- if disruptions in the communications network, or any other reason, make it impossible to calcu- late the value of a considerable part of the net assets either quickly or sufficiently.
As long as the calculation of the net asset value per unit has been temporarily suspended, the issue, re- demption and exchange of units will also be temporarily suspended.
- Investors who have issued a subscription, redemption or exchange order shall be immediately informed of any suspension of the unit value calculation and shall be immediately notified after the resumption of unit value calculation.
- Subscription, redemption and exchange orders shall automatically become invalid if the calculation of the net asset value is suspended. The investors or potential investors shall be informed that the sub- scription, redemption or exchange orders must be resubmitted after the resumption of the calculation of the net asset value.
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en
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es
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DOLFIN6204
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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
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- As the fund invests in a relatively small number of investments or issuers it may experience a more volatile Net Asset Value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.
Key Investor Information Fidelity Electric Vehicle &Future Transportation UCITS ETF
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# Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Remuneración normalmente menor Remuneración normalmente mayor
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Los datos históricos pueden no ser una indicación fiable de lo que ocurra en el futuro.
- No hay garantías de que la categoría de riesgo mostrada vaya a mantenerse y puede cambiar con el paso del tiempo.
- La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
- El perfil de riesgo y remuneración se clasifica según el nivel de fluctuación histórica de los Valores liquidativos de la Clase de Acciones y, dentro de dicha clasificación, las categorías 1-2 indican un nivel bajo de fluctuación, 3-5 un nivel medio y 6-7 un nivel alto.
- El valor de su inversión puede incrementarse o disminuir, y cabe la posibilidad de que recupere un importe inferior a la cantidad invertida.
- El subfondo puede invertir en instrumentos emitidos en divisas distintas a la de denominación del subfondo. Por tanto, las fluctuaciones del tipo de cambio pueden afectar al valor de su inversión.
- Podrá utilizarse cobertura cambiaria para reducir el efecto de las mismas. Sin embargo, es posible que estos efectos no se eliminen totalmente o en la medida en que se pretenda.
- Cabe la posibilidad de que el uso de derivados produzca«apalancamiento», es decir, un nivel de exposición que podría hacer que el Subfondo registrara más ganancias o pérdidas de las que hubiera obtenido en otras circunstancias.
- Puesto que el Subfondo invierte en un número relativamente pequeño de inversiones o emisores, puede sufrir una mayor volatilidad del Valor liquidativo como resultado de esta concentración de posiciones en relación con aquellos Subfondos diversificados entre un mayor número de inversiones o emisores.
Datos fundamentales para el inversor Fidelity Electric Vehicle &Future Transportation UCITS ETF
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# Risk and Reward Profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
- Historical data may not be a reliable indication for the future.
- The risk category shown is not guaranteed and may change over time.
- The lowest category does not mean a "risk free" investment.
- The risk and reward profile is classified by the level of historical fluctuation of the Net Asset Values of the share class, and within this classification, categories 1-2 indicate a low level of historical fluctuations, 3-5 a medium level and 6-7 a high level.
- The value of your investment may fall as well as rise and you may get back less than you originally invested.
- The fund may invest in instruments denominated in currencies other than the fund base currency. Changes in currency exchange rates can therefore affect the value of your investment.
- Currency hedging may be used which aims to reduce the effect of such changes. However, the effects may not be completely eliminated to the degree expected.
- The use of derivatives may result in ‘‘leverage’’ by which we mean a level of exposure which could expose the fund to the potential of greater gains or losses than would otherwise be the case.
- As the fund invests in a relatively small number of investments or issuers it may experience a more volatile Net Asset Value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.
Key Investor Information Fidelity Electric Vehicle &Future Transportation UCITS ETF
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en
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es
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DOLFIN6214
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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 & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invest 55-90% of its total net assets in fixed income transferable securities and 5-40% of its total net assets in equities and/or equity- equivalent securities (such as ADR/GDR). The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and up to 30% of its total net assets in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds. The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities. The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including up to 30% of its total net assets in emerging markets. The Fund can hold up to 15% in cash.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
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## Objetivos y política de inversión
El Fondo trata de proporcionar una rentabilidad positiva a medio plazo.
El Fondo invierte el 55-90% de su patrimonio neto total en valores mobiliarios de renta fija y el 5-40% de su patrimonio neto total en acciones y/o valores equivalentes a acciones (como ADR/GDR). El Fondo invierte más de la mitad de su patrimonio neto total en bonos gubernamentales de grado de inversión y bonos cubiertos daneses de mercados desarrollados, y hasta el 30% de su patrimonio neto total en bonos corporativos calificados (bonos corporativos de grado de inversión o bonos corporativos de alto rendimiento), bonos soberanos de mercados emergentes (de grado de inversión o de alto rendimiento) y/o bonos no calificados.
El Fondo podrá invertir hasta el 10% de su patrimonio neto total en Acciones A de China a través del China-Hong Kong Stock Connect.
El Fondo podrá invertir, de forma limitada, en valores convertibles, convertibles contingentes (menos del 5% del activo neto total) y warrants sobre valores mobiliarios.
El Fondo podrá invertir en activos líquidos y/o instrumentos del mercado monetario negociados regularmente.
El Fondo es un fondo global y podrá invertir en todas las regiones, incluyendo hasta el 30% de su activo neto total en mercados emergentes.
El Fondo puede mantener hasta el 15 % en posiciones de tesorería.
El fondo podrá, de forma limitada, invertir en otros fondos, incluidos fondos cerrados con estrategias alternativas.
No existen limitaciones en cuanto a la divisa de las inversiones. El Fondo podrá usar derivados de divisas para, entre otras cosas, proteger su cartera frente a las fluctuaciones de divisas. La divisa de referencia del Fondo es EUR. La divisa de referencia de la Clase de acciones es EUR. La Clase de acciones es de acumulación, es decir, los rendimientos generados por el Fondo se reinvierten para incrementar el valor de sus inversiones.
El fondo se gestiona de forma activa.
Recomendación: Este Fondo puede no ser apropiado para inversores que prevean retirar su dinero en 3 años. Mediante solicitud, usted puede comprar y reembolsar sus acciones en los días hábiles bancarios completos de Luxemburgo.
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## Objectives & Investment Policy
The Fund aims at providing a positive return over the medium term.
The Fund invest 55-90% of its total net assets in fixed income transferable securities and 5-40% of its total net assets in equities and/or equity- equivalent securities (such as ADR/GDR). The Fund invests more than half of its total net assets in developed markets investment grade government and Danish covered bonds, and up to 30% of its total net assets in rated corporate bonds (investment grade corporate bonds or high yield corporate bonds), emerging markets sovereign bonds (investment grade or high yield) and/or non-rated bonds. The Fund may invest up to 10% of its total net assets in China A-Shares via the China-Hong Kong Stock Connect.
The Fund may, to a limited extent, invest in convertible securities, contingent convertibles (less than 5% of the total net assets) and warrants on transferable securities. The Fund may invest in liquid assets and/or regularly traded money market instruments.
The Fund is a global fund and may invest in all regions, including up to 30% of its total net assets in emerging markets. The Fund can hold up to 15% in cash.
The Fund may, to a limited extent, invest in other funds, including closed-end funds with alternative strategies.
There is no limitation in terms of currency of investments. The Fund may use currency derivatives to amongst others protect its portfolio against currency fluctuations.
The Fund’s reference currency is EUR. The Share Class’ currency is EUR.
The Share Class is accumulating, i.e. income generated by the Fund is reinvested to grow the value of your investments.
The Fund is actively managed.
Recommendation: This Fund may not be appropriate for investors who plan to withdraw their money within 3 years.
On demand, you can buy and redeem your shares on Luxembourg full bank business days.
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en
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es
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DOLFIN6215
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Information relating to changes in fund manager, investment objective, benchmark and corporate action information
Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Flex Cap Equity Category. The fund's investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the investment manager invests the fund's assets. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The investment manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. Any comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy.
Benchmarks:
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. On 01.12.2016, the fund, previously named Schroder ISF European Equity Alpha, changed its name to Schroder ISF European Value.
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# Información relacionada con cambios de gestión del fondo, objetivo de inversión, valor de referencia o iniciativas corporativas
Pueden existir ciertas diferencias de rentabilidad entre el fondo y la referencia debido a que la rentabilidad del fondo se calcula en un punto de valoración diferente a la referencia. La rentabilidad del fondo se evaluará con respecto a su índice de referencia objetivo, que consiste en superar el índice MSCI Europe (Net TR), y en comparación con los índices MSCI Europe Value (Net TR) y el Morningstar Europe Flex Cap Equity Category. Se espera que el universo de inversión del fondo se correlacione en cierta medida con los componentes del índice de referencia objetivo y el índice MSCI Europe Value (Net TR). Los índices de referencia de comparación solo se incluyen con fines de comparación de la rentabilidad y no influyen en la forma en que el gestor de inversiones invierte los activos del fondo. El gestor de inversiones invierte de forma discrecional y no existen restricciones en la medida en que la cartera y la rentabilidad del fondo puedan desviarse del índice de referencia objetivo o del índice MSCI Europe Value (Net TR). El gestor de inversiones invertirá en empresas o sectores no incluidos en el índice de referencia objetivo o en el índice MSCI Europe Value (Net TR) con el fin de aprovechar oportunidades de inversión específicas. El índice de referencia objetivo se ha seleccionado porque es representativo del tipo de inversiones en las que probablemente invertirá el fondo; por lo tanto, es un objetivo adecuado en relación con el rendimiento que el fondo trata de proporcionar. Cualquier índice de referencia de comparación se ha seleccionado porque el gestor de inversiones considera que dicho índice de referencia constituye un instrumento de comparación adecuado a efectos de rentabilidad, teniendo en cuenta el objetivo y la política de inversión del fondo.
Índices de referencia
La gestora de inversiones invierte a su entera discreción y no existen restricciones en la medida en que la cartera y la rentabilidad del fondo puedan desviarse del índice de referencia. La gestora de inversiones invertirá en empresas o sectores no incluidos en el índice de referencia con el fin de aprovechar oportunidades de inversión específicas.
Los nombres de los valores de referencia de este documento pueden estar abreviados. Consulte la documentación jurídica de los fondos para conocer el nombre completo de los valores de referencia. Con efecto desde el 01.12.2016, el fondo de inversion anteriormente denominado Schroder ISF European Equity Alpha, fue renombrado Schroder ISF European Value.
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# Information relating to changes in fund manager, investment objective, benchmark and corporate action information
Some performance differences between the fund and the benchmark may arise because the fund performance is calculated at a different valuation point from the benchmark. The fund's performance should be assessed against its target benchmark, being to exceed the MSCI Europe (Net TR) index and compared against the MSCI Europe Value (Net TR) index and the Morningstar Europe Flex Cap Equity Category. The fund's investment universe is expected to overlap to a limited extent with the components of the target benchmark and the MSCI Europe Value (Net TR) index. The comparator benchmarks are only included for performance comparison purposes and do not have any bearing on how the investment manager invests the fund's assets. The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the target benchmark or the MSCI Europe Value (Net TR) index. The investment manager will invest in companies or sectors not included in the target benchmark or the MSCI Europe Value (Net TR) index in order to take advantage of specific investment opportunities. The target benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest, and it is, therefore, an appropriate target in relation to the return that the fund aims to provide. Any comparator benchmark has been selected because the investment manager believes that the benchmark is a suitable comparison for performance purposes given the fund's investment objective and policy.
Benchmarks:
The investment manager invests on a discretionary basis and there are no restrictions on the extent to which the fund's portfolio and performance may deviate from the benchmark. The investment manager will invest in companies or sectors not included in the benchmark in order to take advantage of specific investment opportunities.
Benchmark names in this document may be abbreviated. Please refer to the funds’ legal documents for the full benchmark name. On 01.12.2016, the fund, previously named Schroder ISF European Equity Alpha, changed its name to Schroder ISF European Value.
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en
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es
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DOLFIN6219
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Taxation:
Since mutual funds have a co-ownership structure, they are exempt from corporation tax and are deemed to be transparent.
As such, any gains or losses realised when Fund units are redeemed (or when the Fund is dissolved) are capital gains or losses and are taxed as capital gains or losses on transferable securities, applicable to each unitholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, and so on). Such gains may be subject to withholding tax if the unitholder is not a resident of France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation. Lastly, unitholders are advised that A, CR, I, PWM EUR and PWM USD units of the Fund are accumulation units, while B, CRD, J, PWMD EUR and PWMD USD units are distribution units.
Prior to subscribing to the Fund, unitholders unsure of their tax situation are advised to contact a tax adviser for further information about the specific tax treatment that will be applicable to them.
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#### Régimen fiscal:
En su calidad de copropiedad, los Fondos quedan de pleno derecho fuera del campo de aplicación del impuesto sobre sociedades y se benefician de cierta transparencia.
De esta manera, las ganancias o las pérdidas realizadas que se deriven del reembolso de las participaciones del Fondo (o de la disolución del Fondo) constituyen plusvalías o minusvalías sometidas al régimen tributario sobre valores mobiliarios aplicable a cada partícipe en función de su situación específica (país de residencia, persona física o jurídica, lugar de suscripción, etc.). Estas plusvalías pueden ser objeto de retención a cuenta si el partícipe no está fiscalmente domiciliado en Francia. Asimismo, en algunos casos, las plusvalías latentes pueden ser objeto de tributación. Por último, se indica al partícipe que el Fondo incluye participaciones «A», «CR», «I», «PWM EUR» y «PWM USD» de capitalización, y participaciones «B», «CRD», «J», «PWMD EUR» y «PWMD USD» de distribución.
Antes de suscribir cualquier participación del FI, si tiene dudas sobre su situación fiscal, se invita al partícipe a consultar a un asesor fiscal acerca del régimen fiscal específico que se le aplicará.
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#### Taxation:
Since mutual funds have a co-ownership structure, they are exempt from corporation tax and are deemed to be transparent.
As such, any gains or losses realised when Fund units are redeemed (or when the Fund is dissolved) are capital gains or losses and are taxed as capital gains or losses on transferable securities, applicable to each unitholder depending on their own situation (country of residence, natural person or legal entity, place of subscription, and so on). Such gains may be subject to withholding tax if the unitholder is not a resident of France for tax purposes. In addition, unrealised capital gains may, in some cases, be subject to taxation. Lastly, unitholders are advised that A, CR, I, PWM EUR and PWM USD units of the Fund are accumulation units, while B, CRD, J, PWMD EUR and PWMD USD units are distribution units.
Prior to subscribing to the Fund, unitholders unsure of their tax situation are advised to contact a tax adviser for further information about the specific tax treatment that will be applicable to them.
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en
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es
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DOLFIN6224
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Contracts constituting financial guarantees
Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive or give financial assets constituting guarantees with the objective of reducing its overall counterparty risk.
The financial guarantees shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership.
The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the Fund’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases.
In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following:
- It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope;
- It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees;
- In accordance with the regulations in force, it shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets,
- Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate bonds or treasury bills and short- term money market funds.
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## Contratos que constituyen garantías financieras
En el marco de las operaciones con instrumentos financieros derivados OTC y las operaciones de adquisición y cesión temporal de valores, el fondo puede recibir u otorgar activos financieros que constituyan garantías financieras y que tengan como objetivo reducir su riesgo global de contraparte.
Las garantías financieras consisten fundamentalmente en efectivo, en el caso de las operaciones con instrumentos financieros derivados OTC, y en efectivo y títulos de deuda pública elegibles, en el caso de las operaciones de adquisición y cesión temporal de valores. Todas las garantías financieras, recibidas u otorgadas, se transferirán en plena propiedad.
El riesgo de contraparte derivado de las operaciones con instrumentos derivados OTC y el riesgo derivado de las operaciones de adquisición y cesión temporal de valores no podrán, en su conjunto, superar el 10% del patrimonio neto del fondo cuando la contraparte sea una de las entidades de crédito definidas en la normativa en vigor, o el 5% del patrimonio neto en los demás casos.
A este respecto, la garantía financiera (colateral) recibida y que se utilice para reducir la exposición al riesgo de contraparte deberá respetar lo siguiente:
- Se aportará en efectivo o en obligaciones o bonos del Tesoro de cualquier vencimiento emitidos o garantizados por los países miembros de la OCDE o sus entes públicos territoriales o por instituciones y organismos supranacionales a escala comunitaria, regional o mundial.
- Será mantenida por el Depositario del fondo o por uno de sus agentes o una tercera parte bajo su supervisión, o por cualquier depositario tercero que esté sometido a una vigilancia prudencial y que no guarde relación alguna con el proveedor de las garantías financieras.
- De conformidad con la normativa en vigor, la garantía financiera respetará en todo momento los criterios de liquidez, valoración (a diario, como mínimo), calidad crediticia de los emisores (calificación mínima de AA-), escasa correlación con la contraparte y diversificación, con una exposición a un emisor determinado de un máximo del 20% del patrimonio neto;
- Las garantías financieras recibidas en efectivo se depositarán, en su gran mayoría, en entidades elegibles y/o se utilizarán en operaciones con pacto de recompra inversa y, en menor medida, se invertirán en obligaciones o bonos del Tesoro de alta calidad e IIC monetarias a corto plazo.
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## Contracts constituting financial guarantees
Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive or give financial assets constituting guarantees with the objective of reducing its overall counterparty risk.
The financial guarantees shall primarily take the form of cash in the case of OTC derivatives transactions, and cash and eligible government bonds in the case of temporary purchases/sales of securities. All financial guarantees received or given are transferred with full ownership.
The counterparty risk inherent in OTC derivatives transactions, combined with the risk resulting from temporary purchases/sales of securities, may not exceed 10% of the Fund’s net assets where the counterparty is one of the credit institutions defined in the current regulations, or 5% of its assets in other cases.
In this regard, any financial guarantee (collateral) received and serving to reduce counterparty risk exposure shall comply with the following:
- It shall take the form of cash or bonds or treasury bills (of any maturity) issued or guaranteed by OECD member states, by their regional public authorities or by supranational institutions and bodies with EU, regional or worldwide scope;
- It shall be held by the Custodian of the fund or by one of its agents or a third party under its supervision or by any third-party custodian subject to prudential supervision and which is not linked in any way to the provider of the financial guarantees;
- In accordance with the regulations in force, it shall at all times fulfil liquidity, valuation (at least daily), issuer credit rating (at least AA-), counterparty correlation (low) and diversification criteria, and exposure to any given issuer shall not exceed 20% of the net assets,
- Financial guarantees received in the form of cash shall be mainly deposited with eligible entities and/or used in reverse repurchase transactions, and to a lesser extent invested in first-rate bonds or treasury bills and short- term money market funds.
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en
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es
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DOLFIN6227
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Introduction
The Unit Trust was established pursuant to a trust deed dated 21 June 1993 made between Baring International Fund Managers (Ireland) Limited as Manager (the “Manager”) and Northern Trust Fiduciary Services (Ireland) Limited as Depositary (the “Depositary”), as amended and restated by the Trust Deed dated 30 March 2016 (as may be supplemented from time to time) and is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The object of the Unit Trust is the collective investment of capital raised from the public in transferable securities and/or in other liquid financial assets in accordance with the UCITS Regulations operating on the principle of risk spreading.
The Unit Trust is organised in the form of an umbrella fund. The Trust Deed provides that the Unit Trust may offer separate Funds. Each Fund will have a distinct portfolio of investments. The Unit Trust has obtained the approval of the Central Bank for the establishment of the Funds set out below. Information specific to a Fund will be set out in each Supplement.
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# Introducción
El Fideicomiso de inversiones se constituyó en virtud de un contrato de fideicomiso de fecha 21 de junio de 1993 celebrado entre Baring International Fund Managers (Ireland) Limited como Entidad gestora (la “Entidad gestora”) y Northern Trust Fiduciary Services (Ireland) Limited como Depositario (el “Depositario”), en su versión enmendada y actualizada por el Contrato de fideicomiso de fecha 30 de marzo de 2016 (tal como pueda ser suplementado en cada momento), y está autorizado por el Banco Central como OICVM conforme al Reglamento OICVM. El objetivo del Fideicomiso de inversiones es la inversión colectiva en valores mobiliarios y/u otros activos financieros líquidos indicados en el Reglamento OICVM con capital recaudado del público aplicando el principio de reparto de riesgos.
El Fideicomiso de inversiones está organizado en forma de fondo paraguas. El Contrato de fideicomiso estipula que el Fideicomiso de inversiones puede ofrecer Fondos separados. Cada Fondo tendrá una cartera distinta de inversión. El Fideicomiso de inversiones ha obtenido la aprobación del Banco Central para el establecimiento de los Fondos que se indican a continuación. En cada Suplemento se establecerá la información específica sobre un Fondo.
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# Introduction
The Unit Trust was established pursuant to a trust deed dated 21 June 1993 made between Baring International Fund Managers (Ireland) Limited as Manager (the “Manager”) and Northern Trust Fiduciary Services (Ireland) Limited as Depositary (the “Depositary”), as amended and restated by the Trust Deed dated 30 March 2016 (as may be supplemented from time to time) and is authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations. The object of the Unit Trust is the collective investment of capital raised from the public in transferable securities and/or in other liquid financial assets in accordance with the UCITS Regulations operating on the principle of risk spreading.
The Unit Trust is organised in the form of an umbrella fund. The Trust Deed provides that the Unit Trust may offer separate Funds. Each Fund will have a distinct portfolio of investments. The Unit Trust has obtained the approval of the Central Bank for the establishment of the Funds set out below. Information specific to a Fund will be set out in each Supplement.
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en
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es
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DOLFIN6241
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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 Swiss Re Cat Bond Index (TR) between 31/07/2013-31/07/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,843
8.4%
GBP 13,061
5.5%
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# Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/07/2013-31/07/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 843 GBP
8,4%
13 061 GBP
5,5%
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# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/07/2013-31/07/2018.
Favourable scenario
What you might get back after costs
Average return each year
GBP 10,843
8.4%
GBP 13,061
5.5%
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en
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es
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DOLFIN6245
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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 return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% Hedged to USD Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of equity securities (e.g. shares) of large and mid capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. Securities that are liquid means that they can easily be bought or sold in the market in normal market conditions. The Index is free float-adjusted market capitalisation weighted (i.e. the share price of a company multiplied by the number of shares available to international investors). The Index also uses (FX) forward contracts to hedge each non-US Dollar (USD) currency in the Index back to USD, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and USD.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The FX forward contracts hedge each non-USD currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology. The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar.
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/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 pretende conseguir un retorno 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 EMU 100% Hedged to USD Index, el índice de referencia del Fondo (el «Índice»).
El Índice ofrece la rentabilidad del Índice MSCI EMU, que mide la rentabilidad de los valores de renta variable (como por ejemplo acciones) de las empresas de elevada y mediana capitalización de los países de los mercados desarrollados de la Unión Económica y Monetaria Europea (UME) de acuerdo con criterios del tamaño de MSCI, liquidez y flotación libre. Se entiende por liquidez de los valores que puedan comprarse y venderse fácilmente en el mercado, en condiciones normales de este. El Índice está ponderado por capitalización bursátil ajustada a flotación libre (es decir, la cotización bursátil de la empresa multiplicada por el número de acciones disponibles para inversores internacionales). El Índice también utiliza contratos de divisas a plazo para cubrir cada divisa del Índice distinta del dólar estadounidense (USD) respecto de este último, la moneda base del Fondo. La cobertura reduce el efecto de las fluctuaciones de los tipos de cambio entre las divisas de los valores de renta variable que componen el Índice y el USD.
El Fondo trata de invertir en la medida de lo posible y factible en los valores de renta variable que componen el MSCI EMU Index, así como en contratos de divisas a plazo que, en la medida de lo posible y factible, sigan la metodología de cobertura del Índice.
Los contratos de divisas a plazo cubren cada divisa del Índice distinta del USD respecto de la moneda base del Fondo. Esto se basa en la metodología de los índices MSCI Hedged.
El Fondo trata de replicar el Índice manteniendo los valores de renta variable que componen el Índice en proporciones similares a este.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
La gestora de inversiones podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar los objetivos de inversión del Fondo. Los IFD pueden utilizarse con fines de inversión directa.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán acumulativas (es decir, los rendimientos se incorporarán a su valor). La moneda base del Fondo es el dólar estadounidense.
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, 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 return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI EMU 100% Hedged to USD Index, the Fund’s benchmark index (Index).
The Index provides a return on the MSCI EMU Index which measures the performance of equity securities (e.g. shares) of large and mid capitalisation companies across developed market countries in the European Economic and Monetary Union (EMU) according to the MSCI size, liquidity and free float criteria. Securities that are liquid means that they can easily be bought or sold in the market in normal market conditions. The Index is free float-adjusted market capitalisation weighted (i.e. the share price of a company multiplied by the number of shares available to international investors). The Index also uses (FX) forward contracts to hedge each non-US Dollar (USD) currency in the Index back to USD, the base currency of the Fund. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the equity securities that make up the Index and USD.
The Fund is passively managed and aims to invest so far as possible and practicable in the equity securities that make up the MSCI EMU Index, as well as FX forward contracts that, so far as possible and practicable, track the hedging methodology of the Index.
The FX forward contracts hedge each non-USD currency in the Index back to the Fund’s base currency. This is based on the MSCI Hedged Indices methodology. The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objectives. FDIs may be used for direct investment purposes.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be accumulating shares (i.e. income will be included in their value).
The Fund’s base currency is US Dollar.
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/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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DOLFIN6246
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment.
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# ¿Qué riesgos corro y qué podría obtener a cambio?
Indicador de riesgo
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El riesgo real puede variar considerablemente en caso de salida anticipada, por lo que es posible que recupere menos dinero.
El indicador resumido de riesgo es una guía del nivel de riesgo de este producto en comparación con otros productos. Muestra las probabilidades de que el producto pierda dinero debido a la evolución de los mercados o porque no podamos pagarle.
Hemos clasificado este producto en la clase de riesgo 5 en una escala de 7, en la que 5 significa un riesgo medio alto. Esta evaluación califica la posibilidad de sufrir pérdidas en rentabilidades futuras como media alta y la probabilidad de que una mala coyuntura de mercado influya en el valor de su inversión.
Las inversiones en empresas extranjeras conllevan riesgos entre los que se incluyen la exposición a las fluctuaciones de divisas, una menor liquidez, mercados de negociación menos desarrollados e inestabilidad política. El Fondo puede invertir en derivados, lo cual puede incidir en gran medida en la rentabilidad del Fondo.
Tenga presente el riesgo de cambio. Recibirá pagos en una moneda diferente, por lo que su rentabilidad final dependerá del tipo de cambio entre las dos monedas. Este riesgo no se tiene en cuenta en el indicador indicado anteriormente.
Para más información sobre otros riesgos de importancia significativa para el producto que podría no reflejar adecuadamente el indicador resumido de riesgo, consulte el folleto del producto en www.alger.com.
Este producto no incluye protección alguna respecto de la rentabilidad futura del mercado, por lo que podría perder parte o la totalidad de su inversión.
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# What are the risks and what could I get in return?
Risk Indicator
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The actual risk can vary significantly if you cash in at an early stage and you may get back less.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a medium-high level and poor market conditions will likely impact the value of your investment.
Investments in foreign companies involve risks including exposure to currency fluctuations, less liquidity, less developed trading markets and political instability. The Fund may invest in derivatives which may have a large impact on the Fund's performance.
Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depends on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.
For other risks materially relevant to the product which are not taken into account in the summary risk indicator, please read the product’s Annual Report or Prospectus available at www.alger.com.
This product does not include any protection from future market performance so you could lose some or all of your investment.
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en
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es
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DOLFIN6253
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Capitalised terms not defined herein shall have the meaning given to them in the prospectus of the Company (the "Prospectus").
Further information regarding the changes mentioned above, including more detailed information regarding each New Reference Index and the Direct Investment Policy are contained in the Prospectus. The Prospectus, as well as the revised key investor information documents in relation to the Sub-Funds are available on the website of the Company (www.Xtrackers.com), a copy of which may be obtained free of charge at the Company’s registered office or at the foreign representatives’ offices.
If you have any queries or if any of the above is not clear, you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor. All shareholders are strongly advised to consult their tax advisor to assess (1) the impact of the changes and any potential tax consequences thereof and (2) any potential changes between the current and / or future taxation of their investment under the laws of the countries of their nationality, residence, domicile or incorporation.
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# Los términos en mayúscula no definidos en este documento tendrán el significado que se les otorga en el folleto de la Sociedad (el “Folleto”).
En el Folleto se detalla más información sobre los cambios mencionados anteriormente, incluida información pormenorizada sobre cada Nuevo Índice de Referencia y la Política de Inversión Directa. Asimismo, tanto el Folleto como los documentos revisados de datos fundamentales para el inversor de los Subfondos estarán disponibles en la página web de la Sociedad (www.Xtrackers.com) y podrán obtenerse copias gratuitas en el domicilio social de esta o en las oficinas de los representantes extranjeros.
Si tiene cualquier pregunta o precisa alguna aclaración sobre cualesquiera de las cuestiones anteriores, le recomendamos que se ponga en contacto con su agente de bolsa, director de banco, asesor jurídico o contable o con otro asesor financiero independiente. Se recomienda encarecidamente que los accionistas consulten a sus asesores fiscales para evaluar (1) el impacto de los cambios y cualquier posible consecuencia tributaria de los mismos y (2) cualquier posible variación entre la fiscalidad actual o futura de su inversión con arreglo a las leyes de sus países de nacionalidad, residencia, domicilio o constitución.
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# Capitalised terms not defined herein shall have the meaning given to them in the prospectus of the Company (the "Prospectus").
Further information regarding the changes mentioned above, including more detailed information regarding each New Reference Index and the Direct Investment Policy are contained in the Prospectus. The Prospectus, as well as the revised key investor information documents in relation to the Sub-Funds are available on the website of the Company (www.Xtrackers.com), a copy of which may be obtained free of charge at the Company’s registered office or at the foreign representatives’ offices.
If you have any queries or if any of the above is not clear, you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor. All shareholders are strongly advised to consult their tax advisor to assess (1) the impact of the changes and any potential tax consequences thereof and (2) any potential changes between the current and / or future taxation of their investment under the laws of the countries of their nationality, residence, domicile or incorporation.
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en
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es
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DOLFIN6258
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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 profile:
Credit risk:
A bond or money market instrument may lose value in the event of the deterioration of the financial health of the issuer.
If the financial health of the issuer of a bond or money market instrument should deteriorate, or if the market believes that it could deteriorate, there may be a reduction in the value of the bond or money market instrument in question. The lower the credit rating of the debt, the higher the credit risk.
In certain cases, it is possible that an individual issuer may find themselves in default of payment (see “Risk of default” in the section “Unusual market conditions”), even if market conditions are, in general, normal.
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### Perfil de riesgo :
Riesgo crediticio:
Un bono o un instrumento del mercado monetario puede perder valor en caso de deterioro de la solvencia económica del emisor.
Si la solvencia económica del emisor de un bono o un instrumento del mercado monetario se degrada, o si el mercado prevé que podría degradarse, el valor de la obligación o el instrumento del mercado monetario en cuestión podría disminuir. Cuanta menos calidad tenga el crédito de la deuda, mayor es el riesgo crediticio.
En determinados casos, es posible que un emisor individual incurra en un impago (véase «Riesgo de impago», en la sección «Condiciones de mercado inusuales»), aunque las condiciones de mercado sean, por lo general, normales.
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### Risk profile:
Credit risk:
A bond or money market instrument may lose value in the event of the deterioration of the financial health of the issuer.
If the financial health of the issuer of a bond or money market instrument should deteriorate, or if the market believes that it could deteriorate, there may be a reduction in the value of the bond or money market instrument in question. The lower the credit rating of the debt, the higher the credit risk.
In certain cases, it is possible that an individual issuer may find themselves in default of payment (see “Risk of default” in the section “Unusual market conditions”), even if market conditions are, in general, normal.
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en
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DOLFIN6262
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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
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 9.8 | 24.4 | 3.3 | -2.9 | 4.3 | 15.9 | -15.4 | 21.6 | 21.5 | 13.0 |
| Constraint †¹ | 16.7 | 26.3 | 6.4 | -0.8 | 9.1 | 23.7 | -8.2 | 27.9 | 15.1 | 21.7 |
| Comparator †² | 17.0 | 24.7 | 4.8 | -1.4 | 8.7 | 24.1 | -8.8 | 27.7 | 16.3 | 20.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 10 February 2022
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# Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 9,8 | 24,4 | 3,3 | -2,9 | 4,3 | 15,9 | -15,4 | 21,6 | 21,5 | 13,0 |
| Limitación †¹ | 16,7 | 26,3 | 6,4 | -0,8 | 9,1 | 23,7 | -8,2 | 27,9 | 15,1 | 21,7 |
| Comparador †² | 17,0 | 24,7 | 4,8 | -1,4 | 8,7 | 24,1 | -8,8 | 27,7 | 16,3 | 20,9 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 10 febrero 2022
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# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 9.8 | 24.4 | 3.3 | -2.9 | 4.3 | 15.9 | -15.4 | 21.6 | 21.5 | 13.0 |
| Constraint †¹ | 16.7 | 26.3 | 6.4 | -0.8 | 9.1 | 23.7 | -8.2 | 27.9 | 15.1 | 21.7 |
| Comparator †² | 17.0 | 24.7 | 4.8 | -1.4 | 8.7 | 24.1 | -8.8 | 27.7 | 16.3 | 20.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 10 February 2022
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en
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es
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DOLFIN6265
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
Unit certificates will not be issued.
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# Suscripciones de Participaciones
De conformidad con el Contrato de fideicomiso, la Entidad gestora tiene el derecho exclusivo de emitir Participaciones de cualquier Clase en nombre del Fideicomiso de inversiones y crear, con la autorización del Depositario y el Banco Central, nuevas Clases de Participaciones, gozando de entera discreción a la hora de aceptar o rechazar total o parcialmente las solicitudes de Participaciones. La Entidad gestora determina el precio de emisión inicial de cada Clase. Todas las Participaciones de cada Clase poseerán la misma categoría. Normalmente, las emisiones de Participaciones se realizan para que entren en vigor a partir de un Día de negociación en el caso de las solicitudes recibidas hasta las 12:00 horas de Irlanda de ese Día de negociación.
El precio de emisión de Participaciones a cualquier persona cuya solicitud se reciba antes de las 12:00 horas de Irlanda de un Día de negociación, tras la emisión inicial, se calcula haciendo referencia al Valor de activo neto por Participación calculado a la Hora de valoración ese Día de negociación.
La Entidad gestora podrá declarar a su entera discreción el cierre de cualquier Fondo o Clase a nuevas suscripciones. Los Titulares de participaciones existentes del Fondo o la Clase recibirán una notificación previa de dicho cierre y la Entidad gestora notificará también a los distribuidores y/o a los agentes de colocación. La Entidad gestora podrá hacer uso de su facultad de cerrar el Fondo a nuevas suscripciones cuando tengan la certeza de que redundará en el interés superior de los Titulares de participaciones de un Fondo, teniendo en cuenta las condiciones de mercado imperantes en cada momento. La Entidad gestora tendrá la facultad de reabrir el Fondo o la Clase pertinente a la suscripción cualquier Día de negociación y los Titulares de participaciones existentes recibirán una notificación previa de dicha reapertura.
La Entidad gestora no podrá emitir ni vender Participaciones en un periodo durante el cual el derecho de los Titulares de participaciones a solicitar la amortización de sus Participaciones esté suspendido de acuerdo con el siguiente apartado “Amortización de Participaciones”. A los solicitantes de Participaciones se les notificará dicho aplazamiento o cancelación y, a menos que las retiren, sus solicitudes se gestionarán el siguiente Día de negociación tras el final de la suspensión.
Todas las Participaciones serán nominativas. No se emitirán certificados representativos de las Participaciones. Normalmente, el registro de las Participaciones incluidas en la solicitud se realizará en un plazo de veintiún días tras la recepción de los datos de registro por parte de la Entidad gestora. La propiedad se registra mediante una inscripción en el registro de Participaciones y se asigna al inversor un número de cuenta que aparecerá en el aviso de registro expedido en el plazo de veintiún días tras la citada recepción por parte de la Entidad gestora. Su número de cuenta debería indicarse en todas las comunicaciones relativas al Fondo.
La Entidad administradora calculará el Valor de activo neto por Participación de cada Fondo y lo notificará a la Bolsa irlandesa sin dilación una vez que lo haya calculado. El cálculo del Valor de activo neto por Participación podrá suspenderse cuando el derecho de los Titulares de participaciones a solicitar la amortización de las Participaciones se suspenda con arreglo al epígrafe “Amortización de Participaciones” del Folleto. Cualquier suspensión será notificada al Banco Central y a la Bolsa irlandesa sin demora y, cuando sea posible, se tomarán todas las medidas razonables para poner fin lo antes posible al período de suspensión.
La Entidad gestora, la Entidad de administración o un distribuidor pueden, a su entera discreción, rechazar cualquier orden de suscripción de Participaciones, en su totalidad o en parte, de forma justificada o no, lo que incluye, en particular, aquellos casos en los que la Entidad gestora o la Entidad administradora, según corresponda, razonablemente crean que la orden de suscripción puede representar un patrón de actividad de negociación excesiva o de aprovechamiento de las “oportunidades del mercado” en relación con el Fideicomiso de inversiones. Si se rechaza una solicitud de Participaciones, los importes de la suscripción se devolverán al solicitante en un plazo de catorce días desde la fecha de dicha solicitud, por cuenta y riesgo del solicitante, y no se devengarán ni intereses ni ningún otro tipo de compensación en relación con tales importes devueltos.
No se emitirán certificados representativos de las Participaciones.
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# Subscriptions of Units
Under the Trust Deed the Manager is given the exclusive right to effect for the account of the Unit Trust the issue of Units of any Class and to create, with the consent of the Depositary and the Central Bank, new Classes of Unit and have absolute discretion to accept or reject in whole or in part any application for Units. The initial issue price for each Class is determined by the Manager. All Units of each Class will rank pari passu. Issues of Units are normally made with effect from a Dealing Day against applications received up to 12 noon Irish time on that Dealing Day.
The price at which Units will be issued to any person whose application is received prior to 12 noon Irish time on a Dealing Day, after the initial issue, is calculated by reference to the Net Asset Value per Unit determined as at the Valuation Point on that Dealing Day.
The Manager shall have an absolute discretion to declare any Fund or Class closed to further subscriptions. Existing Unitholders of the relevant Fund or Class will be provided with prior notification of such closure and the Manager shall also notify distributors and/or placing agents. The Manager may invoke this discretion to close the Fund to further subscriptions where they are satisfied that it will be in the best interests of the Unitholders of a Fund, given the market conditions prevailing at the time. The Manager will have the discretion to re-open the relevant Fund or Class for subscription on any Dealing Day and existing Unitholders will be given advance notification of such re-opening.
Units may not be issued or sold by the Manager during any period when the right of Unitholders to require the redemption of their Units is suspended in the manner described under “Redemption of Units” below. Applicants for Units will be notified of such postponement or cancellation and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension.
All Units shall be in registered form. Unit certificates will not be issued. Registration of the Units comprised in the application will normally be effected within twenty-one days of the Manager receiving the relevant registration details. Ownership is recorded by an entry in the Unit register and an account number is allocated to the investor which will be shown in a registration advice despatched within twenty-one days of the Manager receiving the relevant registration details. Your account number should be quoted in all communications relating to the Fund.
The Net Asset Value per Unit of each Fund will be calculated by the Administrator and notified to the Irish Stock Exchange without delay upon calculation by the Administrator. The calculation of the Net Asset Value per Unit may be suspended when the right of Unitholders to require the redemption of Units is suspended as detailed in “Redemption of Units” in the Prospectus. Any suspension will be notified to the Central Bank and the Irish Stock Exchange without delay and where possible all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.
The Manager, the Administrator or a distributor may, in their sole discretion, reject any subscription order for Units in whole or in part for any or no reason, including in particular, where the Manager or the Administrator, as appropriate, reasonably believes the subscription order may represent a pattern of excessive trading or market timing activity in respect of the Unit Trust. Where an application for Units is rejected, the subscription monies shall be returned to the applicant within fourteen days of the date of such application at the applicant’s cost and risk and no interest or other compensation will be payable in respect of such returned monies.
Unit certificates will not be issued.
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en
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es
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DOLFIN6268
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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 relatively high income with the possibility of capital growth.
- The fund will invest in bonds issued in global markets to maximize performance measured in US Dollars.
- 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 can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The 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 Bloomberg Global Aggregate Index (Hedged 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 accumulated in the share price.
- 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 nivel relativamente elevado de ingresos, con la posibilidad de generar crecimiento del capital.
- El fondo invertirá en bonos emitidos en mercados de todo el mundo con el fin de potenciar al máximo la rentabilidad medida en dólares estadounidenses.
- 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 puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- 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 Bloomberg Global Aggregate Index (Hedged 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.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
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# Objectives and Investment Policy
- The fund aims to provide relatively high income with the possibility of capital growth.
- The fund will invest in bonds issued in global markets to maximize performance measured in US Dollars.
- 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 can invest in bonds issued by governments, companies and other bodies.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The 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 Bloomberg Global Aggregate Index (Hedged 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 accumulated in the share price.
- 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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DOLFIN6270
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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 Company shall be entitled to destroy all instruments of transfer of shares which have been registered at any time after the expiration of six years from the date of registration thereof and all dividend mandates and notifications of change of address at any time after the expiration of two years from the date of recording thereof and all share certificates which have been cancelled at any time after the expiration of one year from the date of cancellation thereof. It shall conclusively be presumed in favour of the Company that every entry in the Register purporting to have been made on the basis of an instrument or transfer or other document so destroyed was duly and properly made and a valid and effective instrument duly and properly registered and every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and every other document hereinbefore mentioned in accordance with the recorded particulars thereof in the books or records of the Company. PROVIDED ALWAYS that:-
- the provisions aforesaid shall apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties thereto) to which the document might be relevant;
- nothing herein contained 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 other circumstances which would not attach to the Company in the absence of this Article;
- references herein to the destruction of any document include references to the disposal thereof in any manner.
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## Accounts.
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La Sociedad tendrá derecho a destruir todos los documentos de transmisión de acciones registrados en cualquier momento una vez transcurridos seis años desde la fecha de inscripción de los mismos y todos los mandatos de dividendo y notificaciones de cambio de domicilio en cualquier momento una vez transcurridos dos años desde la fecha de inscripción de los mismos, y todos los títulos de acciones que hayan sido anulados en cualquier momento una vez finalizado el plazo de un año a partir de su fecha de cancelación. Se presumirá de forma concluyente a favor de la Sociedad que cada anotación en el Libro Registro supuestamente realizada como consecuencia de la presentación de un documento de transmisión u otro documento destruido conforme a lo antedicho fue debida y adecuadamente realizada y que el documento fue válida y correctamente registrado y cada título de acciones destruido conforme a lo previsto en el presente era un título válido y efectivo debida y adecuadamente cancelado, y cada documento de otra índole mencionado más arriba en el presente conforme con los detalles del mismo registrados en los libros o registros de la Sociedad. CON LA SALVEDAD de que:
- las disposiciones antedichas sólo se aplicarán a la destrucción de un documento de buena fe y en ausencia de toda notificación de reclamación (sean cuales fueren las partes del mismo) respecto a la cual pudiera resultar relevante el documento en cuestión;
- nada de lo contenido en el presente obligará a la Sociedad a destruir cualquiera de dichos documentos en fecha más temprana de lo especificado más arriba o en cualquier otra circunstancia que no obligara a la Sociedad en ausencia del presente Artículo;
- las referencias contenidas en el presente a la destrucción de cualquier documento incluyen las referencias a su eliminación de cualquier forma.
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## Cuentas
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The Company shall be entitled to destroy all instruments of transfer of shares which have been registered at any time after the expiration of six years from the date of registration thereof and all dividend mandates and notifications of change of address at any time after the expiration of two years from the date of recording thereof and all share certificates which have been cancelled at any time after the expiration of one year from the date of cancellation thereof. It shall conclusively be presumed in favour of the Company that every entry in the Register purporting to have been made on the basis of an instrument or transfer or other document so destroyed was duly and properly made and a valid and effective instrument duly and properly registered and every share certificate so destroyed was a valid and effective certificate duly and properly cancelled and every other document hereinbefore mentioned in accordance with the recorded particulars thereof in the books or records of the Company. PROVIDED ALWAYS that:-
- the provisions aforesaid shall apply only to the destruction of a document in good faith and without notice of any claim (regardless of the parties thereto) to which the document might be relevant;
- nothing herein contained 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 other circumstances which would not attach to the Company in the absence of this Article;
- references herein to the destruction of any document include references to the disposal thereof in any manner.
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## Accounts.
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en
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es
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DOLFIN6278
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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 Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
CHF 10,990
9.9%
CHF 13,094
5.5%
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# Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 31/03/2013-31/03/2018.
Escenario favorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 990 CHF
9,9%
13 094 CHF
5,5%
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# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 31/03/2013-31/03/2018.
Favourable scenario
What you might get back after costs
Average return each year
CHF 10,990
9.9%
CHF 13,094
5.5%
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en
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es
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DOLFIN6279
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Scenarios | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- | --- |
| Stress | What you might get back after costs (EUR) | 1,790 | 1,840 |
| | Average return each year (%) | -82.08 | -28.74 |
| Unfavourable ¹ | What you might get back after costs (EUR) | 8,590 | 8,610 |
| | Average return each year (%) | -14.14 | -2.95 |
| Moderate ² | What you might get back after costs (EUR) | 10,560 | 12,530 |
| | Average return each year (%) | 5.59 | 4.61 |
| Favourable ³ | What you might get back after costs (EUR) | 12,610 | 16,920 |
| | Average return each year (%) | 26.06 | 11.10 |
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| Escenarios | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| --- | --- | --- | --- |
| Tensión | Lo que podría recibir tras deducir los costes (EUR) | 1.790 | 1.840 |
| | Rendimiento medio cada año (%) | -82,08 | -28,74 |
| Desfavorable ¹ | Lo que podría recibir tras deducir los costes (EUR) | 8.590 | 8.610 |
| | Rendimiento medio cada año (%) | -14,14 | -2,95 |
| Moderado ² | Lo que podría recibir tras deducir los costes (EUR) | 10.560 | 12.530 |
| | Rendimiento medio cada año (%) | 5,59 | 4,61 |
| Favorable ³ | Lo que podría recibir tras deducir los costes (EUR) | 12.610 | 16.920 |
| | Rendimiento medio cada año (%) | 26,06 | 11,10 |
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| Scenarios | | If you exit after 1 year | If you exit after 5 years |
| --- | --- | --- | --- |
| Stress | What you might get back after costs (EUR) | 1,790 | 1,840 |
| | Average return each year (%) | -82.08 | -28.74 |
| Unfavourable ¹ | What you might get back after costs (EUR) | 8,590 | 8,610 |
| | Average return each year (%) | -14.14 | -2.95 |
| Moderate ² | What you might get back after costs (EUR) | 10,560 | 12,530 |
| | Average return each year (%) | 5.59 | 4.61 |
| Favourable ³ | What you might get back after costs (EUR) | 12,610 | 16,920 |
| | Average return each year (%) | 26.06 | 11.10 |
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en
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es
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DOLFIN6283
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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 calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions,
breaching certain thresholds in controversial activities, including, but not limited to, tobacco, controversial weapons, and thermal coal; and/or (iii) do not act in accordance with the UNGC principles and their associated standards, conventions, and treaties as determined by Sustainalytics. Remaining companies are then selected in decreasing order of ESG Score using a methodology to get as close as possible to the target 60% of the Parent Index’s constituent count. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on an annual basis. Changes to the index are made as needed with no annual or semi-annual reconstitution. The index is administered by S&P Dow Jones Indices LLC. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, 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 financial contracts (derivatives). 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.
sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund 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 ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is relying on the activities conducted by and information provided by the administrator of the index. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index and therefore the portfolio of the fund. 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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El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona
Sustainalytics como incumplidoras de determinados umbrales sobre actividades controvertidas, donde se incluyen, por ejemplo, el tabaco, el armamento controvertido o el carbón térmico, o (iii) aquellas que, según determine Sustainalytics, no actúan conforme a los principios del Pacto Mundial de Naciones Unidas y sus normas, convenciones y tratados relacionados. A continuación, las empresas restantes se van seleccionando por orden decreciente de puntuación ESG con una metodología que pretende aproximarse lo máximo posible al objetivo del 60% del número de componentes del índice principal. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y reajusta anualmente. Los cambios en el índice se realizan conforme sea necesario y no existe recomposición anual o semestral. El índice está administrado por S&P Dow Jones Indices LLC. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, 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 contratos financieros (derivados). 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.
geográfica y los acontecimientos políticos. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo 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. Durante el proceso de selección del índice se aplican criterios de cribado ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones y el gestor secundario de la cartera no son responsables de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. La sociedad se basa en las actividades llevadas a cabo por el administrador del índice y en la información que este proporcione. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice y, por tanto, en la cartera del fondo. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión. Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta.
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The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions,
breaching certain thresholds in controversial activities, including, but not limited to, tobacco, controversial weapons, and thermal coal; and/or (iii) do not act in accordance with the UNGC principles and their associated standards, conventions, and treaties as determined by Sustainalytics. Remaining companies are then selected in decreasing order of ESG Score using a methodology to get as close as possible to the target 60% of the Parent Index’s constituent count. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on an annual basis. Changes to the index are made as needed with no annual or semi-annual reconstitution. The index is administered by S&P Dow Jones Indices LLC. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, 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 financial contracts (derivatives). 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.
sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund 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 ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is relying on the activities conducted by and information provided by the administrator of the index. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index and therefore the portfolio of the fund. 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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DOLFIN6291
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
Type
The Fund is an Undertaking for Collective Investment in Transferable Securities UCITS established as a sub-fund of Kepler Liquid Strategies ICAV, an open-ended Irish collective asset-management vehicle with segregated liability between sub-funds, established under the laws of Ireland and authorised by the Central Bank of Ireland under the UCITS Regulations.
Term The Fund has no minimum fixed term. Termination of the Fund is only possible in those cases expressly provided for in the Prospectus or Supplement of the Fund.
Objectives
The Fund seeks to achieve total returns through capital growth and/or income generation. The Fund will invest primarily in a diversified portfolio of Developed and Emerging Market investments. The Fund will seek to benefit both from rapidly changing economic and monetary conditions globally and in Asia. The Fund’s investments in Emerging Markets will focus on Asia, including China and the Fund’s investments in Developed Markets will focus on Europe, the United States and Japan. The Fund seeks to adopt a "top-down" approach in selecting its investments across different asset classes. The Fund will typically be invested in multiple asset classes, in order to diversify the portfolio and reduce volatility. The Sub-Investment Manager focuses on employing its macro-analytical frameworks to evaluate and seek to exploit the impacts of economic events and trends globally and in Asia on the global equity, commodity, bond and currency markets. The Sub-Investment Manager will select investments identified by the frameworks based on its review of the macro-environment, the appropriateness of the particular investment in respect of its market view and the marginal risk of the investment in relation to the Fund's existing portfolio.
The Fund may invest in a wide range of instruments including, but not limited to, equities, bonds, American depositary receipts, contracts for difference, options, futures and forwards. The Fund may use financial derivative instruments for investment or for hedging purposes. The Fund may also invest up to 100% of its NAV in cash, money market instruments including treasury bills, bank deposits, certificates of deposit and commercial paper, along with fixed income or related securities by highly rated issuers such as the US Treasuries. The Fund may invest up to10% of net assets in collective investment schemes including exchange traded funds or money market funds.
The Fund is actively managed without reference to a benchmark.
The Fund seeks to promote environmental and social characteristics within the meaning of Article 8 of Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the "SFDR"). The Fund also incorporates environmental, social and governance (“ESG”) criteria for the assessment and selection of investments.
Depositary Société Générale S.A., Dublin Branch
Additional Information
Intended retail investor
The Fund's assets are held by the Depositary. You can sell your shares or buy more shares each business day (except Saturdays, Sundays and public holidays) on which banks in Dublin, Hong Kong and London are open for normal banking business. You must submit your application to the Fund's Administrator before 11.00 a.m. Irish time) five business days before the day you want to sell or buy shares. Your shares may pay you a dividend. For full details of the Fund's investment objective and policies, refer to the "Investment Objective", "Investment Policies" and "Investment Strategy" sections of the Fund's Supplement, which is available at www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/
The Fund is suitable for investors who are willing to tolerate medium to high risks and who are seeking a long-term appreciation of capital. The Fund may not be appropriate for investors who plan to remove their money within 3 years.
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# ¿Qué es este producto?
Tipo
El Fondo es un Organismo de Inversión Colectiva en Valores Mobiliarios OICVM constituido como subfondo de Kepler Liquid Strategies ICAV, un vehículo de capital variable irlandés de gestión colectiva de activos con responsabilidad segregada entre subfondos, constituido con arreglo a las leyes de Irlanda y autorizado por el Banco Central de Irlanda en virtud del Reglamento sobre OICVM.
Plazo El Fondo no tiene fijada una duración mínima. La disolución del Fondo solo es posible en los casos expresamente previstos en el Folleto o Suplemento del Fondo.
Objetivos
El Fondo trata de lograr rentabilidad total mediante la revalorización del capital y/o la generación de ingresos. El Fondo invertirá principalmente en una cartera diversificada de inversiones en Mercados desarrollados y de inversiones en Mercados emergentes. El Fondo tratará de beneficiarse de la rápida evolución de las condiciones económicas y monetarias a escala mundial y en Asia. Las inversiones del Fondo en Mercados emergentes se centrarán en Asia, incluida China, y las inversiones del Fondo en Mercados Desarrollados se centrarán en Europa, Estados Unidos y Japón. El Fondo trata de adoptar un enfoque «descendente» (top-down) al seleccionar sus inversiones en las distintas clases de activos. El Fondo invertirá normalmente en múltiples clases de activos, con el fin de diversificar la cartera y reducir la volatilidad. El Subgestor de Inversiones se centra en emplear sus marcos macroanalíticos para evaluar y tratar de aprovechar las repercusiones de los acontecimientos económicos y las tendencias a escala mundial y en Asia sobre los mercados mundiales de renta variable, materias primas, bonos y divisas. El Subgestor de inversiones seleccionará las inversiones identificadas por los marcos basándose en su revisión del macroentorno, la idoneidad de la inversión concreta con respecto a su visión del mercado y al riesgo marginal de la inversión en relación con la cartera existente del Fondo.
El Fondo puede invertir en una amplia gama de instrumentos que incluyen, entre otros, acciones, bonos, recibos de depósito estadounidenses, contratos por diferencias, opciones, futuros y contratos a plazo. El Fondo podrá utilizar instrumentos financieros derivados con fines de inversión o de cobertura. El Fondo también puede invertir hasta el 100% de su VL en efectivo, instrumentos del mercado monetario, incluidas letras del Tesoro, depósitos bancarios, certificados de depósito y efectos de comercio, junto con valores de renta fija o asimilados de emisores de alta calificación, como los bonos del Tesoro de EE. UU. El Fondo puede invertir hasta el 10% de su patrimonio neto en instituciones de inversión colectiva, incluidos los fondos cotizados en bolsa o los fondos del mercado monetario.
El Fondo se gestiona de forma activa sin hacer referencia a ningún índice.
El Fondo busca promover características medioambientales y sociales en el sentido del artículo 8 del Reglamento UE 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el «SFDR»). Asimismo, el Fondo integra criterios medioambientales, sociales y de gobierno corporativo («ESG») para evaluar y seleccionar las inversiones.
Depositario Société Générale S.A., Dublin Branch
Información adicional
Inversor minorista al que va dirigido
El Depositario mantiene los activos del Fondo. Puede vender sus acciones o comprar más todos los días hábiles (excepto sábados, domingos y festivos oficiales) en que los bancos estén abiertos para operaciones bancarias habituales en Dublín, Hong Kong y Londres. Puede enviar su solicitud al Agente administrativo del fondo antes de las 11 00 (hora de Irlanda) cinco días antes del día en el que desea vender o comprar acciones. Sus acciones pueden repartir dividendos. Para conocer todos los detalles del objetivo y las políticas de inversión del fondo, consulte los apartados «Objetivo de inversión», «Políticas de inversión» y «Estrategia de inversión» del suplemento del fondo, que se encuentra disponible en www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/
El Fondo es adecuado para inversores dispuestos a tolerar riesgos entre medianos y elevados, y que busquen una revalorización del capital a largo plazo. Este fondo podría no ser adecuado para inversores que tengan previsto retirar su dinero en un plazo de 3 años.
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# What is this product?
Type
The Fund is an Undertaking for Collective Investment in Transferable Securities UCITS established as a sub-fund of Kepler Liquid Strategies ICAV, an open-ended Irish collective asset-management vehicle with segregated liability between sub-funds, established under the laws of Ireland and authorised by the Central Bank of Ireland under the UCITS Regulations.
Term The Fund has no minimum fixed term. Termination of the Fund is only possible in those cases expressly provided for in the Prospectus or Supplement of the Fund.
Objectives
The Fund seeks to achieve total returns through capital growth and/or income generation. The Fund will invest primarily in a diversified portfolio of Developed and Emerging Market investments. The Fund will seek to benefit both from rapidly changing economic and monetary conditions globally and in Asia. The Fund’s investments in Emerging Markets will focus on Asia, including China and the Fund’s investments in Developed Markets will focus on Europe, the United States and Japan. The Fund seeks to adopt a "top-down" approach in selecting its investments across different asset classes. The Fund will typically be invested in multiple asset classes, in order to diversify the portfolio and reduce volatility. The Sub-Investment Manager focuses on employing its macro-analytical frameworks to evaluate and seek to exploit the impacts of economic events and trends globally and in Asia on the global equity, commodity, bond and currency markets. The Sub-Investment Manager will select investments identified by the frameworks based on its review of the macro-environment, the appropriateness of the particular investment in respect of its market view and the marginal risk of the investment in relation to the Fund's existing portfolio.
The Fund may invest in a wide range of instruments including, but not limited to, equities, bonds, American depositary receipts, contracts for difference, options, futures and forwards. The Fund may use financial derivative instruments for investment or for hedging purposes. The Fund may also invest up to 100% of its NAV in cash, money market instruments including treasury bills, bank deposits, certificates of deposit and commercial paper, along with fixed income or related securities by highly rated issuers such as the US Treasuries. The Fund may invest up to10% of net assets in collective investment schemes including exchange traded funds or money market funds.
The Fund is actively managed without reference to a benchmark.
The Fund seeks to promote environmental and social characteristics within the meaning of Article 8 of Regulation EU 2019/2088 on sustainability-related disclosures in the financial services sector (the "SFDR"). The Fund also incorporates environmental, social and governance (“ESG”) criteria for the assessment and selection of investments.
Depositary Société Générale S.A., Dublin Branch
Additional Information
Intended retail investor
The Fund's assets are held by the Depositary. You can sell your shares or buy more shares each business day (except Saturdays, Sundays and public holidays) on which banks in Dublin, Hong Kong and London are open for normal banking business. You must submit your application to the Fund's Administrator before 11.00 a.m. Irish time) five business days before the day you want to sell or buy shares. Your shares may pay you a dividend. For full details of the Fund's investment objective and policies, refer to the "Investment Objective", "Investment Policies" and "Investment Strategy" sections of the Fund's Supplement, which is available at www.keplerliquidstrategies.com/funds/kls-arete-macro-fund/
The Fund is suitable for investors who are willing to tolerate medium to high risks and who are seeking a long-term appreciation of capital. The Fund may not be appropriate for investors who plan to remove their money within 3 years.
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en
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es
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DOLFIN6294
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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 focus on achieving the optimum ratio between the company’s economic performance and valuation may result in wide divergences between the SICAV’s performance and its sector and/or country mix and those of the underlying asset class, i.e. large and mid-caps from the four Scandinavian countries.
Analysis and selection
ESG (environmental, social and governance) analysis is based on a proprietary model shared by the teams in charge of financial management in the form of an internal ESG grid. Based on the various data provided by our ESG partners (non-financial analysis agencies, external service providers, etc.), annual reports and reports on the social responsibility (CSR) of each company and direct exchanges with them, the analysts responsible for monitoring each stock draw up an internal ESG rating based on a quantitative and qualitative approach. It takes into account the companies’ main negative impacts in terms of sustainability, or Principal Adverse Impacts (carbon emissions, energy consumption, water consumption, waste production) and the risks likely to affect their own sustainability, or Sustainability Risks (regulatory and physical risks, reputational risk through, among other factors, monitoring of controversies).
Each E, S and G pillar is rated from 1 to 5 (5 being the best rating) based on at least ten relevant key indicators per dimension (energy intensity, staff turnover rate, board independence rate, etc.). The company’s overall ESG rating summarises the scores for each pillar according to the following weighting: 30% for Environment and Social and 40% for Governance.
ESG ratings are directly built into the financial valuation model via the beta used to set the weighted average cost of capital (WACC). According to Lazard Frires Gestion's proprietary methodology, the beta factors are weighted as follows:
- Cyclicality of the company's business (30%);
- Compliance with ESG criteria (20%) quantified by the internal ESG rating;
- Financial leverage (20%);
- Product mix (10%);
- Geographical mix (10%);
- Operating leverage (10%).
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La búsqueda de la mejor combinación de rentabilidad económica/valoración de la empresa podrá llevar a fuertes divergencias entre la rentabilidad de la Sicav, su composición sectorial o geográfica y las de la clase de activo subyacente, a saber, acciones de mediana y gran capitalización de los cuatro países de la zona nórdica.
Análisis y selección
El análisis ASG (ambiental, social y de gobernanza) se basa en un modelo propio compartido por los equipos encargados de la gestión financiera en forma de matriz ASG interna. A partir de los distintos datos facilitados por nuestros socios ASG (agencias de análisis extrafinanciero, proveedores externos, etc.), de los informes anuales e informes sobre la responsabilidad social (RSE) de cada empresa y del diálogo directo con estas, los analistas responsables del seguimiento de cada valor establecen una nota ASG interna basada en un enfoque a la vez cuantitativo y cualitativo. Tiene en cuenta las principales incidencias adversas de las empresas en materia de sostenibilidad o «Principal Adverse Impacts» (emisiones de carbono, consumo de energía, consumo de agua, generación de residuos) y los riesgos que pueden afectar a su propia sostenibilidad o «Sustainability Risks» (riesgos reglamentarios y físicos, riesgo de reputación debido, entre otros factores, al seguimiento de controversias).
Cada pilar A, S y G se puntuará de 1 a 5 (donde 5 corresponde a la mejor nota) a partir de al menos diez indicadores clave pertinentes por dimensión (intensidad energitica, tasa de rotación del personal, tasa de independencia del consejo...). La nota ASG global de la empresa sintetiza las puntuaciones de cada pilar según la siguiente ponderación: 30% para el Medio Ambiente y lo Social y 40% para la Gobernanza.
Las calificaciones ASG se integran directamente en el modelo de valoración financiera a travis de la beta utilizada para definir el coste medio ponderado del capital (WACC). Conforme a la metodología propia de Lazard Frires Gestion, los factores de beta se ponderan del modo siguiente:
- el carácter cíclico de la actividad de la empresa (30%);
- el cumplimiento de los criterios ASG (20%) cuantificado por la nota ASG interna;
- el apalancamiento financiero (20%);
- la combinación de productos (10%);
- la combinación geográfica (10%);
- el apalancamiento operativo (10%).
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The focus on achieving the optimum ratio between the company’s economic performance and valuation may result in wide divergences between the SICAV’s performance and its sector and/or country mix and those of the underlying asset class, i.e. large and mid-caps from the four Scandinavian countries.
Analysis and selection
ESG (environmental, social and governance) analysis is based on a proprietary model shared by the teams in charge of financial management in the form of an internal ESG grid. Based on the various data provided by our ESG partners (non-financial analysis agencies, external service providers, etc.), annual reports and reports on the social responsibility (CSR) of each company and direct exchanges with them, the analysts responsible for monitoring each stock draw up an internal ESG rating based on a quantitative and qualitative approach. It takes into account the companies’ main negative impacts in terms of sustainability, or Principal Adverse Impacts (carbon emissions, energy consumption, water consumption, waste production) and the risks likely to affect their own sustainability, or Sustainability Risks (regulatory and physical risks, reputational risk through, among other factors, monitoring of controversies).
Each E, S and G pillar is rated from 1 to 5 (5 being the best rating) based on at least ten relevant key indicators per dimension (energy intensity, staff turnover rate, board independence rate, etc.). The company’s overall ESG rating summarises the scores for each pillar according to the following weighting: 30% for Environment and Social and 40% for Governance.
ESG ratings are directly built into the financial valuation model via the beta used to set the weighted average cost of capital (WACC). According to Lazard Frires Gestion's proprietary methodology, the beta factors are weighted as follows:
- Cyclicality of the company's business (30%);
- Compliance with ESG criteria (20%) quantified by the internal ESG rating;
- Financial leverage (20%);
- Product mix (10%);
- Geographical mix (10%);
- Operating leverage (10%).
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en
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es
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DOLFIN6296
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### In particular, the Transfer Agent functions comprise the processing of subscription, redemption and conversion orders and the keeping of the register of shareholders.
In this capacity, the Transfer Agent is also responsible for supervising measures to combat money laundering in accordance with the applicable regulations in Luxembourg on money laundering and financing of terrorism and preventing the financial sector from being used for the purposes of money laundering and financing of terrorism. CACEIS Bank, Luxembourg Branch is authorised to request the documents necessary in order to identify the investors.
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### Marketing
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### Las funciones de Agente de Transferencias consisten, en particular, en la ejecución de las órdenes de suscripción, reembolso y conversión y en el mantenimiento del registro de accionistas.
En calidad de Agente de Transferencias, también es responsable de la supervisión de las medidas para combatir el blanqueo de dinero conforme a lo dispuesto en la normativa luxemburguesa en vigor relativa a la lucha contra el blanqueo de capitales y la financiación del terrorismo y la prevención del uso del sector financiero con fines de blanqueo de capitales y financiación del terrorismo. CACEIS Bank, Luxembourg Branch tiene autorización para solicitar los documentos necesarios para la identificación de los inversores.
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### Función de comercialización
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### In particular, the Transfer Agent functions comprise the processing of subscription, redemption and conversion orders and the keeping of the register of shareholders.
In this capacity, the Transfer Agent is also responsible for supervising measures to combat money laundering in accordance with the applicable regulations in Luxembourg on money laundering and financing of terrorism and preventing the financial sector from being used for the purposes of money laundering and financing of terrorism. CACEIS Bank, Luxembourg Branch is authorised to request the documents necessary in order to identify the investors.
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### Marketing
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en
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es
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DOLFIN6298
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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 Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,401
4.0%
EUR 11,549
2.9%
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# Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 401 EUR
4,0%
11 549 EUR
2,9%
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# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
EUR 10,401
4.0%
EUR 11,549
2.9%
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en
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es
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DOLFIN6301
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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) Subject and in addition to the foregoing provision, the Directors shall have power (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no Participating Shares of any class are acquired or held directly or beneficially by:-
- any person who is not a Qualified Holder; or
- any person or persons in circumstances, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Directors to be relevant) which, in the opinion of the Directors might result in the Company incurring any liability to taxation or suffering pecuniary disadvantages which the Company might not otherwise have incurred or suffered or the Company being required to register under the United States Investment Company Act of 1940 or similar statute successor thereto or to register any class of its securities under the 1933 Act or similar statute successor thereto.
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(a) Con sujeción al artículo anterior, los Consejeros tendrán la facultad (aunque sin obligación alguna) de imponer las restricciones que consideren necesarias para evitar la adquisición o la tenencia directa o en usufructo de Acciones de cualquier clase por parte de cualquier persona
- que no sea un Titular Cualificado; o
- cuando concurran circunstancias (afecten directa o indirectamente a dicha persona, y ya sea individualmente o en unión de otra persona o personas, estén o no relacionadas, o cualquier otra circunstancia que los Consejeros estimen relevante) que, en opinión de los Consejeros pudieran crear para la Sociedad una obligación tributaria o cualquier otra desventaja económica, que, en circunstancias diferentes, la Sociedad no habría adquirido o sufrido o que obliguen a la Sociedad a registrarse en cumplimiento de la Investment Company Act de Estados Unidos de 1940 o norma similar que la sustituya o a registrar cualquier clase de sus valores en cumplimiento de la Ley de 1933 o cualquier norma similar que la sustituya.
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(a) Subject and in addition to the foregoing provision, the Directors shall have power (but shall not be under any duty) to impose such restrictions as they may think necessary for the purpose of ensuring that no Participating Shares of any class are acquired or held directly or beneficially by:-
- any person who is not a Qualified Holder; or
- any person or persons in circumstances, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Directors to be relevant) which, in the opinion of the Directors might result in the Company incurring any liability to taxation or suffering pecuniary disadvantages which the Company might not otherwise have incurred or suffered or the Company being required to register under the United States Investment Company Act of 1940 or similar statute successor thereto or to register any class of its securities under the 1933 Act or similar statute successor thereto.
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en
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es
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DOLFIN6318
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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
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. may be held liable solely on the basis of any statement contained in this
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
- The ongoing charge is estimated and is based on the expected charges. The UCITS' annual report for each financial year will include details on the charges made.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Management and Fund Charges" section of the Prospectus.
- Past performance is not a guide to future performance.
- Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in USD.
- Where no past performance is shown there was insufficient data available in that year to provide performance.
- Sub-Fund launch date: 2018.
- Share Class launch date: 2018.
document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 01/01/2022.
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# Información práctica
Depositario : El depositario del fondo es J.P. Morgan Bank Luxembourg S.A.
Información adicional : Puede obtener gratuitamente un ejemplar del Folleto del fondo y del último informe anual y semestral, en inglés, francés, alemán, italiano y español, así como el Valor Liquidativo por Acción más reciente, solicitándolo a través de www. jpmorganassetmanagement.com, enviando un correo electrónico a la dirección [email protected] o dirigiendo una carta a JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Gran Ducado de Luxemburgo.
Política de remuneración : La Política de remuneración de la Sociedad gestora se encuentra disponible en http://www. jpmorganassetmanagement.lu/emea-remuneration-policy. Esta política incluye información detallada sobre cómo se calculan la remuneración y las prestaciones, así como sobre las responsabilidades y la composición del comité que supervisa y controla dicha política. Se puede solicitar una copia gratuita de esta política a la Sociedad gestora.
Fiscalidad : El Subfondo está sujeto a la legislación tributaria de Luxemburgo. Esto podría tener repercusión sobre la situación fiscal del inversor.
Información legal : JPMorgan Asset Management (Europe) S.à r.l. únicamente incurrirá en responsabilidad por las declaraciones
- Los gastos de entrada y de salida representan cifras máximas, por lo que los inversores podrían pagar un importe inferior al indicado. Puede obtenerse información sobre las comisiones y los gastos a través del asesor financiero del inversor, el distribuidor o bien consultando cualquier suplemento al Folleto correspondiente a cada país.
- La cifra de gastos corrientes constituye una estimación basada en los gastos previstos. El informe anual del OICVM correspondiente a cada ejercicio presentará de manera pormenorizada los gastos cobrados.
- Los gastos están destinados a sufragar los costes de funcionamiento de esta Clase de Acciones, incluidos los de comercialización y distribución. Dichos gastos reducen el potencial de crecimiento de la inversión.
- Si desea más información sobre gastos y comisiones, consulte el apartado «Administración y Gastos del Fondo» del Folleto.
- La rentabilidad histórica no es una indicación de la rentabilidad futura.
- Los datos de rentabilidad, calculados en USD, incluyen impuestos, gastos corrientes y costes de transacción, pero excluyen las comisiones de suscripción y reembolso.
- Cuando no se ofrece ninguna cifra de rentabilidad histórica significa que no se dispone de datos suficientes durante el año en cuestión para indicar la rentabilidad.
- Fecha de lanzamiento del Subfondo: 2018.
- Fecha de lanzamiento de la Clase de Acciones: 2018.
contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto.
JPMorgan Liquidity Funds está integrado por Subfondos independientes, cada uno de los cuales puede emitir una o varias Clases de Acciones. El presente documento se ha elaborado para una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan Liquidity Funds.
El Subfondo forma parte de JPMorgan Liquidity Funds. Con arreglo a las leyes de Luxemburgo, cada Subfondo solo es responsable de su propio pasivo. Ello significa que el activo de un Subfondo no estará disponible para hacer frente al pago de las deudas contraídas por otros Subfondos con sus acreedores u otros terceros.
El Subfondo recibe la calificación de una agencia de calificación crediticia externa. Dicha calificación es financiada por el Subfondo.
Canje : Los inversores podrán canjear parte o la totalidad de sus acciones de cualquier Clase de un Subfondo por acciones de cualquier Clase de ese u otro Subfondo de JPMorgan Liquidity Funds, siempre que reúnan los requisitos pertinentes y cumplan los importes mínimos de tenencia. Las condiciones relativas al canje se exponen con mayor detalle en el apartado «Canje de Acciones» del Folleto.
El Subfondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF.
Los presentes datos fundamentales para el inversor son exactos a fecha de 01/01/2022.
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# Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. may be held liable solely on the basis of any statement contained in this
- The entry and exit charges are the maximum charge and investors may pay less. Information on charges can be obtained from the investor's financial adviser, distributor or any country specific addendum to the Prospectus.
- The ongoing charge is estimated and is based on the expected charges. The UCITS' annual report for each financial year will include details on the charges made.
- Charges are used to pay the costs of running this Share Class, including the costs of marketing and distribution. These charges reduce the potential growth of the investment.
- Further information about charges can be found in the "Management and Fund Charges" section of the Prospectus.
- Past performance is not a guide to future performance.
- Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges, in USD.
- Where no past performance is shown there was insufficient data available in that year to provide performance.
- Sub-Fund launch date: 2018.
- Share Class launch date: 2018.
document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 01/01/2022.
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DOLFIN6325
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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 achieve a return in excess of US short duration bond markets by investing primarily in US investment grade debt securities, including asset- backed and mortgage-backed securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Focuses on bottom-up security selection through a value-oriented approach that seeks to identify inefficiently priced securities to generate returns.
- Invests across all sectors of USD denominated investment grade short-term debt which includes government, government related, corporate, and securitised debt.
Share Class Benchmark Bloomberg US Government/Credit 1-3 Year Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 75% of assets invested in short-term investment grade debt securities issued by US issuers. The Sub-Fund may also invest in USD-denominated short-term investment grade
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# Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad superior a la del mercado de renta fija con duración corta de EE. UU. invirtiendo fundamentalmente en títulos de deuda con calificación investment grade estadounidenses, incluidos activos titulizados y titulizaciones hipotecarias.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Aplica un proceso de inversión basado en un análisis integrado globalmente que se centra en examinar factores fundamentales, cuantitativos y técnicos de distintos países, sectores y emisores.
- Privilegia una selección de valores ascendente aplicando un enfoque orientado al estilo de valor cuyo objetivo es identificar títulos que exhiban valoraciones ineficientes para generar rentabilidad.
- Invierte en todos los sectores de deuda con calificación investment grade a corto plazo denominada en USD, que incluye deuda pública, cuasisoberana, corporativa y titulizada.
Índice de referencia de la Clase de Acciones Bloomberg US Government/ Credit 1-3 Year Index (Total Return Gross)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa. La mayor parte de los emisores del Subfondo probablemente están representados en el índice de referencia, ya que el Gestor de inversiones utiliza dicho índice de referencia como base para la construcción de la cartera, aunque dispone de un cierto margen discrecional para desviarse de su composición y sus características de riesgo dentro de unos parámetros de riesgo indicativos.
El Subfondo se asemejará a su índice de referencia en términos de composición y características de riesgo; no obstante, dado el margen discrecional del Gestor de inversiones, la rentabilidad podría ser diferente a la del índice de referencia.
POLÍTICAS
Exposición de inversión principal Como mínimo el 75% del patrimonio se invierte en títulos de deuda a corto plazo con calificación investment grade emitidos por emisores estadounidenses. Asimismo, el Subfondo podrá invertir en títulos de deuda a corto plazo con calificación investment grade y denominados en USD, emitidos por emisores fuera
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# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return in excess of US short duration bond markets by investing primarily in US investment grade debt securities, including asset- backed and mortgage-backed securities.
INVESTMENT PROCESS
Investment approach
- Uses a globally integrated research driven investment process that focuses on analysing fundamental, quantitative and technical factors across countries, sectors and issuers.
- Focuses on bottom-up security selection through a value-oriented approach that seeks to identify inefficiently priced securities to generate returns.
- Invests across all sectors of USD denominated investment grade short-term debt which includes government, government related, corporate, and securitised debt.
Share Class Benchmark Bloomberg US Government/Credit 1-3 Year Index (Total Return Gross)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed. The majority of issuers in the Sub- Fund are likely to be represented in the benchmark because the Investment Manager uses it as a basis for portfolio construction, but has some discretion to deviate from its composition and risk characteristics within indicative risk parameters.
The Sub-Fund will resemble the composition and risk characteristics of its benchmark; however, the Investment Manager’s discretion may result in performance that differs from the benchmark.
POLICIES
Main investment exposure At least 75% of assets invested in short-term investment grade debt securities issued by US issuers. The Sub-Fund may also invest in USD-denominated short-term investment grade
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DOLFIN6330
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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 while seeking low correlation to traditional asset classes.
## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund may also seek exposure to other asset classes such as commodities, currencies and interest rates, as well as to any other eligible indices for these asset classes.
The Fund does not invest in debt securities rated Caa1/CCC+/CCC or below.
The Investment Manager uses fundamental and quantitative research to seek returns independently from traditional asset classes through a range of alternative investment strategies while seeking to reduce volatility. The Investment Manager flexibly adjusts investment exposures across these strategies with the goal of building an optimal risk/return portfolio in all market conditions.
The Fund may invest in, or be exposed (i) up to 20% in structured products such as asset-backed securities and (ii) credit-linked instruments that are from issuers in an EEA or OECD member state and that have underlying assets that are rated Investment Grade.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management, and other investment purposes (including to gain additional exposure and to take synthetic short positions).
## Benchmark
Secured Overnight Financing Rate (SOFR) + 5% 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 USD.
## 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
Alternative investment strategies: Investment strategies other than long- only positions in debt securities and/or equities, often involving short positions and derivatives.
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.
Credit-linked instrument: Instrument permitting the issuer to shift specific credit risk of a debt instrument to credit risk buyer.
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.
Equities: Securities that represent an ownership stake in a company.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Long positions/strategies: Positions or strategies that result in gains for the Fund when security prices rise and losses when security prices fall.
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.
Short positions/strategies: Positions or strategies that result in gains for the Fund when security prices fall and losses when security prices rise.
Volatility: Measure of the pricing behavior of a security.
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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 buscando una baja correlación con las clases de activos tradicionales.
## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir en títulos de renta fija y renta variable de emisores de cualquier lugar del mundo, incluyendo países de mercados emergentes. El Fondo también puede buscar exposición a otras clases de activos, como materias primas, divisas y tipos de interés, así como a cualquier otro índice admisible para estas clases de activos.
El Fondo no invierte en títulos de renta fija con una calificación de Caa1/ CCC+/CCC o inferior.
La Sociedad Gestora utiliza un análisis fundamental y cuantitativo para conseguir rendimientos de forma independiente a las clases de activos tradicionales a través de una serie de estrategias de inversión alternativas, tratando al mismo tiempo de reducir la volatilidad. La Sociedad Gestora ajusta de forma flexible las exposiciones de las inversiones en estas estrategias con el objetivo de construir una cartera optima de riesgo- rentabilidad en todas las condiciones de Mercado.
El Fondo puede invertir o estar expuesto (i) a un máximo del 20% en productos estructurados, como valores respaldados por activos, y (ii) a instrumentos vinculados al crédito que provengan de emisores de un Estado miembro del EEE o de la OCDE y que tengan activos subyacentes con una calificación de grado de inversion (investment grade).
El Fondo puede tener exposición a cualquier divisa.
El Fondo hace uso en gran medida derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión (incluyendo la obtención de exposición adicional y la toma de posiciones cortas sintéticas).
## Índice de referencia
Secured Overnight Financing Rate (SOFR) + 5% 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 USD.
## 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
Estrategias de inversión alternativas: Estrategias de inversión distintas de las posiciones a largo plazo en títulos de renta fija o variable, que a menudo implican posiciones cortas y derivados.
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.
Instrumento vinculado al crédito: instrumento que permite al emisor trasladar el riesgo de crédito específico de un instrumento de deuda al comprador de riesgo de crédito.
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.
Renta variable: Valores que representan una participación en el capital de una sociedad.
Títulos dentro del grado de inversión: títulos de renta fija con una calificación de BBB-, Baa3 o superior.
Posiciones/estrategias largas: Posiciones o estrategias que generan ganancias para el Fondo cuando los precios de los títulos suben, y pérdidas cuando bajan.
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.
Posiciones/estrategias cortas: Posiciones o estrategias que generan ganancias para el Fondo cuando los precios de los títulos bajan, y pérdidas cuando suben.
Volatilidad: medida del comportamiento de los precios de un título.
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# OBJECTIVES AND INVESTMENT POLICY
## Investment objective
The Fund seeks to increase the value of your investment over time while seeking low correlation to traditional asset classes.
## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund may also seek exposure to other asset classes such as commodities, currencies and interest rates, as well as to any other eligible indices for these asset classes.
The Fund does not invest in debt securities rated Caa1/CCC+/CCC or below.
The Investment Manager uses fundamental and quantitative research to seek returns independently from traditional asset classes through a range of alternative investment strategies while seeking to reduce volatility. The Investment Manager flexibly adjusts investment exposures across these strategies with the goal of building an optimal risk/return portfolio in all market conditions.
The Fund may invest in, or be exposed (i) up to 20% in structured products such as asset-backed securities and (ii) credit-linked instruments that are from issuers in an EEA or OECD member state and that have underlying assets that are rated Investment Grade.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management, and other investment purposes (including to gain additional exposure and to take synthetic short positions).
## Benchmark
Secured Overnight Financing Rate (SOFR) + 5% 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 USD.
## 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
Alternative investment strategies: Investment strategies other than long- only positions in debt securities and/or equities, often involving short positions and derivatives.
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.
Credit-linked instrument: Instrument permitting the issuer to shift specific credit risk of a debt instrument to credit risk buyer.
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.
Equities: Securities that represent an ownership stake in a company.
Investment Grade Securities: Debt securities rated at or above BBB-/ Baa3.
Long positions/strategies: Positions or strategies that result in gains for the Fund when security prices rise and losses when security prices fall.
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.
Short positions/strategies: Positions or strategies that result in gains for the Fund when security prices fall and losses when security prices rise.
Volatility: Measure of the pricing behavior of a security.
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DOLFIN6335
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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 document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.
Driehaus Emerging Markets Sustainable Equity Fund - Class B (USD)
ISIN: IE00B6R1HD97
A sub-fund of Heptagon Fund ICAV (the "ICAV"), which is an open-ended umbrella type investment vehicle with segregated liability between sub-funds. Heptagon Capital Limited is the Investment Manager, Driehaus Capital Management LLC is the Sub-Investment Manager and Carne Global Fund Managers (Ireland) Limited is the Manager. Driehaus Capital Management LLC was appointed Sub-Investment Manager of the Driehaus Emerging Markets Equity Fund (the "Fund") on 06.12.2016. Prior to this OFI Global Institutional, Inc. was the Sub-Investment Manager from 25.06.2012 to 05.12.2016. The Fund name was changed to the Driehaus Emerging Markets Sustainable Equity Fund on 01.10.2020.
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El presente documento recoge los datos fundamentales sobre este fondo que el inversor debe conocer. No se trata de material de promoción comercial. La ley exige que se facilite esta información para ayudarle a comprender la naturaleza del fondo y los riesgos que comporta invertir en él. Es aconsejable que lea el documento para poder tomar una decisión fundada sobre la conveniencia o no de invertir en él.
Driehaus Emerging Markets Sustainable Equity Fund - Clase B (USD)
ISIN: IE00B6R1HD97
Un subfondo de Heptagon Fund ICAV (la «ICAV»), que se constituye como un instrumento de inversión de tipo paraguas de capital variable con pasivo segregado entre sus subfondos. Heptagon Capital Limited es la Gestora de inversiones, Driehaus Capital Management LLC es la Gestora delegada de inversiones y Carne Global Fund Managers (Ireland) Limited es la Gestora. Driehaus Capital Management LLC fue nombrado Subgestor de Inversiones del Driehaus Emerging Markets Equity Fund (el “Fondo”) el 6 de diciembre de 2016. Anteriormente fue Subgestor de Inversiones de OFI Global Institutional, Inc. del 25 de junio de 2012 al 5 de diciembre de 2016. El nombre del Fondo cambió a Driehaus Emerging Markets Sustainable Equity Fund el 1 de octubre de 2020.
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This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.
Driehaus Emerging Markets Sustainable Equity Fund - Class B (USD)
ISIN: IE00B6R1HD97
A sub-fund of Heptagon Fund ICAV (the "ICAV"), which is an open-ended umbrella type investment vehicle with segregated liability between sub-funds. Heptagon Capital Limited is the Investment Manager, Driehaus Capital Management LLC is the Sub-Investment Manager and Carne Global Fund Managers (Ireland) Limited is the Manager. Driehaus Capital Management LLC was appointed Sub-Investment Manager of the Driehaus Emerging Markets Equity Fund (the "Fund") on 06.12.2016. Prior to this OFI Global Institutional, Inc. was the Sub-Investment Manager from 25.06.2012 to 05.12.2016. The Fund name was changed to the Driehaus Emerging Markets Sustainable Equity Fund on 01.10.2020.
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en
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es
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DOLFIN6340
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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,
Typically lower reward Typically higher reward
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This Feeder Compartment's risk level reflects the expected maximum volatility level of the Portfolio.
The historical data used to calculate the numeric risk indicator could not be a reliable indicator of the future risk profile of the Compartment.
The risk category associated with this Compartment is not guaranteed and may shift over time.
The lowest category does not mean ‘risk free’. The capital is not guaranteed.
The respective dealing cut-off time for the Feeder Compartment and the Master Fund are set so that valid subscription or redemption orders for Share Classes of the Feeder Compartment are placed before the cut-off time of the Master Fund so as to be processed at a same dealing day. The subscription/redemption provisions of the Master Fund in which your Feeder Compartment is invested are explained in the “Subscription and redemption conditions” section of prospectus of the Master Fund.
Major risks for the Compartment not included in the indicator are :
Credit risk: this is the risk of sudden downgrading in the creditworthiness of an issuer or that of its default.
Liquidity risk: it presents the risks that a financial market, when volumes traded are low or if there are tensions on such market, might not be able to absorb the sell (or buy) volumes without causing the price of the assets to significantly drop (or rise).
Counterparty risk: this is the risk of default of a market participant preventing it from honoring its commitments in respect of your portfolio. The use of financial derivatives instruments might increase or decrease the capacity of your portfolio to amplify market’s movements.
The occurrence of any of these risks may lower the net asset value of your Compartment. To learn more about the risks, please refer to the Risk Profile section of the Compartment in the prospectus.
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# Perfil de riesgo y de rentabilidad
Riesgo más bajo, Riesgo más alto,
Rentabilidad habitualmente más baja Rentabilidad habitualmente más alta
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El nivel de riesgo del Compartimento subordinado refleja el nivel máximo de volatilidad de la Cartera previsto.
Es posible que los datos históricos utilizados para calcular el indicador de riesgo numérico no sean un indicador fiable del perfil de riesgo futuro del Compartimento.
La categoría de riesgo asociada a este Compartimento no está garantizada y puede variar con el tiempo.
La categoría más baja no significa que la inversión esté libre de riesgo. No se garantiza el capital.
La hora límite de negociación del Compartimento subordinado y la del Fondo principal están establecidas de forma que las órdenes de suscripción o reembolso válidas de las Clases de Acciones del Compartimento subordinado se presenten antes de la hora límite del Fondo principal para poder procesarlas el mismo día hábil. Las disposiciones de suscripción/reembolso del Fondo principal en las que se invierte su Compartimento subordinado se explican en la sección "Condiciones de suscripción y reembolso" del folleto del Fondo principal.
Estos son algunos de los principales riesgos para el Compartimento no incluidos en el indicador:
Riesgo de crédito: este es el riesgo relativo a una reducción repentina de la solvencia de un emisor o a su incumplimiento.
Riesgo de liquidez: presenta los riesgos de que un mercado financiero no sea capaz de absorber la venta (o compra) de volúmenes sin provocar que el precio de los activos caiga (o suba) de forma significativa, cuando los volúmenes negociados son bajos o si existen tensiones en dicho mercado.
Riesgo de contraparte: se trata del riesgo de incumplimiento de un participante del mercado, que impide que cumpla con sus obligaciones respecto de su cartera.
El uso de instrumentos financieros derivados puede aumentar o reducir la capacidad de su cartera para ampliar los movimientos del mercado.
La existencia de alguno de estos riesgos podría hacer caer el valor liquidativo de su Compartimento. Para saber más sobre estos riesgos, consulte la sección “Perfil de riesgo” del folleto de este Compartimento.
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# Risk and Reward Profile
Lower risk, Higher risk,
Typically lower reward Typically higher reward
1
2
3
4
5
6
7
This Feeder Compartment's risk level reflects the expected maximum volatility level of the Portfolio.
The historical data used to calculate the numeric risk indicator could not be a reliable indicator of the future risk profile of the Compartment.
The risk category associated with this Compartment is not guaranteed and may shift over time.
The lowest category does not mean ‘risk free’. The capital is not guaranteed.
The respective dealing cut-off time for the Feeder Compartment and the Master Fund are set so that valid subscription or redemption orders for Share Classes of the Feeder Compartment are placed before the cut-off time of the Master Fund so as to be processed at a same dealing day. The subscription/redemption provisions of the Master Fund in which your Feeder Compartment is invested are explained in the “Subscription and redemption conditions” section of prospectus of the Master Fund.
Major risks for the Compartment not included in the indicator are :
Credit risk: this is the risk of sudden downgrading in the creditworthiness of an issuer or that of its default.
Liquidity risk: it presents the risks that a financial market, when volumes traded are low or if there are tensions on such market, might not be able to absorb the sell (or buy) volumes without causing the price of the assets to significantly drop (or rise).
Counterparty risk: this is the risk of default of a market participant preventing it from honoring its commitments in respect of your portfolio. The use of financial derivatives instruments might increase or decrease the capacity of your portfolio to amplify market’s movements.
The occurrence of any of these risks may lower the net asset value of your Compartment. To learn more about the risks, please refer to the Risk Profile section of the Compartment in the prospectus.
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en
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es
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DOLFIN6347
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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 vesting of the deferred portion of variable remuneration is subject to the employee meeting certain conditions relating to continued employment and to Natixis IM’s consolidated financial performance as well as the absence of conduct inconsistent with the company’s standards that could have an impact on the level of risk for NIMI and/or the products managed.
This vesting is also subject to obligations in terms of adherence to the rules on risks and compliance. Failure to comply with these obligations may result in a partial or total decrease in the vesting. It may also be subject to a full or partial repayment commitment in order to ensure ex-post risk adjustment.
Employees in receipt of deferred variable remuneration are prohibited from using individual hedging or insurance strategies over the entire vesting period.
The terms and conditions for calculating, valuing, allocating, vesting and paying deferred variable remuneration in equivalent financial instruments are set out in the NIMI and Natixis IM Long-Term Incentive Plan (LTIP).
- GOVERNANCEThe general and specific principles of the remuneration policy are drawn up and formally documented by NIMI’s Human Resources Department in line with the policy applicable to the global distribution platform.
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El devengo de la parte de remuneración variable diferida está sujeto a las condiciones de asistencia, rentabilidad financiera consolidada de NATIXIS IM y ausencia de comportamiento anómalo que pueda afectar al nivel de riesgo de NIMI o los productos gestionados.
Asimismo, este devengo está sujeto a obligaciones con respecto al cumplimiento de las normas de riesgo y cumplimiento. El incumplimiento de estas obligaciones puede dar lugar a una disminución parcial o total de la asignación del devengo. Por último, este devengo podrá someterse a una restitución total o parcial, con el fin de garantizar un ajuste del riesgo a posteriori.
Queda prohibido a los empleados con remuneración variable diferida recurrir a estrategias individuales de cobertura o seguros durante todo el periodo de devengo.
Las modalidades y condiciones de determinación, valoración, adjudicación, devengo y pago de la remuneración variable diferida en un instrumento financiero equivalente se recogen en los Planes de incentivos a largo plazo (Long Term Incentive Plans o LTIP) de NIMI y NATIXIS IM.
- GOBIERNOLa Dirección de recursos humanos de NIMI define y formaliza los principios generales y específicos de la política de remuneración con arreglo a la política aplicable en la plataforma internacional de distribución.
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The vesting of the deferred portion of variable remuneration is subject to the employee meeting certain conditions relating to continued employment and to Natixis IM’s consolidated financial performance as well as the absence of conduct inconsistent with the company’s standards that could have an impact on the level of risk for NIMI and/or the products managed.
This vesting is also subject to obligations in terms of adherence to the rules on risks and compliance. Failure to comply with these obligations may result in a partial or total decrease in the vesting. It may also be subject to a full or partial repayment commitment in order to ensure ex-post risk adjustment.
Employees in receipt of deferred variable remuneration are prohibited from using individual hedging or insurance strategies over the entire vesting period.
The terms and conditions for calculating, valuing, allocating, vesting and paying deferred variable remuneration in equivalent financial instruments are set out in the NIMI and Natixis IM Long-Term Incentive Plan (LTIP).
- GOVERNANCEThe general and specific principles of the remuneration policy are drawn up and formally documented by NIMI’s Human Resources Department in line with the policy applicable to the global distribution platform.
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en
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es
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DOLFIN6350
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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 Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding.
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## La Entidad gestora podrá notificar en cualquier momento, por escrito, la amortización o la solicitud de transmisión de Participaciones de las que sea propietaria directa o usufructuaria:
- una persona que incumpla una ley o un requisito de un país o de una autoridad gubernamental, o en virtud de los cuales esa persona no es apta para poseer dichas Participaciones;
- una Persona estadounidense;
- una Persona japonesa;
- una o varias personas que estén en circunstancias que (directa o indirectamente afecten a esas persona o personas, tomadas por separado o en conjunto con cualesquiera otras persona o personas vinculadas o no, o en cualquier otra circunstancia que la Entidad gestora considere relevante), en opinión de la Entidad gestora, podrían causar que el Fideicomiso de inversiones o sus Titulares de participaciones incurran en una responsabilidad tributaria o sufran desventajas pecuniarias en las que, de otro modo, el Fideicomiso de inversiones o sus Titulares de participaciones no habrían incurrido o sufrido;
- un Titular de participaciones, tomando como base las circunstancias del Titular de participaciones en cuestión, si se tienen motivos suficientes para creer que el Titular de participaciones se dedica a actividades que podrían provocar que el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto sufran un perjuicio reglamentario, pecuniario, legal, tributario o administrativo importante, que en caso contrario el Fideicomiso de inversiones o sus Titulares de participaciones en conjunto podrían no haber sufrido; o
- una persona o personas que posean Participaciones con un valor inferior al de la Participación mínima.
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## The Manager may at any time give notice in writing for the redemption of, or request the transfer of, Units held directly or beneficially by:
- any person in breach of any law or requirement of any country or governmental authority or by virtue of which such person is not qualified to hold such Units;
- any United States Person;
- any Japanese person;
- any person or persons in circumstances which, (whether directly or indirectly affecting such person or persons and whether taken alone or in conjunction with any other person or persons connected or not, or any other circumstances appearing to the Manager to be relevant) in the opinion of the Manager might result in the Unit Trust or its Unitholders incurring any liability to taxation or suffering pecuniary disadvantages which the Unit Trust or its Unitholders might not otherwise have incurred or suffered;
- any Unitholder, on the basis of the circumstances of the Unitholder concerned, if it has reasonable grounds to believe that the Unitholder is engaging in any activity which might result in the Unit Trust or its Unitholders as a whole suffering any regulatory, pecuniary, legal, taxation or other material administrative disadvantage which the Unit Trust or its Unitholders as a whole might not otherwise have suffered; or
- any person or persons holding Units with a value less than the Minimum Holding.
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en
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es
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DOLFIN6359
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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 investment objective of the sub-fund is to achieve a positive performance with its assets by investing in a diversified portfolio of debt securities and similar debt instruments issued by emerging market debtors and denominated in a freely convertible currency. To achieve this objective, the sub-fund will primarily invest its assets (at least 51%) in bonds (including zero bonds), short-term debt securities and similar debt instruments (the “investment instruments”). Investment instruments are issued or guaranteed by sovereign debtors from emerging markets (in particular central banks, government authorities and regional banks) or corporate debtors domiciled in an emerging market. The sub-fund will primarily invest in investment instruments of corporate debtors. The sub-fund pursues what is known as a high-yield strategy – i.e. investment instruments do not need to have a specific rating (S&P, Moody's and Fitch) or any at all. The majority of investments are made in high-yield rating categories. The portfolio is diversified across regions, countries and sectors. The sub-fund is therefore eligible as a target fund.
The ESG principles underlying the investment process are described on the Company's website www.mainfirst.com. Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. The sub-fund's sustainability strategy aims to contribute to improving the sustainability profile of selected portfolio companies through active dialogue and engagement activities. The investment manager is not currently taking account of any adverse effects of investment decisions on sustainability factors for this sub-fund. The "do no significant harm" principle within the meaning of Regulation (EU) 2019/2088 applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of the financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The sub-fund is actively managed. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. Detailed information on the aforementioned (and/or further) investment opportunities of the Fund can be found in the current sales prospectus.
In principle, investors may redeem their shares on any banking day in Luxembourg and London, 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.
## This unit class pays the rewards generated to investors.
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# Objetivos y política de inversión
El objetivo de inversión del subfondo es conseguir una evolución positiva del valor de su patrimonio invirtiendo en una cartera diversificada de valores de deuda e instrumentos de deuda similares que estén emitidos por deudores de países emergentes y denominados en divisas de libre convertibilidad. Para lograr este objetivo, el subfondo invertirá su patrimonio principalmente (un mínimo del 51 %) en obligaciones (incluidos los bonos cupón cero), valores de deuda a corto plazo e instrumentos de deuda similares (los instrumentos de inversión). Los instrumentos de inversión son emitidos o garantizados por deudores soberanos de países emergentes (en particular, bancos centrales, autoridades gubernamentales y bancos regionales) o por deudores empresariales domiciliados en un país emergente. El subfondo invertirá principalmente en instrumentos de inversión de deudores empresariales. El subfondo sigue una estrategia de alto rendimiento, es decir, los instrumentos de inversión no tienen que tener una calificación específica (S&P, Moodys y Fitch). La mayoría de las inversiones se realizan en categorías de calificación de alto rendimiento. La cartera está diversificada entre regiones, países y sectores. Por lo tanto, el subfondo puede concebirse como fondo objetivo.
Los criterios ASG que subyacen al proceso de inversión se describen en la página web de la sociedad www.mainfirst.com. El artículo 8 del Reglamento (UE) 2019/2088 y el artículo 6 del Reglamento (UE) 2020/852 (Taxonomía de la UE) se aplican a este subfondo. La estrategia de sostenibilidad del subfondo tiene como objetivo contribuir a mejorar el perfil de sostenibilidad de las empresas de la cartera seleccionadas mediante actividades de cooperación y diálogo activo. El gestor de inversiones no considera actualmente ningún impacto adverso de las decisiones de inversión sobre los factores de sostenibilidad para este subondo. El principio de «evitar impactos adversos significativos» en el sentido del Reglamento (UE) 2019/2088 solo se aplica a aquellas inversiones subyacentes al producto financiero que tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde un punto de vista ambiental. Las inversiones subyacentes a la parte restante del producto financiero no tienen en cuenta los criterios de la UE para las actividades económicas sostenibles desde un punto de vista ambiental.
El subfondo se gestiona de manera activa. El gestor del fondo se encarga de la composición de la cartera, de acuerdo con los criterios definidos en la política de inversión, revisada periódicamente y ajustada en caso necesario. Para obtener información detallada acerca de las posibilidades de inversión del fondo citado anteriormente o, dado el caso, acerca de nuevas posibilidades, consulte el Folleto Informativo vigente.
Por regla general, los inversores podrán reembolsar sus participaciones en cualquier día hábil a efectos bancarios en Luxemburgo, a excepción del 24 y el 31 de diciembre. Se podrá suspender el reembolso de las participaciones si esta medida resulta necesaria a la luz de circunstancias extraordinarias y teniendo en cuenta los intereses de los inversores.
## Esta clase de participaciones distribuye los rendimientos obtenidos a los inversores.
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# Objectives and investment policy
The investment objective of the sub-fund is to achieve a positive performance with its assets by investing in a diversified portfolio of debt securities and similar debt instruments issued by emerging market debtors and denominated in a freely convertible currency. To achieve this objective, the sub-fund will primarily invest its assets (at least 51%) in bonds (including zero bonds), short-term debt securities and similar debt instruments (the “investment instruments”). Investment instruments are issued or guaranteed by sovereign debtors from emerging markets (in particular central banks, government authorities and regional banks) or corporate debtors domiciled in an emerging market. The sub-fund will primarily invest in investment instruments of corporate debtors. The sub-fund pursues what is known as a high-yield strategy – i.e. investment instruments do not need to have a specific rating (S&P, Moody's and Fitch) or any at all. The majority of investments are made in high-yield rating categories. The portfolio is diversified across regions, countries and sectors. The sub-fund is therefore eligible as a target fund.
The ESG principles underlying the investment process are described on the Company's website www.mainfirst.com. Article 8 of Regulation (EU) 2019/2088 and Article 6 of Regulation (EU) 2020/852 (EU taxonomy) apply to this sub-fund. The sub-fund's sustainability strategy aims to contribute to improving the sustainability profile of selected portfolio companies through active dialogue and engagement activities. The investment manager is not currently taking account of any adverse effects of investment decisions on sustainability factors for this sub-fund. The "do no significant harm" principle within the meaning of Regulation (EU) 2019/2088 applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of the financial product do not take into account the EU criteria for environmentally sustainable economic activities.
The sub-fund is actively managed. The fund manager chooses, regularly reviews and, if necessary, adjusts the composition of the portfolio in accordance with the criteria specified in the investment policy. Detailed information on the aforementioned (and/or further) investment opportunities of the Fund can be found in the current sales prospectus.
In principle, investors may redeem their shares on any banking day in Luxembourg and London, 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.
## This unit class pays the rewards generated to investors.
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en
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es
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DOLFIN6367
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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 calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor 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 index is
Connect), which are programmes developed for the purpose of mutual stock market access between SSE and the Stock Exchange of Hong Kong Limited (SEHK) and SZSE and SEHK. Where it is not possible to acquire certain constituents of the index due to restrictions or limited availability (e.g. suspension or insufficient liquidity of A shares), the fund will attempt to replicate the index by investing in a portfolio of shares or other eligible assets that comprise a representative sample of the index, or unrelated shares or other eligible assets. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund is exposed to liquidity, operational, clearing, settlement, market suspension and custody risks linked to investments in the People’s Republic of China (“PRC”), the RQFII system and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in A-shares given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. The Board of Directors intends to make relevant provision on dividend and interest from A- shares if the tax on dividends is not withheld at source at the time when such income is received. Any such provision may be excessive or inadequate. Investors may be advantaged or disadvantaged depending on the time they subscribed and/or redeemed their shares. The value of the share class may be affected by currency fluctuations between the currency of the share class and the currency of the investments invested in by the fund. 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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El cálculo del perfil de riesgo y remuneración se basa en datos históricos que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias
Connect (Stock Connect), que proporcionan acceso mutuo a los respectivos mercados de valores entre la SSE y la Bolsa de Hong Kong (SEHK) y entre la SZSE la SEHK. Cuando no sea posible adquirir determinados componentes del índice debido a restricciones o a una disponibilidad limitada (por ejemplo, por la suspensión o una liquidez insuficiente de las acciones de tipo A), el fondo intentará replicar el índice invirtiendo en una cartera de acciones u otros activos admisibles que incluyan una muestra representativa del índice, o en acciones no relacionadas u otros activos admisibles. El fondo podrá recibir ingresos en relación con los valores que tenga en su cartera. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. La moneda del subfondo es USD. El fondo reparte dividendos hasta cuatro veces al año. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo está expuesto a los riesgos de liquidez, operativo, de compensación, de liquidación, de suspensión del mercado y de custodia vinculados a las inversiones en China, al sistema RQFII y a Stock Connect. El fondo puede sufrir dificultades o retrasos a la hora de hacer valer sus derechos en las acciones de tipo A debido a que los regímenes de valores de China y Hong Kong son distintos. El fondo y la entidad depositaria no pueden asegurar que la propiedad del fondo sobre los valores en China o la titularidad sobre ellos estén garantizadas en todas las circunstancias. El Consejo de Administración tiene previsto dotar la correspondiente provisión sobre los dividendos e intereses de las acciones de tipo A si no se efectúa una retención del impuesto sobre los dividendos en origen en el momento en que se perciban dichos rendimientos. Esta provisión puede resultar excesiva o insuficiente. Los inversores pueden resultar beneficiados o perjudicados en función del momento en que suscribieron o reembolsaron sus acciones. El valor de la clase de acciones puede verse afectado por las fluctuaciones entre la moneda de la clase de acciones y la moneda de las inversiones efectuadas por el fondo. El fondo puede emplear derivados financieros para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta.
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The calculation of the risk and reward profile is based on historical data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor 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 index is
Connect), which are programmes developed for the purpose of mutual stock market access between SSE and the Stock Exchange of Hong Kong Limited (SEHK) and SZSE and SEHK. Where it is not possible to acquire certain constituents of the index due to restrictions or limited availability (e.g. suspension or insufficient liquidity of A shares), the fund will attempt to replicate the index by investing in a portfolio of shares or other eligible assets that comprise a representative sample of the index, or unrelated shares or other eligible assets. The fund may receive income in respect of the securities held by the fund. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The currency of the fund is USD. The fund distributes up to four times per annum. You may request the redemption of shares generally on a daily basis.
rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund is exposed to liquidity, operational, clearing, settlement, market suspension and custody risks linked to investments in the People’s Republic of China (“PRC”), the RQFII system and the Stock Connect. The fund may suffer difficulties or delays in enforcing its rights in A-shares given the securities regimes in the PRC and Hong Kong are different. The fund and the depositary cannot ensure that the fund’s ownership of the securities in the PRC or title thereto is assured in all circumstances. The Board of Directors intends to make relevant provision on dividend and interest from A- shares if the tax on dividends is not withheld at source at the time when such income is received. Any such provision may be excessive or inadequate. Investors may be advantaged or disadvantaged depending on the time they subscribed and/or redeemed their shares. The value of the share class may be affected by currency fluctuations between the currency of the share class and the currency of the investments invested in by the fund. 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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DOLFIN6371
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
2 The Fund will primarily invest in investment grade bonds and may also invest in bonds with less than one year to maturity for liquidity.
2 The Fund may hold inflation-indexed bonds that are not component securities of the Index, but whose risk and return characteristics closely resemble risk and return characteristics of constituents of the Index or of the Index as a whole.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.
2 The base currency of the Fund is USD.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be paid out.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain
bank holidays or public holidays and subject to certain restrictions described in the supplement for the Fund) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) and the supplement for the Fund (the "Supplement") on our website at https://global.vanguard.com
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2 El Fondo invertirá principalmente en bonos con grado de inversión y también podrá invertir en bonos con un vencimiento inferior a un año a efectos de liquidez.
2 El Fondo podrá mantener bonos indexados a la inflación que, aunque no sean componentes del Índice, tengan características de riesgo y rentabilidad muy similares a las de los componentes del Índice o a las del Índice en su conjunto.
2 El Fondo puede utilizar derivados con el objetivo de reducir el riesgo o los costes, o bien a fin de generar ingresos extraordinarios o posibilitar un mayor crecimiento. El uso de derivados podría aumentar o reducir la exposición a activos subyacentes y originar mayores fluctuaciones en el valor liquidativo del Fondo. Se entiende por «derivado» un contrato financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una divisa) o un índice de mercado.
2 La divisa base del Fondo es USD.
2 El Fondo podrá participar en préstamos seguros de sus inversiones a corto plazo a terceros cualificados. Esto se utiliza como medio de generar ingresos adicionales y para compensar los costes del Fondo.
2 Es posible que el Fondo no resulte apropiado para inversiones a corto plazo.
2 Los ingresos procedentes del Fondo se pagarán.
2 Los costes de transacción de la cartera tendrán un impacto en la rentabilidad.
2 Las acciones del Fondo pueden comprarse o venderse a diario (salvo en algunos días festivos y de conformidad con determinadas restricciones descritas en el suplemento del Fondo) mediante el envío de una solicitud por escrito. Se encuentra disponible una lista completa de las acciones del Fondo que no pueden venderse en https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630.
Para obtener más información sobre los objetivos y la política de inversión del Fondo, así como la relación limitada con el proveedor del Índice, consulte el Anexo 6 del Folleto de Vanguard Investment Series plc (el «Folleto») y el suplemento del Fondo (el «Suplemento») en nuestra página web https://global.vanguard.com.
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2 The Fund will primarily invest in investment grade bonds and may also invest in bonds with less than one year to maturity for liquidity.
2 The Fund may hold inflation-indexed bonds that are not component securities of the Index, but whose risk and return characteristics closely resemble risk and return characteristics of constituents of the Index or of the Index as a whole.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index.
2 The base currency of the Fund is USD.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be paid out.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain
bank holidays or public holidays and subject to certain restrictions described in the supplement for the Fund) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) and the supplement for the Fund (the "Supplement") on our website at https://global.vanguard.com
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en
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es
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DOLFIN6372
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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 investment objective of the Fund is to achieve capital appreciation with a low correlation to the overall global markets by investing across credit and interest rates markets.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund will seek to achieve its objective by investing primarily across a broad investment universe of credit bonds and fixed income derivative instruments including credit default swaps (where the Fund would be either a buyer or a seller of protection), interest rate futures, and interest rate swaps. The Fund will employ a range of sub-strategies to achieve its investment objective with an absolute return strategy:
b
A core, long/short, market neutral portfolio of exposures to single name credits, designed to generate alpha from inefficiencies in investment grade and high yield credit markets, via positions in (or exposures to) credit bonds, single name credit default swaps and other derivatives.
b
An asset allocation overlay designed to enhance core portfolio returns via long and short directional credit market index exposures via credit default swap index derivatives, and via long and short exposures to US Treasury futures.
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# Objetivos y política de inversión
El objetivo de inversión del Fondo es lograr la revalorización del capital con una baja correlación con los mercados globales, invirtiendo en mercados de crédito y de tipos de interés.
El Fondo se gestiona de forma activa y no utiliza ningún índice de referencia.
El Fondo tratará de lograr su objetivo invirtiendo principalmente en un amplio universo de inversión de bonos de crédito e instrumentos derivados de renta fija, incluidos los swaps de incumplimiento de crédito (en los que el Fondo sería comprador o vendedor de protección), los futuros de tipos de interés y los swaps de tipos de interés. El Fondo utilizará una serie de estrategias secundarias para alcanzar su objetivo de inversión con una estrategia de rentabilidad absoluta:
b
Una cartera principal, de valores a largo y corto plazo y neutra en materia de mercados, diseñada para generar alfa a partir de las ineficiencias en los mercados de crédito con categoría de inversión y mercados de crédito de alta rentabilidad, mediante posiciones en (o exposiciones a) bonos de crédito, swaps de incumplimiento de crédito de nombre único y otros derivados.
b
Una superposición de asignación de activos diseñada para mejorar las rentabilidades principales de la cartera a través de exposiciones largas y cortas al índice del mercado de crédito direccional a través de derivados de índices de swaps de incumplimiento de crédito y de exposiciones largas y cortas a futuros del Tesoro estadounidense.
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# Objectives and investment policy
The investment objective of the Fund is to achieve capital appreciation with a low correlation to the overall global markets by investing across credit and interest rates markets.
The Fund is actively managed and is not managed in reference to a benchmark.
The Fund will seek to achieve its objective by investing primarily across a broad investment universe of credit bonds and fixed income derivative instruments including credit default swaps (where the Fund would be either a buyer or a seller of protection), interest rate futures, and interest rate swaps. The Fund will employ a range of sub-strategies to achieve its investment objective with an absolute return strategy:
b
A core, long/short, market neutral portfolio of exposures to single name credits, designed to generate alpha from inefficiencies in investment grade and high yield credit markets, via positions in (or exposures to) credit bonds, single name credit default swaps and other derivatives.
b
An asset allocation overlay designed to enhance core portfolio returns via long and short directional credit market index exposures via credit default swap index derivatives, and via long and short exposures to US Treasury futures.
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en
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es
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DOLFIN6375
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Significant holdings risk: The investment manager may hold a significant percentage of the shares of some companies. This may prevent the Sub-Fund from selling the shares promptly, impact the instruments prices and cause delays when facing redemptions in stressed market situations.
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Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: el Subfondo podrá invertir en títulos que presenten una liquidez inferior debido a que, puntualmente, el número de compradores o vendedores activos sea insuficiente para comprar o vender dichos títulos fácilmente. Esos títulos podrán verse más afectados por las condiciones de mercado y ser objeto de retrasos a la hora de enfrentarse a solicitudes de reembolso en caso de situaciones de mercado extremas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de posiciones significativas: la gestora de inversiones puede poseer un porcentaje importante de las acciones de algunas empresas. Esto puede impedir que el Subfondo venda las acciones de forma inmediata, afectar a los precios de los instrumentos y provocar retrasos a la hora de hacer frente a los reembolsos en condiciones de un mercado en tensión.
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Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: The Sub-Fund may invest in securities that are less liquid because active buyers or sellers are not always in sufficient numbers to trade these securities readily. These securities will be more strongly affected by market conditions and may cause delays when facing redemptions in stressed market situations.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Significant holdings risk: The investment manager may hold a significant percentage of the shares of some companies. This may prevent the Sub-Fund from selling the shares promptly, impact the instruments prices and cause delays when facing redemptions in stressed market situations.
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en
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es
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DOLFIN6376
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 2 The Subfund shall invest in the following instruments:
- direct investments in equity securities and other equities of companies which are listed on a stock exchange in India; up to 100% of the assets of the Subfund.
- ADR (American Depositary Receipts) and GDR (Global Depositary Receipts) of companies domiciled in India. ADR and GDR must comply with the provisions of Article 41 of the 2010 Law and may not have any derivatives embedded. The Subfund may make use of derivative financial instruments (derivatives) for currency hedging purposes only. The range of possible instruments covers forward currency contracts.
2 Investments in India may be made through purchase of equity securities listed on an Indian stock exchange or of so-called share-based products, in particular ADRs (American depositary receipts) and GDRs (global depositary receipts), Participatory Notes (P-Notes), Exchange Traded Funds (ETF) and other investment funds, which qualify as eligible assets in accordance with Article 44 of the Law of 2010. P-Notes are instruments issued by financial institutions that provide exposure to the underlying securities. These are eligible for investment by the Subfund, provided that they meet all legal and contractual criteria. Depending on the type of investment, the P-Notes are classified as a certificate or warrant / options.
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# 2 El Subfondo invertirá en los siguientes instrumentos:
- inversiones directas en valores de renta variable y otras participaciones de empresas que coticen en un mercado de valores en la India; hasta el 100% del patrimonio del Subfondo.
- ADR (certificados de depósito estadounidenses) y GDR (certificados de depósito mundiales) de empresas domiciliadas en la India. Los ADR y GDR deberán cumplir las disposiciones del artículo 41 de la Ley de 2010 y no podrán tener derivados implícitos. El Subfondo podrá emplear instrumentos financieros derivados (derivados) únicamente con fines de cobertura cambiaria. La gama de instrumentos posibles incluye los contratos de divisas a plazo.
2 Las inversiones en la India podrán efectuarse mediante la compra de valores de renta variable cotizados en un mercado de valores indio o de los denominados «productos basados en acciones» —en concreto, ADR (certificados de depósito estadounidenses) y GDR (certificados de depósito mundiales), Participatory Notes (P-Notes), fondos cotizados (ETF) y otros fondos de inversión— que cumplan los requisitos de admisibilidad previstos en el artículo 44 de la Ley de 2010. Las P-Notes son instrumentos emitidos por entidades financieras que otorgan exposición a los activos subyacentes. Son admisibles como inversiones del Subfondo, siempre y cuando cumplan todos los criterios jurídicos y contractuales. Dependiendo del tipo de inversión, las P-Notes se clasifican como certificados o como warrants / opciones.
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# 2 The Subfund shall invest in the following instruments:
- direct investments in equity securities and other equities of companies which are listed on a stock exchange in India; up to 100% of the assets of the Subfund.
- ADR (American Depositary Receipts) and GDR (Global Depositary Receipts) of companies domiciled in India. ADR and GDR must comply with the provisions of Article 41 of the 2010 Law and may not have any derivatives embedded. The Subfund may make use of derivative financial instruments (derivatives) for currency hedging purposes only. The range of possible instruments covers forward currency contracts.
2 Investments in India may be made through purchase of equity securities listed on an Indian stock exchange or of so-called share-based products, in particular ADRs (American depositary receipts) and GDRs (global depositary receipts), Participatory Notes (P-Notes), Exchange Traded Funds (ETF) and other investment funds, which qualify as eligible assets in accordance with Article 44 of the Law of 2010. P-Notes are instruments issued by financial institutions that provide exposure to the underlying securities. These are eligible for investment by the Subfund, provided that they meet all legal and contractual criteria. Depending on the type of investment, the P-Notes are classified as a certificate or warrant / options.
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en
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es
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DOLFIN6377
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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 Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the above-mentioned index. The Sub-Fund invests primarily in equity and equity related securities of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital healthcare products, services and/or technologies. The Sub-Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies). The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in
shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy.
The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews).
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### Objetivos y política de inversión
El subfondo se gestiona activamente. El índice MSCI ACWI TR ND se utiliza a efectos de comparación de la rentabilidad y con fines de control del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del subfondo. Los valores a los que se dirige el subfondo pueden ser similares a los del índice en un grado que varía con el tiempo, pero se espera que su ponderación difiera sustancialmente. La rentabilidad del subfondo puede diferir sustancialmente de la rentabilidad del índice. El subfondo invierte principalmente en acciones y títulos relacionados con renta variable emitidos por empresas de todo el mundo (incluidos mercados emergentes) que desarrollan actividades de investigación, desarrollo, producción, promoción y/o distribución de productos, servicios y/o tecnologías digitales en el ámbito sanitario. El subfondo puede invertir en todos los sectores económicos (incluidas, entre otras, compañías que respaldan la cadena de suministro de estas empresas y les prestan servicios). El subfondo busca invertir en empresas de alta calidad provistas de modelos financieros, prácticas comerciales y modelos de negocio sostenibles que exhiban resiliencia y la capacidad de evolucionar y aprovechar las tendencias estructurales a largo plazo, aplicando herramientas y metodologías internas de LOIM de definición de perfiles de sostenibilidad y ESG. Dentro de su exposición a
mercados emergentes, el subfondo puede invertir hasta un 20% de su patrimonio neto en acciones emitidas por empresas constituidas en China continental (incluidas acciones A de China). El gestor de inversiones está autorizado a utilizar instrumentos financieros derivados a efectos de cobertura y gestión eficiente de la cartera, pero no como parte de la estrategia de inversión.
El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de ambas, a efectos del artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional al analizar el perfil de sostenibilidad de las inversiones del subfondo (lo que incluye selección y puntuaciones, exclusiones, restricciones y revisiones cualitativas y cuantitativas de sostenibilidad).
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### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI ACWI TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub-Fund may deviate materially from that of the above-mentioned index. The Sub-Fund invests primarily in equity and equity related securities of companies worldwide (including Emerging Markets) that are active in the research, development, production, promotion and/or distribution of digital healthcare products, services and/or technologies. The Sub-Fund may invest across all economic sectors (including, but not limited to, companies that support the supply chain of, and provide services for, these companies). The Sub-Fund seeks to invest in high quality companies with sustainable financial models, business practices and business models showing resilience and the ability to evolve and benefit from long term structural trends using LOIM proprietary ESG and Sustainability Profiling tools and methodologies. As part of its Emerging Market exposure, the Sub-Fund may invest up to 20% of its net assets in
shares issued by mainland China-incorporated companies (including China A-Shares). The Investment Manager is authorized to use financial derivative instruments for hedging purposes or for EPM but not as part of the investment strategy.
The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews).
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en
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es
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DOLFIN6384
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Where Shares are subscribed or purchased under Section 305 of the SFA by a relevant person (as defined in Section 305(5) of the SFA) which is:
- a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.
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Cuando, en virtud del Artículo 305 de la SFA, las Acciones sean suscritas o adquiridas por una persona pertinente (en el sentido definido en el Artículo 305(5) de la SFA) que:
- tenga la condición de sociedad mercantil (sin ser un inversor acreditado en el sentido definido en la SFA), cuyo único objeto social sea poseer inversiones y cuyo capital social pertenezca íntegramente a una o varias personas físicas, cada una de las cuales sea un inversor acreditado; o
- un fideicomiso (cuando el fiduciario no sea un inversor acreditado) cuyo único objeto social sea mantener inversiones y cada beneficiario del fideicomiso sea una persona física distinta de un inversor acreditado;valores (en el sentido definido en el Artículo 2(1) de la SFA) pertenecientes a esa sociedad mercantil o los derechos e intereses de los beneficiarios (con independencia de su descripción) de ese fideicomiso, no podrán transmitirse a los seis meses siguientes a la fecha de adquisición de las Acciones por dicha sociedad o fideicomiso en virtud de una oferta presentada con arreglo al Artículo 305 de la SFA, salvo:
- a un inversor institucional o una persona pertinente, o a cualquier persona que resulte de una oferta a la que se refiere el Artículo 275(1A) o el Artículo 305A(3)(i)(B) de la SFA;
- cuando no se abone contrapartida alguna por la transmisión en ese momento u otro posterior;
- cuando la transmisión se realice por imperativo legal;
- tal y como se contempla en el apartado (5), letra A, del artículo 305 de la SFA; o
- tal y como se contempla en el Reglamento 36A de los Reglamentos de 2005 de valores y futuros (ofertas de inversión) (fondos de inversión colectiva) de Singapur.
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Where Shares are subscribed or purchased under Section 305 of the SFA by a relevant person (as defined in Section 305(5) of the SFA) which is:
- a corporation (which is not an accredited investor (as defined in the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
- a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except:
- to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
- where no consideration is or will be given for the transfer;
- where the transfer is by operation of law;
- as specified in Section 305A(5) of the SFA; or
- as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.
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en
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es
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DOLFIN6388
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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 Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P EUR Dis between 01/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,501
-5.0%
EUR 10,831
1.6%
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# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P EUR Dis entre 01/2022-12/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 501 EUR
-5,0%
10 831 EUR
1,6%
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# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund P EUR Dis between 01/2022-12/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,501
-5.0%
EUR 10,831
1.6%
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en
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es
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DOLFIN6400
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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 Depositary maintains comprehensive and detailed corporate policies and procedures requiring the Depositary to comply with applicable laws and regulations.
The Depositary has policies and procedures governing the management of conflicts of interest. These policies and procedures address conflicts of interest that may arise through the provision of services to UCITS.
The Depositary's policies require that all material conflicts of interest involving internal or external parties are promptly disclosed, escalated to senior management, registered, mitigated and/or prevented, as appropriate. In the event a conflict of interest may not be avoided, the Depositary shall maintain and operate effective organizational and administrative arrangements in order to take all reasonable steps to properly (i) disclosing conflicts of interest to the Fund and to, shareholders (ii) managing and monitoring such conflicts.
The Depositary ensures that employees are informed, trained and advised of conflicts of interest policies and procedures and that duties and responsibilities are segregated appropriately to prevent conflicts of interest issues.
Compliance with conflicts of interest policies and procedures is supervised and monitored by the Board of Managers as general partner of the Depositary and by the Depositary’s Authorized Management, as well as the Depositary’s compliance, internal audit and risk management functions.
The Depositary shall take all reasonable steps to identify and mitigate potential conflicts of interest. This includes implementing its conflict of interest policies that are appropriate for the scale, complexity and nature of its business. This policy identifies the circumstances that give rise or may give rise to a conflict of interest and includes the procedures to be followed and measures to be adopted in order to manage conflicts of interest. A conflicts of interest register is maintained and monitored by the Depositary.
The Depositary does also act as Administrative Agent and/or Registrar and Transfer Agent pursuant to the terms of the administration agreements between the Depositary and the Fund. The Depositary has implemented appropriate segregation of activities between the Depositary and the administration/ registrar and transfer agency services, including escalation processes and governance. In addition, the depositary function is hierarchically and functionally segregated from the administration and registrar and transfer agency services business unit.
A potential risk of conflicts of interest may occur in situations where the Correspondents may enter into or have a separate commercial and/or business relationship with the Depositary in parallel to the safekeeping delegation relationship. In the conduct of its business, conflicts of interest may arise between the Depositary and the Correspondent. Where a Correspondent shall have a group link with the Depositary, the Depositary undertakes to identify potential conflicts of interests arising from that link, if any, and to take all reasonable steps to mitigate those conflicts of interest.
The Depositary does not anticipate that there would be any specific conflicts of interest arising as a result of any delegation to any Correspondent. The Depositary will notify the Board of Directors and/or the board of directors of the Management Company of the Fund of any such conflict should it so arise.
To the extent that any other potential conflicts of interest exist pertaining to the Depositary, they have been identified, mitigated and addressed in accordance with the Depositary’s policies and procedures.
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## El Depositario mantiene políticas y procedimientos empresariales integrales y detallados que requieren que el Depositario cumpla con las leyes y los reglamentos aplicables.
El Depositario tiene políticas y procedimientos que regulan la gestión de conflictos de interés. Estas políticas y procedimientos abordan los conflictos de interés que puedan surgir de la prestación de servicios a los OICVM.
Las políticas del Depositario requieren que todos los conflictos de interés materiales relacionados con partes internas o externas sean presentados, informados a los altos directivos, registrados, mitigados y/o evitados, según el caso. En caso de que no se evite un conflicto de interés, el Depositario mantendrá y aplicará arreglos organizativos y administrativos efectivos para tomar todas las medidas razonables con el fin de (i) informar de los conflictos de interés al Fondo y a los accionistas y (ii) gestionar y supervisar dichos conflictos.
El Depositario se asegura de que se informe, forme y aconseje a los empleados sobre las políticas y los procedimientos de conflictos de interés y de que los deberes y las responsabilidades se separen de forma adecuada para evitar dichos conflictos.
El Consejo de Administración, como socio general del Depositario, y la Gestión Autorizada del Depositario controlan el cumplimiento de las políticas y los procedimientos de conflictos de interés, así como las funciones de cumplimiento del Depositario, de auditoría interna y de gestión de riesgos.
El Depositario tomará todas las medidas razonables para identificar y mitigar posibles conflictos de interés. Esto incluye implementar las políticas de conflictos de interés que sean apropiadas para la escala, complejidad y naturaleza de su negocio. Esta política identifica las circunstancias que dan lugar o pueden dar lugar a un conflicto de interés y que incluyen los procedimientos que se deben seguir y las medidas que se deben adoptar para gestionar dichos conflictos. El Depositario mantiene y controla un registro de conflictos de interés.
El Depositario también actúa como Agente Administrativo y/o Agente de Registro y de Transferencias en virtud de los términos de los contratos de administración entre el Depositario y el Fondo. El Depositario ha implementado una separación adecuada de las actividades entre el Depositario y los servicios de las agencias de administración/registro y transferencias, incluidos los procesos de ajuste y el gobierno. Además, la función del Depositario está separada de forma jerárquica y funcional de las unidades de negocio de los servicios de las agencias de administración, registro y transferencias.
Un posible riesgo de conflictos de interés puede darse en situaciones en las que los Corresponsales puedan establecer o tener una relación comercial y/o empresarial separada con el Depositario en paralelo con la relación de delegación de custodia. Al dirigir sus negocios, pueden surgir conflictos de interés entre el Depositario y el Corresponsal. Cuando un Corresponsal tenga un vínculo de grupo con el Depositario, el Depositario asume identificar posibles conflictos de interés que surjan de ese vínculo, si los hubiera, y llevar a cabo todos los pasos necesarios para mitigar dichos conflictos de interés.
El Depositario no prevé que exista ningún conflicto de interés como resultado de cualquier delegación a un Corresponsal. El Depositario notificará al Consejo de Administración y/o al Consejo de Administración de la Sociedad Gestora del Fondo cualquier conflicto que surja.
En la medida en que existan otros posibles conflictos de interés pertenecientes al Depositario, estos se han identificado, mitigado y abordado de acuerdo con las políticas y los procedimientos del Depositario.
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## The Depositary maintains comprehensive and detailed corporate policies and procedures requiring the Depositary to comply with applicable laws and regulations.
The Depositary has policies and procedures governing the management of conflicts of interest. These policies and procedures address conflicts of interest that may arise through the provision of services to UCITS.
The Depositary's policies require that all material conflicts of interest involving internal or external parties are promptly disclosed, escalated to senior management, registered, mitigated and/or prevented, as appropriate. In the event a conflict of interest may not be avoided, the Depositary shall maintain and operate effective organizational and administrative arrangements in order to take all reasonable steps to properly (i) disclosing conflicts of interest to the Fund and to, shareholders (ii) managing and monitoring such conflicts.
The Depositary ensures that employees are informed, trained and advised of conflicts of interest policies and procedures and that duties and responsibilities are segregated appropriately to prevent conflicts of interest issues.
Compliance with conflicts of interest policies and procedures is supervised and monitored by the Board of Managers as general partner of the Depositary and by the Depositary’s Authorized Management, as well as the Depositary’s compliance, internal audit and risk management functions.
The Depositary shall take all reasonable steps to identify and mitigate potential conflicts of interest. This includes implementing its conflict of interest policies that are appropriate for the scale, complexity and nature of its business. This policy identifies the circumstances that give rise or may give rise to a conflict of interest and includes the procedures to be followed and measures to be adopted in order to manage conflicts of interest. A conflicts of interest register is maintained and monitored by the Depositary.
The Depositary does also act as Administrative Agent and/or Registrar and Transfer Agent pursuant to the terms of the administration agreements between the Depositary and the Fund. The Depositary has implemented appropriate segregation of activities between the Depositary and the administration/ registrar and transfer agency services, including escalation processes and governance. In addition, the depositary function is hierarchically and functionally segregated from the administration and registrar and transfer agency services business unit.
A potential risk of conflicts of interest may occur in situations where the Correspondents may enter into or have a separate commercial and/or business relationship with the Depositary in parallel to the safekeeping delegation relationship. In the conduct of its business, conflicts of interest may arise between the Depositary and the Correspondent. Where a Correspondent shall have a group link with the Depositary, the Depositary undertakes to identify potential conflicts of interests arising from that link, if any, and to take all reasonable steps to mitigate those conflicts of interest.
The Depositary does not anticipate that there would be any specific conflicts of interest arising as a result of any delegation to any Correspondent. The Depositary will notify the Board of Directors and/or the board of directors of the Management Company of the Fund of any such conflict should it so arise.
To the extent that any other potential conflicts of interest exist pertaining to the Depositary, they have been identified, mitigated and addressed in accordance with the Depositary’s policies and procedures.
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DOLFIN6406
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Although any Sub-Fund may utilise such currency hedging transactions in respect of Classes of Units, it shall not be obliged to do so and to the extent that it does employ strategies aimed at hedging certain Classes of Units, there can be no assurance that such hedging transactions or strategies will be effective.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Class. All transactions will be clearly attributable to the relevant Hedged Class and currency exposures of different Classes will not be combined or offset. The Manager does not intend to have under-hedged or over- hedged positions. However, due to market movements and factors outside the control of the Manager, under-hedged and over-hedged positions may arise from time to time. The Manager has procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Class and under- hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Class that is hedged against currency risk. As part of these procedures, the Manager will review hedged positions of the relevant Hedged Class on a daily basis to ensure that any position beyond these levels is not carried forward. In the event that hedging in respect of a Hedged Class of Units exceeds 105% or falls short of 95%, as described above, due to market movements or redemptions, the Investment Manager shall reduce such hedging appropriately as soon as possible thereafter.Change in Index / Benchmarks Regulation
e Manager on behalf of the Fund has in place and maintains robust written plans setting out the actions that may be taken in the event that an index used by a Sub-Fund as a benchmark (as
per the Benchmarks Regulation) is materially changed or ceases to be provided. These plans include, where appropriate, details of alternative indices that might potentially be used by a Sub- Fund where its benchmark index has to be substituted.
Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub-Fund Details, for a similar index if:-
- the particular index or index series ceases to be provided or to exist or is materiallychanged;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existingindex;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change.
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Aunque los Subfondos pueden utilizar las operaciones de cobertura de divisas al respecto de Clases de Participaciones, no estarán obligados a ello y el empleo de estrategias con el fin de cubrir determinadas Clases de Participaciones no puede garantizar la eficacia de dichas operaciones o estrategias de cobertura.
La exposición a las divisas no superará el 105% del Valor Liquidativo de la Clase Cubierta correspondiente. Todas las transacciones serán atribuibles claramente a la Clase Cubierta correspondiente y las exposiciones a las monedas de las diferentes Clases no se combinarán ni se compensarán. La Sociedad Gestora no tiene intención de mantener posiciones con una cobertura excesiva o insuficiente. No obstante, debido a las fluctuaciones del mercado y a factores fuera del control de la Sociedad Gestora, eventualmente pueden surgir posiciones cubiertas por defecto o por exceso. La Sociedad Gestora dispone de procedimientos para supervisar las posiciones cubiertas y asegurarse de que las sobrecoberturas no superan el 105% del Valor Liquidativo de la Clase Cubierta en cuestión, y que las infracoberturas no están por debajo del 95% de esa proporción del Valor Liquidativo de la correspondiente Clase cubierta frente al riesgo de divisas. En el marco de estos procedimientos, la Sociedad Gestora revisará diariamente las posiciones cubiertas de la Clase cubierta pertinente para garantizar que cualquier posición que supere estos niveles no se prorrogue. En el supuesto de que la cobertura en relación con una Clase Cubierta de Participaciones supere el 105% o se quede por debajo del 95%, como se ha descrito anteriormente, debido a fluctuaciones del mercado o a reembolsos, la Gestora de Inversiones alterará dicha cobertura en consecuencia lo antes posible.Cambios en el Reglamento sobre índices/ índices de referencia
La Sociedad Gestora cuenta con sólidos planes para el Fondo por escrito que establecen las medidas que pueden adoptarse en caso de que el índice empleado como referencia por un Subfondo (según lo dispuesto en el Reglamento sobre índices de referencia) cambie significativamente o deje de proveerse. Estos planes incluyen, entre otras medidas, detalles sobre
índices alternativos que el Subfondo podría emplear cuando un índice de referencia deba sustituirse.
Cuando un Subfondo tiene referenciada su rentabilidad a un índice, la Sociedad Gestora podrá, siempre que considere que tal medida favorece los intereses del Subfondo correspondiente, reemplazar el índice pertinente, tal y como se describe en los Detalles del Subfondo en cuestión, por un índice similar, si:
- el índice en concreto o la serie de índices deje de proveerse, de existir o se altere significativamente;
- se dispone de un nuevo índice que sustituye al existente;
- se adopta un nuevo índice que, según los inversores profesionales, responda a los estándares del mercado concreto en el que se opere y/o que, a juicio de los Partícipes, resulte más ventajoso que el índice anterior;
- comienza a resultar difícil invertir en los valores del índice en cuestión;
- el proveedor del índice introduce una comisión que la Sociedad Gestora considera demasiado elevada;
- la Sociedad Gestora entiende que la calidad (incluidas la exactitud y la disponibilidad de los datos) de un determinado índice se ha visto mermada; o
- por cualquier otra causa en caso de que la sustitución del índice de referencia obedezca a motivos distintos de los enumerados en los apartados del (a) al (f) precedentes, en cuyo caso la Sociedad Gestora deberá comunicar con un mínimo de 60 días de antelación dicha sustitución a los Partícipes.
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Although any Sub-Fund may utilise such currency hedging transactions in respect of Classes of Units, it shall not be obliged to do so and to the extent that it does employ strategies aimed at hedging certain Classes of Units, there can be no assurance that such hedging transactions or strategies will be effective.
Currency exposure will not exceed 105% of the Net Asset Value of the relevant Hedged Class. All transactions will be clearly attributable to the relevant Hedged Class and currency exposures of different Classes will not be combined or offset. The Manager does not intend to have under-hedged or over- hedged positions. However, due to market movements and factors outside the control of the Manager, under-hedged and over-hedged positions may arise from time to time. The Manager has procedures in place to monitor hedged positions and to ensure that over-hedged positions do not exceed 105% of the Net Asset Value of the relevant Hedged Class and under- hedged positions do not fall short of 95% of that portion of the Net Asset Value of the relevant Hedged Class that is hedged against currency risk. As part of these procedures, the Manager will review hedged positions of the relevant Hedged Class on a daily basis to ensure that any position beyond these levels is not carried forward. In the event that hedging in respect of a Hedged Class of Units exceeds 105% or falls short of 95%, as described above, due to market movements or redemptions, the Investment Manager shall reduce such hedging appropriately as soon as possible thereafter.Change in Index / Benchmarks Regulation
e Manager on behalf of the Fund has in place and maintains robust written plans setting out the actions that may be taken in the event that an index used by a Sub-Fund as a benchmark (as
per the Benchmarks Regulation) is materially changed or ceases to be provided. These plans include, where appropriate, details of alternative indices that might potentially be used by a Sub- Fund where its benchmark index has to be substituted.
Where a Sub-Fund benchmarks its performance against an index, the Manager may, if it considers it is in the best interests of the relevant Sub-Fund, substitute the applicable index, as set out in the respective Sub-Fund Details, for a similar index if:-
- the particular index or index series ceases to be provided or to exist or is materiallychanged;
- a new index becomes available which supersedes the existing one;
- a new index becomes available which is regarded as the market standard for professional investors in the particular market and/or would be regarded as of greater benefit to the Unitholders than the existingindex;
- it becomes difficult to invest in stocks comprised within the particular index;
- the index provider introduces a charge at a level which the Manager considers too high;
- the quality (including accuracy and availability of data) of a particular index has, in the opinion of the Manager, deteriorated; or
- for any other reason, provided that if the change in the benchmark index is for any reason other than the reasons listed in (a) – (f) above, the Manager will give the Unitholders a minimum of 60 days prior notice of such change.
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DOLFIN6410
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# VOTES OF MEMBERS
- On a show of hands every Member who is present shall have one vote.
- On a poll every Member present in person or by proxy shall be entitled to one vote in respect of each share held by him.
- In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the shares.
- No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the meeting, whose decision shall be final and conclusive.
- On a poll, votes may be given either personally (to include by telephone and electronic means provided there are reasonable procedures in place to verify that the41instructions have been given by the relevant Member or holder of non-participating shares as appropriate ) or by proxy.
- On a poll, a Member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the same way.
- The instrument appointing a proxy shall be in writing (in electronic form or otherwise) under the hand of the appointor or of his attorney duly authorised in writing, or if the appointor is a corporation, either under its common seal or under the hand of an officer or attorney so authorised. An instrument of proxy shall be in any usual form or in such form as the Directors may approve PROVIDED ALWAYS that such form shall give the holder the choice of authorising his/her proxy to vote for or against each resolution.
- Any person (whether a Member or not) may be appointed to act as a proxy. A Member may appoint more than one proxy to attend on the same occasion.
- The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or authority, shall be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company in advance of the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote and if the aforesaid conditions are not complied with the instrument of proxy shall not be treated as valid. The depositing of the instrument of proxy and the power of attorney or other authority (if any) may, rather than it being effected by sending or delivering the instrument, be effected by communicating the instrument to the Company by electronic means.
- No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date.
- The Directors may at the expense of the Company send, by post or otherwise, to the Members instruments of proxy (with or without prepaid postage for their return) for use at any general meeting or at any meeting of any class of Members, either in blank or nominating in the alternative any one or more of the Directors or any other persons. If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the expense of the Company, such invitations shall be issued to all (and not to some only) of the Members entitled to be sent a notice of the meeting and to vote thereat by proxy.
- A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of proxy, or of the authority under which the instrument of proxy was executed, or the transfer of the shares in respect of which the instrument of proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer shall have been received by the Company at the registered office of the Company, before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used.
- Any body corporate which is a Member may authorise by resolution of its Directors or other governing body such person as it thinks fit to act as its representative at any meeting of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he represents as that body42corporate could exercise if it were an individual Member and such body corporate shall for the purposes of these presents be deemed to be present in person at any such meeting if a person so authorised is present thereat.
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# VOTOS DE LOS MIEMBROS
- En las votaciones a mano alzada, cada Miembro que esté presente dispondrá de un voto.
- En una votación, cada Miembro presente o con representación tendrá derecho a un voto respecto a cada acción que posea.
- En el caso de titulares conjuntos de una acción, el voto de la persona superior que emite el voto, ya sea en persona o mediante representante, se deberá aceptar y excluirá a los votos de los demás titulares conjuntos, y a estos efectos, la superioridad se determinará según el orden en que figuren los nombres en el Registro en relación a las Acciones.
- No podrá objetarse la aptitud de un votante para votar, salvo en la reunión o reunión aplazada en que se vaya a emitir el voto objetado, y cualquier voto que no haya sido objetado en esa reunión, será válido a todos los efectos. Las objeciones hechas en el plazo establecido deberán dirigirse al presidente de la reunión, cuya decisión será definitiva y concluyente.
- En una votación, los votos se pueden dar tanto personalmente (incluido por teléfono o medios electrónicos siempre que haya sistemas adecuados para verificar que las instrucciones hayan sido dadas por el Miembro pertinente o titular de acciones no participativas tal y como sea apropiado) como mediante representación.
- En una votación por escrito, un Miembro con derecho a más de un voto, no tendrá que utilizar, si vota, todos sus votos o emitir todos sus votos de la misma forma.
- El instrumento para designar a un representante deberá estar por escrito (en formato electrónico o similar) y firmado por la persona que designa al representante o por su abogado debidamente autorizado, o en el caso de que la persona que designa al representante fuera una empresa, el instrumento deberá llevar el sello de la empresa o estar firmado por un representante o abogado autorizado para ello. Un instrumento de representación deberá suministrarse en el formato en que los Consejeros consideren apropiado SIEMPRE QUE dicho formato ofrezca al titular la posibilidad de autorizar a su representante para votar a favor o en contra en cada resolución.
- Cualquier persona (sea Miembro o no) podrá ser designada para actuar como representante. Un Miembro no podrá designar más de un representante para asistir a la misma reunión.
- El instrumento para designar a un representante y el poder de representación u otra autorización (si la hubiere) en virtud del cual esté firmado o una copia certificada por un notario de dicho poder o autorización, deberá depositarse en el domicilio social de la Sociedad o en el lugar que se especifique para ello en la convocatoria de reunión o en el instrumento de representación emitido por la Sociedad antes de la hora establecida para la reunión o reunión aplazada en que la persona designada en el instrumento pretende votar y en caso de no hacerlo, el instrumento de designación de representante no será considerado válido. La entrega del instrumento de representación y el poder de representación u otro poder (de haberlo) podrá, en lugar de hacerse mediante envío oentrega del instrumento, realizarse comunicando el instrumento a la Sociedad utilizando un medio electrónico.
- No será válido ningún instrumento de designación de representante una vez hayan pasado doce meses desde la fecha del instrumento, salvo en el caso de una reunión aplazada o en el caso de una votación por escrito solicitada en una reunión o reunión aplazada cuando dicha reunión se celebrase originalmente dentro de los doce meses desde esa fecha.
- Los Consejeros podrán, a expensas de la Sociedad, enviar, por correo o similar, a los Miembros instrumentos de representación (con o sin portes pagados para su devolución) para usar en cualquier junta general o en cualquier junta de cualquier clase de Miembros, tanto en blanco como nombrando como alternativa a uno o varios de los Consejeros u otras personas. Si, con el fin de celebrar una junta se envían invitaciones para nombrar como representante a una persona o a una serie de personas especificadas en las invitaciones a cuenta de la Sociedad, dichas invitaciones deberán enviarse a todos (y no solo a una parte) los Miembros con derecho a recibir una convocatoria a una junta y a votar en la misma mediante representante.
- Los votos emitidos conforme a los términos de un instrumento de representación serán válidos aunque se produzca el fallecimiento o la declaración de incapacidad mental de la persona principal o la revocación del instrumento de representación, o de la autorización en base a la cual se ejecutó el instrumento de representación, o la transferencia de las acciones en relación a la cual se otorgó el instrumento de representación, siempre y cuando la Sociedad no haya recibido en el domicilio social de la Sociedad ninguna notificación por escrito indicando dicho fallecimiento, declaración de incapacidad mental, revocación o transferencia, antes del comienzo de la reunión o de la reunión aplazada en que se utilizara dicho instrumento de representación.
- Cualquier organismo corporativo que sea Miembro de la Sociedad podrá, mediante una resolución de sus Consejeros o del órgano directivo, autorizar a la persona que consideren adecuada para que actúe como su representante en cualquier reunión de la Sociedad o en cualquier reunión del tipo que sea de Miembros de la Sociedad, y la persona autorizada tendrá derecho a ejercer los mismos poderes en nombre del organismo corporativo al que representa que los que ejercería el organismo corporativo si fuera un Miembro individual y dicho organismo corporativo será considerado, a los efectos de estos Estatutos, presente en esa reunión si una persona así autorizada está presente en la reunión.
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# VOTES OF MEMBERS
- On a show of hands every Member who is present shall have one vote.
- On a poll every Member present in person or by proxy shall be entitled to one vote in respect of each share held by him.
- In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose seniority shall be determined by the order in which the names stand in the Register in respect of the shares.
- No objection shall be raised to the qualification of any voter except at the meeting or adjourned meeting at which the vote objected to is given or tendered, and every vote not disallowed at such meeting shall be valid for all purposes. Any such objection made in due time shall be referred to the chairman of the meeting, whose decision shall be final and conclusive.
- On a poll, votes may be given either personally (to include by telephone and electronic means provided there are reasonable procedures in place to verify that the41instructions have been given by the relevant Member or holder of non-participating shares as appropriate ) or by proxy.
- On a poll, a Member entitled to more than one vote need not, if he votes, use all his votes or cast all the votes he uses in the same way.
- The instrument appointing a proxy shall be in writing (in electronic form or otherwise) under the hand of the appointor or of his attorney duly authorised in writing, or if the appointor is a corporation, either under its common seal or under the hand of an officer or attorney so authorised. An instrument of proxy shall be in any usual form or in such form as the Directors may approve PROVIDED ALWAYS that such form shall give the holder the choice of authorising his/her proxy to vote for or against each resolution.
- Any person (whether a Member or not) may be appointed to act as a proxy. A Member may appoint more than one proxy to attend on the same occasion.
- The instrument appointing a proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certified copy of such power or authority, shall be deposited at the registered office of the Company or at such other place as is specified for that purpose in the notice of meeting or in the instrument of proxy issued by the Company in advance of the time appointed for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote and if the aforesaid conditions are not complied with the instrument of proxy shall not be treated as valid. The depositing of the instrument of proxy and the power of attorney or other authority (if any) may, rather than it being effected by sending or delivering the instrument, be effected by communicating the instrument to the Company by electronic means.
- No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the meeting was originally held within twelve months from such date.
- The Directors may at the expense of the Company send, by post or otherwise, to the Members instruments of proxy (with or without prepaid postage for their return) for use at any general meeting or at any meeting of any class of Members, either in blank or nominating in the alternative any one or more of the Directors or any other persons. If for the purpose of any meeting invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the expense of the Company, such invitations shall be issued to all (and not to some only) of the Members entitled to be sent a notice of the meeting and to vote thereat by proxy.
- A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the death or insanity of the principal or the revocation of the instrument of proxy, or of the authority under which the instrument of proxy was executed, or the transfer of the shares in respect of which the instrument of proxy is given, provided that no intimation in writing of such death, insanity, revocation or transfer shall have been received by the Company at the registered office of the Company, before the commencement of the meeting or adjourned meeting at which the instrument of proxy is used.
- Any body corporate which is a Member may authorise by resolution of its Directors or other governing body such person as it thinks fit to act as its representative at any meeting of the Company and the person so authorised shall be entitled to exercise the same powers on behalf of the body corporate which he represents as that body42corporate could exercise if it were an individual Member and such body corporate shall for the purposes of these presents be deemed to be present in person at any such meeting if a person so authorised is present thereat.
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DOLFIN6411
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# By subscribing to AMUNDI EURO LIQUIDITY-RATED SRI - DP, you are investing in money market instruments with a maximum maturity of 2 years.
The Fund seeks to outperform the capitalised €STR benchmark index, the eurozone benchmark index, after deducting ongoing charges, whilst incorporating ESG criteria into the Fund’s security analysis and selection criteria.
However, during periods of negative returns on the money market, the Fund’s return may be negatively affected. Furthermore, after deducting ongoing charges, the Fund may underperform the capitalised €STR.
The fund incorporates the ESG criteria (Environment, Social and Governance) for the assessment and selection of securities, in addition to the financial criteria (liquidity, maturity, profitability and quality).
The non-financial analysis is used to assign an ESG rating for each issuer on a scale ranging from A (highest rating) to G (lowest rating). At least 90% of the securities in the portfolio have an ESG rating.
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# Al suscribirse a AMUNDI EURO LIQUIDITY-RATED SRI - DP, usted invierte en instrumentos del mercado monetario con un vencimiento máximo de 2 años.
El objetivo de gestión del fondo es conseguir una rentabilidad superior a su índice de referencia, el €STR capitalizado, índice representativo del tipo monetario de la zona euro, una vez considerados los gastos corrientes e incorporando los criterios ESG en el proceso de selección y análisis de títulos del fondo.
Sin embargo, en período de rentabilidades negativas en el mercado monetario, la rentabilidad del fondo puede verse afectada negativamente. Asimismo, una vez considerados los gastos corrientes, la rentabilidad del fondo podrá ser inferior a la del €STR capitalizado.
El Fondo incorpora criterios ESG (ambientales, sociales y de gobernanza) en el análisis y la selección de los títulos para complementar los criterios financieros (liquidez, vencimiento, rentabilidad y calidad).
El análisis extrafinanciero de cada emisor arroja una calificación ESG en una escala de A (mejor calificación) a G (peor calificación). Como mínimo, el 90 % de los títulos de la cartera cuentan con una calificación ESG.
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# By subscribing to AMUNDI EURO LIQUIDITY-RATED SRI - DP, you are investing in money market instruments with a maximum maturity of 2 years.
The Fund seeks to outperform the capitalised €STR benchmark index, the eurozone benchmark index, after deducting ongoing charges, whilst incorporating ESG criteria into the Fund’s security analysis and selection criteria.
However, during periods of negative returns on the money market, the Fund’s return may be negatively affected. Furthermore, after deducting ongoing charges, the Fund may underperform the capitalised €STR.
The fund incorporates the ESG criteria (Environment, Social and Governance) for the assessment and selection of securities, in addition to the financial criteria (liquidity, maturity, profitability and quality).
The non-financial analysis is used to assign an ESG rating for each issuer on a scale ranging from A (highest rating) to G (lowest rating). At least 90% of the securities in the portfolio have an ESG rating.
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en
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es
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DOLFIN6416
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Class “F” Shares
Class "F" shares are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the management company’s discretion. The minimum initial investment is 100,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, except for the capitalisation share classes of the Sub-Fund AXA World Funds - Multi Premia. For this Sub-Fund the minimum initial investment is 500,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class.
If as a result of a redemption, a shareholder holding Class “F” shares falls below the minimum level of holding required, such shareholder will be deemed to have requested the conversion into Class “A” shares.
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### Acciones de Clase «F»
Las acciones de la Clase «F» solo están disponibles (i) a través de determinados distribuidores que disponen de acuerdos de comisiones independientes con sus clientes, y (ii) para otros inversores que determine la sociedad gestora a su discreción. La inversión mínima inicial asciende a 100,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión, y la inversión mínima posterior es de 5,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión, excepto en el caso de las clases de acciones de capitalización del Subfondo AXA World Funds - Multi Premia. Para este Subfondo, la inversión mínima inicial asciende a 500,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión, y la inversión mínima posterior es de 5,000 en la moneda base del fondo o su contravalor en la correspondiente moneda de la clase en cuestión.
Si, como consecuencia de un reembolso, la inversión de un accionista en Acciones de la Clase «F» cayese por debajo del nivel mínimo de inversión exigido para las Acciones de la Clase «F», se considerará que dicho accionista ha solicitado la conversión de su inversión en Acciones de la Clase «A».
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### Class “F” Shares
Class "F" shares are only available through (i) certain distributors who have separate fee arrangements with their clients and (ii) to other investors at the management company’s discretion. The minimum initial investment is 100,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, except for the capitalisation share classes of the Sub-Fund AXA World Funds - Multi Premia. For this Sub-Fund the minimum initial investment is 500,000 in the fund base currency or the equivalent in the relevant currency of the relevant class, and the minimum subsequent investment is 5,000 in the fund base currency or the equivalent in the relevant currency of the relevant class.
If as a result of a redemption, a shareholder holding Class “F” shares falls below the minimum level of holding required, such shareholder will be deemed to have requested the conversion into Class “A” shares.
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en
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es
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DOLFIN6423
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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 positive absolute returns on your investment through a combination of capital growth and income regardless of market conditions.
The Fund seeks to gain at least 70% of any investment exposure to fixed income (FI) securities and FI-related securities issued by, or giving exposure to, governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) worldwide. This is achieved by investing at least 70% of its total assets in FI securities, FI-related securities, and where appropriate, deposits and cash. FI securities include bonds as well as money market instruments (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may also invest in asset backed and mortgage backed securities (i.e. financial securities backed by cash flows from debt).
At any one time, a substantial amount or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Investment Adviser (IA) may take a view as to the direction the market may move when selecting the Fund’s assets.
The IA will take into account environmental, social and governance (“ESG”) characteristics when selecting the Fund’s investments. The IA intends to exclude issuers of equity securities which have exposure to, or ties with, sectors which include (but are not limited to): controversial weapons (nuclear, cluster munitions, biological- chemical, landmine, depleted uranium, or incendiary weapons) and thermal coal extraction and generation. The IA will take into account the above ESG criteria only when selecting the securities to be held directly by the Fund. The Fund may obtain indirect exposure to securities considered not to satisfy these ESG criteria.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Euribor Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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# Objetivos y política de inversión
El Fondo tiene por objetivo lograr una rentabilidad absoluta positiva de su inversión a través de una combinación de revalorización del capital y rendimientos al margen de las condiciones del mercado.
El Fondo trata de que al menos el 70 % de cualquier exposición de su inversión esté en valores de renta fija (RF) y valores relacionados con RF emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento) de todo el mundo, o que proporcionen exposición a los citados emisores. Esto se logra invirtiendo al menos el 70 % de sus activos totales en valores de RF, valores relacionados con RF y, cuando se considere oportuno, depósitos y efectivo. Los valores de RF incluyen bonos e instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo). Los valores relacionados con RF incluyen los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD se pueden utilizar para ayudar a alcanzar el objetivo de inversión del Fondo, y este, a través de los IFD, podrá generar apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos).
El Fondo también podrá invertir en valores de titulización de activos y valores de titulización de hipotecas (es decir, valores financieros respaldados por flujos de efectivo procedentes de deuda).
En cualquier momento, un importe sustancial o incluso todos los activos del Fondo podrán mantenerse en efectivo, con el fin de proporcionar cobertura a la exposición creada por los IFD o para ayudarle a alcanzar su objetivo de inversión.
Los valores de RF e IMM podrán ser emitidos por gobiernos, agencias gubernamentales, empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Fomento), y podrán tener la calificación de grado de inversión (o sea, cumplirán un nivel específico de solvencia), una calificación por debajo del grado de inversión o carecer de calificación en el momento de la compra.
El asesor de inversiones (AI) podrá, al seleccionar los activos del Fondo, orientarse por los movimientos previstos del mercado.
El AI tendrá en cuenta las características medioambientales, sociales y de gobierno corporativo («ESG») a la hora de seleccionar las inversiones del Fondo. El AI pretende excluir a emisores de valores con exposición a, entre otros, los siguientes sectores: armas controvertidas (nucleares, municiones de racimo, armas biológicas o químicas, minas terrestres, uranio empobrecido o armas incendiarias) y la extracción y la generación de carbón térmico, o que tengan algún vínculo con cualquiera de dichos sectores. El AI tendrá en cuenta los criterios ESG anteriores únicamente a la hora de seleccionar los valores que el Fondo mantenga de forma directa en su cartera. El Fondo puede obtener una exposición indirecta a valores que se considere que no cumplen estos criterios ESG.
El Fondo se gestiona de forma activa, y el AI tiene la potestad para seleccionar las inversiones del Fondo y que no está limitado por ningún parámetro de referencia para llevar a cabo este proceso. Los accionistas deberían utilizar el 3 Month Euribor Index para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor). Sus acciones estarán denominadas en euros, la moneda base del Fondo.
Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
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# Objectives and Investment Policy
The Fund aims to achieve positive absolute returns on your investment through a combination of capital growth and income regardless of market conditions.
The Fund seeks to gain at least 70% of any investment exposure to fixed income (FI) securities and FI-related securities issued by, or giving exposure to, governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) worldwide. This is achieved by investing at least 70% of its total assets in FI securities, FI-related securities, and where appropriate, deposits and cash. FI securities include bonds as well as money market instruments (i.e. debt securities with short term maturities). FI-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used to help achieve the Fund’s investment objective and the Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund may also invest in asset backed and mortgage backed securities (i.e. financial securities backed by cash flows from debt).
At any one time, a substantial amount or even all of the Fund’s assets may be held as cash to provide cover for the exposure created by the use of FDIs or to assist in achieving its investment objective.
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals (e.g. the International Bank for Reconstruction and Development) and may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Investment Adviser (IA) may take a view as to the direction the market may move when selecting the Fund’s assets.
The IA will take into account environmental, social and governance (“ESG”) characteristics when selecting the Fund’s investments. The IA intends to exclude issuers of equity securities which have exposure to, or ties with, sectors which include (but are not limited to): controversial weapons (nuclear, cluster munitions, biological- chemical, landmine, depleted uranium, or incendiary weapons) and thermal coal extraction and generation. The IA will take into account the above ESG criteria only when selecting the securities to be held directly by the Fund. The Fund may obtain indirect exposure to securities considered not to satisfy these ESG criteria.
The Fund is actively managed and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The 3 Month Euribor Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value). Your shares will be denominated in Euro, the Fund's base currency.
You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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en
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es
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DOLFIN6424
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.59%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None |
|
| Gastos detraídos del Fondo cada año |
| --- |
| Gastos corrientes | 0,59%** |
| Gastos detraídos del Fondo en determinadas condiciones |
| Comisión de rentabilidad | Ninguna |
|
| Charges taken from the Fund over each year |
| --- |
| Ongoing Charges | 0.59%** |
| Charges taken from the Fund under certain conditions |
| Performance Fee | None |
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en
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es
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DOLFIN6425
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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 Investment example: 10000 CHF |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no guaranteed minimum return. You could lose all or part of your investment. |
| Pressure | What you could get after deducting costs | 5020 CHF | 5030 CHF |
| Average annual return | -49.8% | -12.8% |
| Unfavourable | What you could get after deducting costs | 7050 CHF | 5030 CHF |
| Average annual return | -29.5% | -12.8% |
| Intermediary | What you could get after deducting costs | 10350 CHF | 13400 CHF |
| Average annual return | 3.5% | 6.0% |
| Favourable | What you could get after deducting costs | 13870 CHF | 19660 CHF |
| Average annual return | 38.7% | 14.5% |
|
| Período de mantenimiento recomendado: 5 años Ejemplo de inversión: 10.000 CHF |
| --- |
| Escenarios | Si sale después de 1 año | Si sale 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 | 5.020 CHF | 5.030 CHF |
| Rendimiento medio cada año | -49,8% | -12,8% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7.050 CHF | 5.030 CHF |
| Rendimiento medio cada año | -29,5% | -12,8% |
| Moderado | Lo que podría recibir tras deducir los costes | 10.350 CHF | 13.400 CHF |
| Rendimiento medio cada año | 3,5% | 6,0% |
| Favorable | Lo que podría recibir tras deducir los costes | 13.870 CHF | 19.660 CHF |
| Rendimiento medio cada año | 38,7% | 14,5% |
|
| Recommended holding period: 5 years Investment example: 10000 CHF |
| --- |
| Scenarios | If you exit after 1 year | If you exit after 5 years |
| Minimum | There is no guaranteed minimum return. You could lose all or part of your investment. |
| Pressure | What you could get after deducting costs | 5020 CHF | 5030 CHF |
| Average annual return | -49.8% | -12.8% |
| Unfavourable | What you could get after deducting costs | 7050 CHF | 5030 CHF |
| Average annual return | -29.5% | -12.8% |
| Intermediary | What you could get after deducting costs | 10350 CHF | 13400 CHF |
| Average annual return | 3.5% | 6.0% |
| Favourable | What you could get after deducting costs | 13870 CHF | 19660 CHF |
| Average annual return | 38.7% | 14.5% |
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en
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es
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DOLFIN6427
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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 Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,965
3.7%
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# Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2015-30/06/2020.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 407 CHF
4,1%
11 965 CHF
3,7%
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# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2015-30/06/2020.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,407
4.1%
CHF 11,965
3.7%
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en
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es
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DOLFIN6430
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures the fund has a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the portfolio construction to ensure the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.
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# Sustentabilidad
El fondo incorpora la sostenibilidad al proceso de inversión mediante exclusiones, cribado excluyente, integración de criterios ASG, límites a la inversión en empresas y países en función de su desempeño ASG, así como implicación. En cuanto a la deuda pública y los bonos relacionados con el Estado, el fondo cumple la política de exclusión de países de Robeco, excluye el 15 % peor clasificado según el indicador de gobernanza mundial «Control de la corrupción» y garantiza que el fondo tenga una puntuación media ponderada mínima de 6 según el ranking de sostenibilidad por países elaborado por Robeco. El ranking de sostenibilidad por países puntúa a los países en una escala de 1 (el peor) a 10 (el mejor), en función de 40 indicadores ambientales, sociales y de gobernanza. En cuanto a los bonos corporativos, el fondo no invierte en emisores de crédito que incumplen normas internacionales o cuyas actividades se consideran perjudiciales para la sociedad según la política de exclusión de Robeco. En la elaboración de la cartera, se integran factores ASG financieramente relevantes para garantizar que el fondo limita la exposición a emisores con un perfil de riesgo para la sostenibilidad elevado. Por último, el fondo iniciará un proceso de implicación con los emisores señalados en la supervisión continua por infringir normas internacionales.
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# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, limits on investments in companies and countries based on ESG performance as well as engagement. For government and government-related bonds, the fund complies with Robeco’s exclusion policy for countries, excludes the 15% worst ranked countries following the World Governance Indicator 'Control of Corruption', and ensures the fund has a minimum weighted average score of 6 following Robeco's proprietary Country Sustainability Ranking. The Country Sustainability Ranking scores countries on a scale from 1 (worst) to 10 (best) based on 40 environmental, social, and governance indicators. For corporate bonds, the fund does not invest in credit issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. Financially material ESG factors are integrated in the portfolio construction to ensure the fund limits exposure to issuers with an elevated sustainability risk profile. Lastly, where issuers are flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to engagement.
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en
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es
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DOLFIN6442
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What is this product?
## Type
This product is an Undertaking for the Collective Investment in Transferable Securities (UCITS) Fund.
## Term
This product is an open-ended fund and has no maturity date. However, Artemis reserves the right to close the product should there be a business case to do so.
## Objectives
To increase the value of shareholders’ investments primarily through capital growth.
Investment policy:
- The fund is actively managed.
- The fund invests principally (at least 80% of its assets) in equities of companies selected on a global basis.
- The Investment Manager aims to identify long-term growth trends that are not seasonal or cyclical or dependent on current economic events. Companies are sought which may benefit from these trends and which exhibit characteristics such as high and persistent barriers to entry, competent management teams whose remuneration is aligned to the success of the company, exposure to external factors, and high governance standards.
- Shares in the following types of companies (held either directly or indirectly via derivatives) are automatically excluded:
- Tobacco: companies which derive more than 10% revenue from tobacco;
- Gambling: companies which derive more than 10% of revenue from gambling;
- Weapons: companies:
- involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons); or
- which derive more than 10% revenue from conventional or nuclear weapons, related components and systems;
- Fossil fuels: companies which derive more than 10% revenue from:
- mining or sale of thermal coal; or
- extraction, production or refining of either oil or gas.
- The fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. In that respect, the Investment Manager assesses the sustainability of each investment, including environmental, social and governance (ESG) factors such as a company’s remuneration policy, energy and social supply policy, board diversity and any unequal voting rights alongside traditional financial metrics. However, investments are chosen on the basis of many quantitative (financial or ESG) or qualitative (e.g. quality and/or growth characteristics) attributes and need not rate highly on any or all of these sustainability factors to be included in the portfolio.
- In addition to ESG criteria considered during company selection, other sustainability criteria are taken into account in the thematic analysis at sector and company level.
- Stock selection is determined by the Investment Manager using information provided by the companies (for example company sustainability reports) and third-party data focusing on scores and metrics which the Investment Manager considers to be relevant.
- More information about the environmental or social characteristics for this fund is available in the pre-contractual disclosure for financial products referred to in Article 8 under SFDR in the fund's prospectus.
- At times the fund may invest in ADRs, GDRs, participatory notes and contracts for difference. Participatory notes and contracts for difference would be used to access markets where direct access to purchase equities may be difficult. Their use is not intended to create leverage. Investments in participatory notes and contracts for difference shall not exceed 10% of the fund’s Net Asset Value.
- The fund may invest up to 10% of its Net Asset Value in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
- The fund may use derivatives and other techniques for hedging and for efficient portfolio management. The fund's derivatives may include, but are not limited to, futures and forward currency contracts.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may also hold ancillary liquid assets for treasury purposes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may invest in bank deposits, money market instruments and money market funds in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions. Higher levels of investments in bank deposits, money market instruments or money market funds may be held in periods of elevated equity market valuations to reduce risk.
- The fund may invest up to 10% of its Net Asset Value in other collective investment schemes.
Benchmark: MSCI AC World Index
The benchmark is a point of reference against which the performance of the fund may be measured. Management of the fund is not restricted by this benchmark. The deviation from the benchmark may be significant and the portfolio of the fund may at times bear little or no resemblance to its benchmark.
The benchmark does not take into account environmental and/or social characteristics promoted by the fund.
## Intended retail investor
This product is intended for investors who are willing to invest for a long term and who plan to stay invested for at least 5 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return.
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# ¿Qué es este producto?
## Tipo
Este producto es un Fondo organismo de inversión colectiva en valores mobiliarios (OICVM).
## Plazo
Este producto es un fondo abierto sin fecha de vencimiento. Sin embargo, Artemis se reserva el derecho a cerrar el producto en caso de existir motivos comerciales que lo justifiquen.
## Objetivos
Aumentar el valor de las inversiones de los accionistas, principalmente mediante el crecimiento del capital.
Política de inversión:
- El fondo se gestiona activamente.
- El fondo invierte principalmente (al menos el 80% de sus activos) en acciones de empresas seleccionadas a nivel mundial.
- El Gestor de inversiones pretende identificar tendencias de crecimiento a largo plazo que no son estacionales ni cíclicas ni dependen de acontecimientos económicos actuales. Se buscan empresas que puedan beneficiarse de estas tendencias y que presenten características tales como barreras de acceso importantes y constantes, equipos de gestión competentes cuya remuneración esté en consonancia con el éxito de la empresa, exposición a factores externos y unos niveles exigentes de gobernanza.
- Se excluyen automáticamente las acciones de los siguientes tipos de sociedades (que se mantengan directa o indirectamente mediante derivados):
- Tabaco: empresas que obtengan ingresos superiores al 10% del tabaco;
- Juego: empresas que obtengan más de un 10% de sus ingresos del juego;
- Armas: empresas que:
- participen en la producción de armas controvertidas (incluidas municiones de racimo, minas terrestres, armas biológicas y químicas); o que
- obtengan más del 10% de sus ingresos de armas convencionales o nucleares, componentes y sistemas conexos;
- Combustibles fósiles: empresas que obtengan ingresos superiores al 10% de:
- la minería o la venta de carbón térmico; o
- la extracción, la producción o el refino de petróleo o gas.
- El fondo promueve características ambientales o sociales con arreglo al significado del artículo 8 del SFDR. A este respecto, el Gestor de inversiones evalúa la sostenibilidad de cada inversión, incluidos los factores ambientales, sociales y de gobernanza (ASG), como la política de remuneración de una empresa, la política de abastecimiento energético y social, la diversidad en la composición del consejo y cualquier desigualdad en los derechos de voto, además de los parámetros financieros tradicionales. Sin embargo, las inversiones se eligen con arreglo a numerosos atributos cuantitativos (financieros o ASG) o cualitativos (p. ej., características de calidad o crecimiento), y para ser incluidos en la cartera no es necesario que alguno o todos estos factores de sostenibilidad obtengan una calificación alta.
- Además de los criterios ASG considerados durante la selección de empresas, en el análisis temático a nivel sectorial y empresarial se tienen en cuenta otros criterios de sostenibilidad.
- El Gestor de inversiones determina la selección de valores empleando la información facilitada por las empresas (por ejemplo, los informes de sostenibilidad) y datos de terceros, centrándose en las puntuaciones y las métricas que este considera pertinentes.
- Puede obtener más información sobre las características ambientales o sociales de este fondo en la información precontractual relativa a los productos financieros a que se refiere el artículo 8 del SFDR que figura en el folleto.
- En ocasiones, el fondo puede invertir en ADR, GDR, participatory notes y contratos por diferencias. Los participatory notes y los contratos por diferencias se emplearían para acceder a mercados en los que puede resultar difícil acceder directamente a la compra de acciones. Su uso no tiene por objeto crear apalancamiento. Las inversiones en participatory notes y contratos por diferencias no superarán el 10% del Valor liquidativo del fondo.
- El fondo puede invertir hasta el 10% de su Valor liquidativo en Acciones A de China a través de Shanghai-Hong Kong Stock Connect y Shenzhen-Hong Kong Stock Connect.
- El fondo puede emplear derivados y otras técnicas con fines de cobertura y de gestión eficiente de la cartera. Los derivados del fondo pueden incluir, entre otros, contratos de futuros y de divisas a plazo.
- Dentro de los límites establecidos en la sección «Investment Restrictions» (Restricciones a la inversión) del folleto del fondo, este también podrá mantener activos líquidos accesorios con fines de tesorería.
- Dentro de los límites establecidos en la sección «Investment Restrictions» del folleto del fondo, el fondo puede invertir en depósitos bancarios, instrumentos del mercado monetario y fondos del mercado monetario para lograr sus objetivos de inversión, con fines de tesorería y en caso de condiciones desfavorables del mercado. Pueden mantenerse mayores niveles de inversión en depósitos bancarios, instrumentos del mercado monetario o fondos del mercado monetario en períodos de elevadas valoraciones del mercado de renta variable a fin de reducir el riesgo.
- El fondo puede invertir hasta el 10% de su Valor liquidativo en otros organismos de inversión colectiva.
Valor de referencia: Índice MSCI AC World
El valor de referencia sirve de punto de referencia con respecto al que puede medirse la rentabilidad del fondo. La gestión del fondo no está limitada por su valor de referencia. El fondo puede desviarse de forma considerable de su valor de referencia y en ocasiones su cartera puede parecerse muy poco o nada al valor de referencia.
El valor de referencia no tiene en cuenta las características ambientales o sociales que promueve el fondo.
## Inversor minorista al que va dirigido
Este producto va dirigido a los inversores que están dispuestos a invertir a largo plazo y que prevén mantener su inversión durante al menos 5 años. Los inversores deben estar dispuestos a asumir un nivel de riesgo de pérdida de su capital original relativamente alto para obtener una mayor rentabilidad potencial.
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# What is this product?
## Type
This product is an Undertaking for the Collective Investment in Transferable Securities (UCITS) Fund.
## Term
This product is an open-ended fund and has no maturity date. However, Artemis reserves the right to close the product should there be a business case to do so.
## Objectives
To increase the value of shareholders’ investments primarily through capital growth.
Investment policy:
- The fund is actively managed.
- The fund invests principally (at least 80% of its assets) in equities of companies selected on a global basis.
- The Investment Manager aims to identify long-term growth trends that are not seasonal or cyclical or dependent on current economic events. Companies are sought which may benefit from these trends and which exhibit characteristics such as high and persistent barriers to entry, competent management teams whose remuneration is aligned to the success of the company, exposure to external factors, and high governance standards.
- Shares in the following types of companies (held either directly or indirectly via derivatives) are automatically excluded:
- Tobacco: companies which derive more than 10% revenue from tobacco;
- Gambling: companies which derive more than 10% of revenue from gambling;
- Weapons: companies:
- involved in the production of controversial weapons (including cluster munitions, landmines, biological and chemical weapons); or
- which derive more than 10% revenue from conventional or nuclear weapons, related components and systems;
- Fossil fuels: companies which derive more than 10% revenue from:
- mining or sale of thermal coal; or
- extraction, production or refining of either oil or gas.
- The fund promotes environmental and/or social characteristics within the meaning of Article 8 of SFDR. In that respect, the Investment Manager assesses the sustainability of each investment, including environmental, social and governance (ESG) factors such as a company’s remuneration policy, energy and social supply policy, board diversity and any unequal voting rights alongside traditional financial metrics. However, investments are chosen on the basis of many quantitative (financial or ESG) or qualitative (e.g. quality and/or growth characteristics) attributes and need not rate highly on any or all of these sustainability factors to be included in the portfolio.
- In addition to ESG criteria considered during company selection, other sustainability criteria are taken into account in the thematic analysis at sector and company level.
- Stock selection is determined by the Investment Manager using information provided by the companies (for example company sustainability reports) and third-party data focusing on scores and metrics which the Investment Manager considers to be relevant.
- More information about the environmental or social characteristics for this fund is available in the pre-contractual disclosure for financial products referred to in Article 8 under SFDR in the fund's prospectus.
- At times the fund may invest in ADRs, GDRs, participatory notes and contracts for difference. Participatory notes and contracts for difference would be used to access markets where direct access to purchase equities may be difficult. Their use is not intended to create leverage. Investments in participatory notes and contracts for difference shall not exceed 10% of the fund’s Net Asset Value.
- The fund may invest up to 10% of its Net Asset Value in China A-Shares through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect.
- The fund may use derivatives and other techniques for hedging and for efficient portfolio management. The fund's derivatives may include, but are not limited to, futures and forward currency contracts.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may also hold ancillary liquid assets for treasury purposes.
- Subject to the limits set out in the ‘Investment Restrictions’ section of the fund’s prospectus, the fund may invest in bank deposits, money market instruments and money market funds in order to achieve its investment goals, for treasury purposes and in case of unfavourable market conditions. Higher levels of investments in bank deposits, money market instruments or money market funds may be held in periods of elevated equity market valuations to reduce risk.
- The fund may invest up to 10% of its Net Asset Value in other collective investment schemes.
Benchmark: MSCI AC World Index
The benchmark is a point of reference against which the performance of the fund may be measured. Management of the fund is not restricted by this benchmark. The deviation from the benchmark may be significant and the portfolio of the fund may at times bear little or no resemblance to its benchmark.
The benchmark does not take into account environmental and/or social characteristics promoted by the fund.
## Intended retail investor
This product is intended for investors who are willing to invest for a long term and who plan to stay invested for at least 5 years. Investors should be prepared to take on a relatively high level of risk of loss to their original capital in order to get a higher potential return.
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en
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es
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DOLFIN6453
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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
## 2 The investment objective of the Fund is to achieve capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) of companies listed on or dealt in Recognised Markets in Emerging Markets or which are listed on or dealt in Recognised Markets outside of the Emerging Markets but which generate the bulk of their earnings in Emerging Markets.
2 The Fund selects investments with a focus on companies with a lower carbon intensity relative to their sector, maintains a positive focus on companies considered to have leading ESG ratings relative to their sector, and excludes those issuers involved in specific activities considered to cause negative environmental and social impact. The Fund promotes environmental or social characteristics but does not have sustainable investment as its objective.
2 The Fund may invest up to 20% of net assets in Russian markets and up to 25% of net assets in China A Shares. A shares investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect or Shenzhen Stock Exchange using the Shenzhen Hong Kong Stock Connect.
## 2 Top-down macro research combined with bottom-up company analysis will be used in determining the allocation of investments.
## 2 The Fund is considered to be actively managed in reference to MSCI Emerging Markets Index / Average 1 month deposit rate (the
“Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are 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 Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The Fund may also use the following techniques and instruments for efficient portfolio management purposes; Sub-underwriting Agreements.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years.
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# Objetivos y política de inversión
## 2 El objetivo de inversión del Fondo es conseguir la revalorización del capital.
2 El Fondo tratará de lograr este objetivo invirtiendo principalmente en renta variable (por ejemplo, acciones) de empresas cotizadas o negociadas en mercados reconocidos de mercados emergentes o que coticen o se negocien en mercados reconocidos fuera de los mercados emergentes pero que generen el grueso de sus beneficios en dichos mercados.
2 El Fondo selecciona las inversiones centrándose en las empresas con una menor intensidad de carbono en relación con su sector, mantiene un enfoque positivo en las empresas que se considera que cuentan con calificaciones superiores en materia de criterios ambientales, sociales y de gobierno corporativo (ASG) en comparación con su sector, y excluye a los emisores que participan en actividades específicas que se considera que causan un impacto ambiental y social negativo. El Fondo promueve características ambientales o sociales pero no tiene como objetivo la inversión sostenible.
2 El Fondo podrá invertir hasta el 20% del patrimonio neto en mercados rusos, y hasta el 25% del patrimonio neto en Acciones A de China. Las inversiones en acciones A se realizarán bien mediante el régimen de Inversor Institucional Extranjero Cualificado («IIEC»), bien por medio de la Bolsa de Valores de Shanghái, utilizando el programa Shanghai Hong Kong Stock Connect, o la Bolsa de Valores de Shenzhen recurriendo al programa Shenzhen Hong Kong Stock Connect.
## 2 A la hora de determinar la asignación de las inversiones, se empleará una conjugación de análisis macroeconómico descendente (top down) y análisis de empresas ascendente (bottom up).
## 2 Se considera que el Fondo está gestionado activamente con referencia
al índice MSCI Emerging Markets Index / Average 1 month deposit rate (los «Índices de referencia»), dado que utiliza los Índices de referencia en la moneda pertinente a efectos de comparación de la rentabilidad. No obstante, no se recurre a los Índices de referencia para determinar la composición de la cartera del Fondo y, por lo tanto, el Fondo podrá invertir en su totalidad en valores que no forman parte de los Índices de referencia.
## 2 Las Acciones del Fondo pueden comprarse y venderse diariamente (cada Día Hábil del Fondo).
## 2 El Fondo cuenta con varias clases de acciones. Estas pueden diferir en materia de comisiones, importe mínimo de inversión, divisas, utilización de los ingresos y cualificación de los inversores.
## 2 Los rendimientos derivados de esta Clase de Acciones se capitalizarán. Otras clases de acciones del Fondo podrían repartir los rendimientos.
## 2 El gestor del Fondo puede gestionar las inversiones de este a su entera discreción.
2 El Fondo podrá emplear diversos instrumentos derivados sencillos con fines de inversión y/o de una gestión eficaz de la cartera. Podrá hallar más información sobre el uso de derivados por parte del Fondo en el apartado «Derivados» del Suplemento del Fondo. Aunque el uso de derivados puede generar exposición adicional, dicha exposición adicional no superará el patrimonio neto del Fondo.
## 2 Asimismo, el Fondo podrá recurrir a los siguientes instrumentos y técnicas con fines de una gestión eficaz de la cartera: contratos de subaseguramiento.
## 2 Recomendación: este Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años.
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# Objectives and investment policy
## 2 The investment objective of the Fund is to achieve capital appreciation.
2 The Fund seeks to achieve this objective through investing primarily in equities (e.g. shares) of companies listed on or dealt in Recognised Markets in Emerging Markets or which are listed on or dealt in Recognised Markets outside of the Emerging Markets but which generate the bulk of their earnings in Emerging Markets.
2 The Fund selects investments with a focus on companies with a lower carbon intensity relative to their sector, maintains a positive focus on companies considered to have leading ESG ratings relative to their sector, and excludes those issuers involved in specific activities considered to cause negative environmental and social impact. The Fund promotes environmental or social characteristics but does not have sustainable investment as its objective.
2 The Fund may invest up to 20% of net assets in Russian markets and up to 25% of net assets in China A Shares. A shares investments will be made either via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) regime or via the Shanghai Stock Exchange using the Shanghai Hong Kong Stock Connect or Shenzhen Stock Exchange using the Shenzhen Hong Kong Stock Connect.
## 2 Top-down macro research combined with bottom-up company analysis will be used in determining the allocation of investments.
## 2 The Fund is considered to be actively managed in reference to MSCI Emerging Markets Index / Average 1 month deposit rate (the
“Benchmarks”) by virtue of the fact that it uses the Benchmarks in the appropriate currency for performance comparison purposes. However, the Benchmarks are 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 Benchmarks.
## 2 Shares in the Fund can be bought and sold daily (every Business Day of the Fund).
## 2 The Fund has several share classes. These may differ with regard to fees, minimum investment, currency, use of revenues and investor qualification.
## 2 Any income arising from this Share Class will be accumulated. Other share classes of the Fund may distribute income.
## 2 The fund manager has discretion in managing the investments of the Fund.
2 The Fund may use a number of simple derivative instruments for investment purposes and/or efficient portfolio management purposes. Further information on the Fund's use of derivatives can be found under the Derivatives section within the Fund's Supplement. Although the use of derivatives may give rise to an additional exposure any such additional exposure will not exceed the Fund's Net Asset Value.
## 2 The Fund may also use the following techniques and instruments for efficient portfolio management purposes; Sub-underwriting Agreements.
## 2 Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within five years.
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en
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es
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DOLFIN6455
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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 long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2020.
- The fund typically will invest in shares of companies, bonds, interest bearing securities and money market securities throughout the world.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund is managed in accordance with an asset allocation that will become increasingly conservative as the target year is approached.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The 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.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund is actively managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at 2 August 2021, the Market Indices consist of Secured Overnight Financing Rate (SOFR). Further information on the current list of Market Indices as well as past weightings is available on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund may not be appropriate for investors who plan to withdraw their money before the target date. Whilst the fund should be regarded as a long-term investment, it will become shorter as the target date approaches.
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# Objetivos y política de inversión
- El fondo tiene como objetivo lograr un crecimiento de capital a largo plazo para aquellos inversores que planeen retirar en el año 2020 partes considerables de su inversión.
- Normalmente, el fondo invertirá en acciones de empresas, bonos, valores que generen intereses y valores del mercado monetario de todo el mundo.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo se gestiona de acuerdo con una asignación de activos que se irá haciendo cada vez más conservadora a medida que se acerque el año fijado como objetivo.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- 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.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- El Subfondo se gestiona de forma activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un «Índice de mercado»), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando con el tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el Subfondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado están representados por un Índice mixto. A 2 de agosto de 2021, los Índices de mercado se componen de Secured Overnight Financing Rate (SOFR). Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
- Este Subfondo puede no resultar apropiado para inversores que tengan previsto retirar su dinero antes de la fecha objetivo. Aunque la inversión en el Subfondo debería considerarse a largo plazo, el plazo se irá acortando conforme se acerque la fecha objetivo.
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# Objectives and Investment Policy
- The fund aims to provide long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2020.
- The fund typically will invest in shares of companies, bonds, interest bearing securities and money market securities throughout the world.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund is managed in accordance with an asset allocation that will become increasingly conservative as the target year is approached.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The 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.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- The fund is actively managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at 2 August 2021, the Market Indices consist of Secured Overnight Financing Rate (SOFR). Further information on the current list of Market Indices as well as past weightings is available on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund may not be appropriate for investors who plan to withdraw their money before the target date. Whilst the fund should be regarded as a long-term investment, it will become shorter as the target date approaches.
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en
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es
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DOLFIN6458
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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 Information
Investments in equities are subject to market and currency risks that won't be hedged. The fund may invest in emerging markets that may be more volatile and expose to higher operational risk than equity markets of well established economies. The fund may invest in equities through structured instruments that would loose their value if their issuer was to default and be unable to meet its contractual obligations. The fund may invest in securities that are less liquid because buyers/sellers are not always in sufficient numbers to trade these securities readily or because they hold a large portion of their shares. The fund may invest beyond its primary universe which may result in additional risks. Investments in China A Shares in Mainland China are performed through the Shanghai-Hong Kong Stock Connect which may entail additional quota limitation, clearing and settlement, regulatory, operational and counterparty risks. Financial derivative instruments may be used as part of the investment process, which may increase the fund volatility and expose the fund to the risk of default of its counterparties. Investments in share-classes that are not denominated in the fund base currency are exposed to losses and gains caused by currency fluctuations. Cash placed in time deposits or money market funds are exposed to their issuer default risk.
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# Información sobre riesgos
La inversión en renta variable está sujeta a los riesgos de mercado y divisas, los cuales no serán cubiertos. El fondo podrá invertir en mercados emergentes, que son más volátiles y pueden están más expuestos a riesgos operativos que los mercados de renta variable de economías más consolidadas. El fondo podrá invertir en valores de renta variable a través de instrumentos estructurados, los cuales perderían valor si su emisor incurriese en impago y no pudiese cumplir sus obligaciones contractuales. El fondo podrá invertir en valores que sean menos líquidos debido a que no existan siempre suficientes compradores o vendedores que negocien libremente esos valores, o a que estos posean una parte importante de sus acciones. El fondo podrá invertir más allá de su universo primario, lo que podría conllevar riesgos adicionales. Las inversiones en Acciones A de China, de la China continental, se realizan a través del Shanghai-Hong Kong Stock Connect, lo que podría provocar riesgos adicionales de limitación de cuotas, compensación y liquidación, normativos, operativos y de contraparte. Podrán utilizarse instrumentos derivados financieros dentro del proceso de inversión, lo que podría incrementar la volatilidad del fondo y exponer a este al riego de impago de sus contrapartes. Las inversiones en c lases de acciones no denominadas en la divisa base del fondo están expuestas a pérdidas y ganancias provocadas por las oscilaciones de las divisas. El capital en depósitos a plazo o fondos del mercado monetario está expuesto al riesgo de impago de su emisor.
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# Risk Information
Investments in equities are subject to market and currency risks that won't be hedged. The fund may invest in emerging markets that may be more volatile and expose to higher operational risk than equity markets of well established economies. The fund may invest in equities through structured instruments that would loose their value if their issuer was to default and be unable to meet its contractual obligations. The fund may invest in securities that are less liquid because buyers/sellers are not always in sufficient numbers to trade these securities readily or because they hold a large portion of their shares. The fund may invest beyond its primary universe which may result in additional risks. Investments in China A Shares in Mainland China are performed through the Shanghai-Hong Kong Stock Connect which may entail additional quota limitation, clearing and settlement, regulatory, operational and counterparty risks. Financial derivative instruments may be used as part of the investment process, which may increase the fund volatility and expose the fund to the risk of default of its counterparties. Investments in share-classes that are not denominated in the fund base currency are exposed to losses and gains caused by currency fluctuations. Cash placed in time deposits or money market funds are exposed to their issuer default risk.
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en
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es
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DOLFIN6461
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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 best-in-class approach does not exclude any business activity, so the Fund may be exposed to some controversial sectors. To limit the potential non-financial risks of these sectors, the Fund applies the above-mentioned exclusions as well as an engagement policy that aims to promote dialogue with issuers and assist them in improving their ESG practices.
Securities are selected based on macroeconomic scenarios, credit analyses and the management team’s assessment of the premium on the securities of that issuer to cover the credit and/or liquidity risk. The more diversification a new issuer can bring to the portfolio, the more interest will be shown in its contribution.
Investments are therefore made equally in private or public debt securities issued in euros and in non-euro denominated debt securities. The currency risk is hedged. The Fund is managed within a modified duration sensitivity range (the difference between the change in price and the change of rate) of between -1 and +2, based on the management team’s projections for the eurozone interest rates.
Securities in the portfolio are selected according to the best judgement of management and in compliance with the internal credit risk monitoring policy of the Management Company. For the purpose of selecting securities, management does not, either exclusively or mechanically, rely on the ratings issued by rating agencies, but bases its buy and sell convictions of a security on its own credit and market analyses. For information purposes, management may specifically use securities with the ratings described below.
In terms of ratings, the Fund invests in securities of issuers of “Investment Grade” quality, i.e. securities rated AAA to BBB- by Standard & Poor’s or Fitch, or rated Aaa to Baa3 by Moody’s, or with a rating deemed equivalent by the Management Company.
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En principio, el enfoque «Best-in-class» no excluye ningún sector de actividad, por lo que el Fondo puede quedar expuesto a algunos sectores considerados controvertidos. Con el fin de limitar los posibles riesgos extrafinancieros de estos sectores, el Fondo realiza las exclusiones mencionadas anteriormente y aplica una política de compromiso que tiene por objeto promover el diálogo con los emisores y apoyarlos para que mejoren sus prácticas ESG.
Los títulos se seleccionan a partir de hipótesis macroeconómicas, análisis de créditos y la evaluación por parte del equipo de gestión de la prima que ofrecen los títulos de un emisor determinado para compensar el riesgo del emisor y/o de liquidez. Cuanto mayor sea la contribución de un emisor a la diversificación de la cartera, mayor será el interés con el que se analizará.
Así, las inversiones se realizan indistintamente en títulos de deuda privada o pública emitidos en euros y en títulos de deuda denominados en divisas distintas al euro. El riesgo de cambio está cubierto. El Fondo está gestionado en un rango de sensibilidad (la medida de la relación entre la variación de los precios y la variación de los tipos) comprendida entre -1 y +2, según las previsiones del equipo de gestión sobre la evolución de los tipos de interés en la zona euro.
Los títulos incluidos en la cartera se seleccionan según el criterio de la sociedad gestora y respetando su política interna de seguimiento del riesgo de crédito. A fin de seleccionar los títulos, la gestión no se basa ni exclusiva ni automáticamente en las calificaciones emitidas por las agencias de calificación, sino que fundamenta su convicción de compra y venta de un título en sus propios análisis de crédito y de mercados. A título informativo, la sociedad gestora podrá recurrir, en particular, a títulos con calificaciones como se describe a continuación.
En términos de calificación, el Fondo invierte en títulos de emisores pertenecientes al universo de créditos con calidad de grado de inversión («Investment Grade»), es decir, títulos con calificaciones que oscilan entre AAA y BBB- en la escala de calificación de Standard & Poor's o Fitch, o entre Aaa y Baa3 en la escala de calificación de Moody's, o que la sociedad gestora considera equivalentes.
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The best-in-class approach does not exclude any business activity, so the Fund may be exposed to some controversial sectors. To limit the potential non-financial risks of these sectors, the Fund applies the above-mentioned exclusions as well as an engagement policy that aims to promote dialogue with issuers and assist them in improving their ESG practices.
Securities are selected based on macroeconomic scenarios, credit analyses and the management team’s assessment of the premium on the securities of that issuer to cover the credit and/or liquidity risk. The more diversification a new issuer can bring to the portfolio, the more interest will be shown in its contribution.
Investments are therefore made equally in private or public debt securities issued in euros and in non-euro denominated debt securities. The currency risk is hedged. The Fund is managed within a modified duration sensitivity range (the difference between the change in price and the change of rate) of between -1 and +2, based on the management team’s projections for the eurozone interest rates.
Securities in the portfolio are selected according to the best judgement of management and in compliance with the internal credit risk monitoring policy of the Management Company. For the purpose of selecting securities, management does not, either exclusively or mechanically, rely on the ratings issued by rating agencies, but bases its buy and sell convictions of a security on its own credit and market analyses. For information purposes, management may specifically use securities with the ratings described below.
In terms of ratings, the Fund invests in securities of issuers of “Investment Grade” quality, i.e. securities rated AAA to BBB- by Standard & Poor’s or Fitch, or rated Aaa to Baa3 by Moody’s, or with a rating deemed equivalent by the Management Company.
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en
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es
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DOLFIN6465
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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 directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Such an analysis covering the entire scope of affected issuers is only possible with effective publication of certain data by these key issuers, allowing a detailed appraisal of their contribution to be made.
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Al mismo tiempo, en el caso de las inversiones gestionadas de forma directa y/o los fondos subyacentes gestionados por Candriam, los aspectos medioambientales que componen estos seis objetivos medioambientales son uno de los pilares del análisis ESG realizado de los emisores.
Para los subfondos que tengan un objetivo de inversión sostenible, así como para los subfondos que promuevan, entre otras, características medioambientales y/o sociales, este trabajo de evaluación de la contribución de los emisores a los grandes objetivos medioambientales, en particular a la lucha contra el cambio climático, precisa de una apreciación sectorial, basada en un conjunto de datos heterogéneos y de realidades complejas con múltiples interdependencias. Los analistas ESG de Candriam han desarrollado su propio marco de análisis. Les permite evaluar de forma sistemática la contribución de las actividades de una empresa a los diferentes objetivos medioambientales definidos por Candriam y en consonancia con el objetivo de la Taxonomía.
Tras la publicación de los criterios técnicos para los dos objetivos medioambientales vinculados al cambio climático de la Taxonomía por parte del grupo de expertos creado a escala europea, Candriam ha iniciado la integración de tales criterios técnicos en su marco de análisis ya existente.
La realización de este análisis en el conjunto del perímetro de los emisores de interés depende en gran medida de la publicación efectiva de determinados datos por parte de esos emisores clave que permitan evaluar en detalle su contribución.
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For directly-managed investments and/or for the underlying funds managed by Candriam, the environmental aspects making up these six environmental objectives are placed at the heart of the ESG analysis of issuers.
For the sub-funds which have sustainable investment as their objective and also for the sub-funds which promote, among other characteristics, environmental and/or social characteristics, this work to evaluate the contribution of issuers to the main environmental objectives, in particular the battle against climate change, requires a sector-based appraisal based on a heterogeneous data set and complex realities with multiple interdependencies. Candriam's ESG analysts have developed their own analysis framework. This enables them to systematically assess the contribution of a company's activities to the achievement of various environmental objectives set by Candriam and in line with the objective of the Taxonomy.
Following the publication of the technical criteria for the Taxonomy's 2 environmental objectives related to climate change by the group of experts created at the European level, Candriam has undertaken to integrate these technical criteria into its pre-existing analysis framework.
Such an analysis covering the entire scope of affected issuers is only possible with effective publication of certain data by these key issuers, allowing a detailed appraisal of their contribution to be made.
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en
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es
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DOLFIN6492
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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
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | | 2.5 | 5.0 | 23.1 | -7.3 | 30.5 | 14.9 | 23.2 |
| Benchmark † | | | | 2.6 | 5.0 | 23.2 | -7.2 | 30.6 | 15.0 | 23.4 |
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 IV 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 IV 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 IV 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 IV 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 IV 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 IV 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 01 February 2022
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# Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | | | | 2,5 | 5,0 | 23,1 | -7,3 | 30,5 | 14,9 | 23,2 |
| Índice † | | | | 2,6 | 5,0 | 23,2 | -7,2 | 30,6 | 15,0 | 23,4 |
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 IV 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 IV 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 IV 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 IV 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 IV 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 IV 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 01 febrero 2022
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# Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | | | | 2.5 | 5.0 | 23.1 | -7.3 | 30.5 | 14.9 | 23.2 |
| Benchmark † | | | | 2.6 | 5.0 | 23.2 | -7.2 | 30.6 | 15.0 | 23.4 |
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 IV 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 IV 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 IV 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 IV 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 IV 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 IV 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 01 February 2022
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en
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es
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DOLFIN6499
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Article 24. Conversion of shares:
Any shareholder may request conversion of all or part of his shares of one Share Class of a Sub-Fund into shares of another Share Class of that or another Sub-Fund at the respective Net Asset Values on the next Valuation Date of the shares of the relevant Share Classes provided that the Board of Directors may impose such restrictions as to, inter alia, eligibility requirements, frequency and timing of conversion, and may make conversion subject to payment of such charge, as it shall determine in taking into account the interest of the Corporation and its shareholders.
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# Artículo 24: Canje de acciones
Los accionistas podrán solicitar la conversión de la totalidad o parte de sus acciones de una Clase de Acciones o Subfondo en acciones de otra Clase de Acciones o Subfondo a los respectivos Valores liquidativos en la siguiente Fecha de valoración de las acciones de las Clases de Acciones correspondientes, bien entendido que el Consejo de Administración podrá imponer restricciones relativas a, entre otros aspectos, los requisitos de admisibilidad y la frecuencia y fecha del canje, y podrá hacer que dicho canje quede sujeto al pago de una comisión que determinará teniendo en cuenta los intereses de la Sociedad y de sus accionistas.
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# Article 24. Conversion of shares:
Any shareholder may request conversion of all or part of his shares of one Share Class of a Sub-Fund into shares of another Share Class of that or another Sub-Fund at the respective Net Asset Values on the next Valuation Date of the shares of the relevant Share Classes provided that the Board of Directors may impose such restrictions as to, inter alia, eligibility requirements, frequency and timing of conversion, and may make conversion subject to payment of such charge, as it shall determine in taking into account the interest of the Corporation and its shareholders.
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en
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es
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DOLFIN6500
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 EUR -84.10% | 1,920 EUR -28.08% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 EUR -15.25% | 8,710 EUR -2.73% |
| Moderate² | What you might get back after costs Average return each year | 10,600 EUR 5.96% | 13,220 EUR 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 EUR 32.48% | 15,640 EUR 9.35% |
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| Período de mantenimiento recomendado: 5 años Inversión: 10.000 EUR |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años | En caso de salida después de 1 año | En caso de salida después de 5 años (período de mantenimiento recomendado) |
| Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 1.590 EUR -84,10% | 1.920 EUR -28,08% |
| Desfavorable¹ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.480 EUR -15,25% | 8.710 EUR -2,73% |
| Moderado² | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.600 EUR 5,96% | 13.220 EUR 5,74% |
| Favorable³ | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 13.250 EUR 32,48% | 15.640 EUR 9,35% |
|
| Recommended Holding Period: 5 years Investment: EUR 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 5 years | If you exit after 1 year | If you exit after 5 years (recommended holding period) |
| Stress | What you might get back after costs Average return each year | 1,590 EUR -84.10% | 1,920 EUR -28.08% |
| Unfavourable¹ | What you might get back after costs Average return each year | 8,480 EUR -15.25% | 8,710 EUR -2.73% |
| Moderate² | What you might get back after costs Average return each year | 10,600 EUR 5.96% | 13,220 EUR 5.74% |
| Favourable³ | What you might get back after costs Average return each year | 13,250 EUR 32.48% | 15,640 EUR 9.35% |
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en
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es
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DOLFIN6511
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. 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.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 31/10/2022.
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# Información práctica
Depositario : El depositario del fondo es J.P. Morgan Bank Luxembourg S.A.
Información adicional : Puede obtener gratuitamente un ejemplar del Folleto del fondo y del último informe anual y semestral, en inglés, francés, alemán, italiano y español, así como el Valor Liquidativo por Acción más reciente, solicitándolo a través de www. jpmorganassetmanagement.com, enviando un correo electrónico a la dirección [email protected] o dirigiendo una carta a JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Gran Ducado de Luxemburgo.
Política de remuneración : La Política de remuneración de la Sociedad gestora se encuentra disponible en http://www. jpmorganassetmanagement.lu/emea-remuneration-policy. Esta política incluye información detallada sobre cómo se calculan la remuneración y las prestaciones, así como sobre las responsabilidades y la composición del comité que supervisa y controla dicha política. Se puede solicitar una copia gratuita de esta política a la Sociedad gestora.
Fiscalidad : El Subfondo está sujeto a la legislación tributaria de Luxemburgo. Esto podría tener repercusión sobre la situación fiscal del inversor.
Información legal : JPMorgan Asset Management (Europe) S.à r.l. 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.
JPMorgan Liquidity Funds está integrado por Subfondos independientes, cada uno de los cuales puede emitir una o varias Clases de Acciones. El presente documento se ha elaborado para una Clase de Acciones concreta. El Folleto y los informes anual y semestral se elaboran para JPMorgan Liquidity Funds.
El Subfondo forma parte de JPMorgan Liquidity Funds. Con arreglo a las leyes de Luxemburgo, cada Subfondo solo es responsable de su propio pasivo. Ello significa que el activo de un Subfondo no estará disponible para hacer frente al pago de las deudas contraídas por otros Subfondos con sus acreedores u otros terceros.
El Subfondo recibe la calificación de una agencia de calificación crediticia externa. Dicha calificación es financiada por el Subfondo.
Canje : Los inversores podrán canjear parte o la totalidad de sus acciones de cualquier Clase de un Subfondo por acciones de cualquier Clase de ese u otro Subfondo de JPMorgan Liquidity Funds, siempre que reúnan los requisitos pertinentes y cumplan los importes mínimos de tenencia. Las condiciones relativas al canje se exponen con mayor detalle en el apartado «Canje de Acciones» del Folleto.
El Subfondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. está autorizada en Luxemburgo y está regulada por la CSSF.
Los presentes datos fundamentales para el inversor son exactos a fecha de 31/10/2022.
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# Practical Information
Depositary : The fund depositary is J.P. Morgan SE - Luxembourg Branch.
Further Information : A copy of the Prospectus and latest annual and semi-annual financial report in English, French, German, Italian, Portuguese and Spanish and the latest Net Asset Value per Share are available free of charge upon request from www. jpmorganassetmanagement.com, by email from fundinfo@jpmorgan. com, or by writing to JPMorgan Asset Management (Europe) S.à r.l, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg.
Remuneration Policy : The Management Company's Remuneration Policy can be found on http://www.jpmorganassetmanagement.lu/ emea-remuneration-policy. This policy includes details of how remuneration and benefits are calculated, including responsibilities and composition of the committee which oversees and controls the policy. A copy of this policy can be requested free of charge from the Management Company.
Tax : The Sub-Fund is subject to Luxembourg tax regulations. This may have an impact on the investor's personal tax position.
Legal Information : JPMorgan Asset Management (Europe) S.à r.l. 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.
JPMorgan Liquidity Funds consists of separate Sub-Funds, each of which issues one or more Share Classes. This document is prepared for a specific Share Class. The Prospectus and annual and semi-annual financial reports are prepared for JPMorgan Liquidity Funds.
The Sub-Fund is part of JPMorgan Liquidity Funds. Under Luxembourg law, there is segregated liability between Sub-Funds. This means that the assets of a Sub-Fund will not be available to meet a claim of a creditor or another third party made against another Sub-Fund.
The Sub-Fund is rated by an external credit rating agency. Such rating is financed by the Sub-Fund.
Switching : Investors have the right to switch all or part of their Shares of any Share Class of a Sub-Fund into Shares of another Share Class of that or another Sub-Fund of JPMorgan Liquidity Funds subject to meeting any relevant eligibility requirements and minimum holding amounts. Further information on switching conditions can be found in the "Switching of Shares" section of the Prospectus.
The Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier ("CSSF"). JPMorgan Asset Management (Europe) S.à r.l. is authorised in Luxembourg and regulated by the CSSF.
This Key Investor Information is accurate as at 31/10/2022.
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en
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es
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DOLFIN6512
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*At Invesco we continuously monitor any applicable sanctions, including those imposed by the UN/US/EU and UK. These sanctions may preclude investments in the securities of various governments/regimes/entities and as such will be included in our compliance guidelines and workflows (designed to ensure compliance with such sanctions). The wording of international sanctions is something that we pay particular attention to as there are occasions where sanctions can exist in limited form, for example allowing investments in the secondary market. In addition to sanctions targeting entire countries, there are other thematic regimes, which may focus for example on human rights, cyber attacks, terrorist financing and corruption, which may apply to both individuals and/or entities/corporations.
Any investment decision should take into account all the characteristics of the fund as described in the legal documents. For sustainability related aspects, please refer to: https://www.invescomanagementcompany.lu.
At Invesco we have looked to put in place minimum safeguards across multiple sub–funds of Invesco Funds (as listed above) to allow them to meet Article 8 requirements of the SFDR Regulation as of 2 November 2021. To be classified as a so-called Article 8 product, the sub–funds need to promote, among other things, environmental and/or social characteristics while also ensuring that investee companies follow good governance practices. In order to meet such requirements, it was determined that we would look to exclude certain activities based on certain thresholds, which may be updated from time to time. For further details please refer to the website of the management company at https://www.invescomanagementcompany.lu.
As noted above this is a proprietary framework developed by Invesco in line with Article 8 requirements of the Regulation (EU) 2019/2088 on sustainability. The framework is developed, maintained and monitored by Invesco. In order to assess companies against the noted criteria, Invesco uses a combination of Sustainalytics and ISS (Institutional Shareholder Services) to assess compliance, however, this can be supplemented with other service providers where appropriate. While there is a broad coverage across the various systems, there is no one system that has complete coverage of the entire investment universe. As a result, investment teams will be responsible for conducting an assessment of companies for which data is not available, under the appropriate supervision and oversight of our investment compliance and ESG teams.
Invesco’s Commitment to ESG
Invesco has an investment-led ESG approach. We provide a comprehensive range of ESG-focused capabilities that enable clients to express their values through investing. We also integrate financially material ESG considerations across our investment platform, taking into account critical factors that help us deliver strong outcomes to clients.
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*En Invesco vigilamos constantemente todas las sanciones aplicables, incluyendo aquellas impuestas por la ONU, EE. UU., la UE y RU. Estas sanciones pueden impedir inversiones en valores de diversos gobiernos/regímenes/entidades y, por consiguiente, se incluirán en nuestras directrices y flujos de trabajo de conformidad (diseñados para garantizar la conformidad con dichas sanciones). La redacción de las sanciones internacionales es algo a lo que prestamos especial atención, dado que hay ocasiones en las que las sanciones pueden estas sujetas a limitaciones, de forma que por ejemplo se permitan las inversiones en el mercado secundario. Además de las sanciones impuestas sobre determinados países, hay otros regímenes temáticos, que se pueden centrar, por ejemplo, en derechos humanos, ciberataques, financiación del terrorismo y corrupción, que resultan de aplicación tanto a personas físicas como a entidades/personas jurídicas.
Cualquier decisión de inversión debe tener en cuenta todas las características del fondo descritas en los documentos legales. Para conocer los aspectos relacionados con la sostenibilidad, consulte: https://www.invescomanagementcompany.lu.
En Invesco, hemos buscado implementar salvaguardas mínimas en múltiples subfondos de Invesco Funds (como se enumeran anteriormente) para permitirles cumplir con los requisitos del Artículo 8 del Reglamento SFDR a partir del 2 de noviembre de 2021. Para ser clasificado como un producto del artículo 8, los subfondos deben promover, entre otras cosas, las características medioambientales y/o sociales al mismo tiempo que garantizan que las empresas en las que se invierte sigan buenas prácticas de gobierno. Para cumplir con dichos requisitos, se determinó que buscaríamos excluir ciertas actividades en función de ciertos umbrales, que pueden actualizarse de vez en cuando. Para obtener más información, consulte el sitio web de la sociedad gestora en https://www.invescomanagementcompany.lu.
Como se señaló anteriormente, este es un marco propio desarrollado por Invesco de acuerdo con los requisitos del Artículo 8 del Reglamento (UE) 2019/2088 sobre sostenibilidad. El marco es desarrollado, mantenido y supervisado por Invesco. Para evaluar a las empresas según los criterios señalados, Invesco utiliza una combinación de Sustainalytics e ISS (Servicios institucionales para accionistas) para evaluar el cumplimiento; sin embargo, esto se puede complementar con otros proveedores de servicios cuando corresponda. Si bien existe una amplia cobertura en los diversos sistemas, no existe un sistema que tenga una cobertura completa de todo el universo de inversión. Como resultado, los equipos de inversión serán responsables de realizar una evaluación de las empresas para las que no se dispone de datos, bajo la supervisión y supervisión adecuadas de nuestros equipos de cumplimiento de inversiones y ESG.
Compromiso de Invesco con el ámbito ESG
Invesco tiene un enfoque inversor orientado a los criterios ESG. Ofrecemoa una amplia gama de capacidades centradas en ESG que permiten a los clientes expresar sus valores a través de la inversión. También integramos consideraciones ESG importantes desde el punto de vista financiero en nuestra plataforma de inversión, teniendo en cuenta los factores críticos que nos ayudan a ofrecer resultados sólidos a los clientes.
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*At Invesco we continuously monitor any applicable sanctions, including those imposed by the UN/US/EU and UK. These sanctions may preclude investments in the securities of various governments/regimes/entities and as such will be included in our compliance guidelines and workflows (designed to ensure compliance with such sanctions). The wording of international sanctions is something that we pay particular attention to as there are occasions where sanctions can exist in limited form, for example allowing investments in the secondary market. In addition to sanctions targeting entire countries, there are other thematic regimes, which may focus for example on human rights, cyber attacks, terrorist financing and corruption, which may apply to both individuals and/or entities/corporations.
Any investment decision should take into account all the characteristics of the fund as described in the legal documents. For sustainability related aspects, please refer to: https://www.invescomanagementcompany.lu.
At Invesco we have looked to put in place minimum safeguards across multiple sub–funds of Invesco Funds (as listed above) to allow them to meet Article 8 requirements of the SFDR Regulation as of 2 November 2021. To be classified as a so-called Article 8 product, the sub–funds need to promote, among other things, environmental and/or social characteristics while also ensuring that investee companies follow good governance practices. In order to meet such requirements, it was determined that we would look to exclude certain activities based on certain thresholds, which may be updated from time to time. For further details please refer to the website of the management company at https://www.invescomanagementcompany.lu.
As noted above this is a proprietary framework developed by Invesco in line with Article 8 requirements of the Regulation (EU) 2019/2088 on sustainability. The framework is developed, maintained and monitored by Invesco. In order to assess companies against the noted criteria, Invesco uses a combination of Sustainalytics and ISS (Institutional Shareholder Services) to assess compliance, however, this can be supplemented with other service providers where appropriate. While there is a broad coverage across the various systems, there is no one system that has complete coverage of the entire investment universe. As a result, investment teams will be responsible for conducting an assessment of companies for which data is not available, under the appropriate supervision and oversight of our investment compliance and ESG teams.
Invesco’s Commitment to ESG
Invesco has an investment-led ESG approach. We provide a comprehensive range of ESG-focused capabilities that enable clients to express their values through investing. We also integrate financially material ESG considerations across our investment platform, taking into account critical factors that help us deliver strong outcomes to clients.
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en
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es
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DOLFIN6513
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# WHAT IS THIS PRODUCT?
## Type
The Fund is an Irish domiciled sub-fund of CQS Funds (Ireland) PLC, an umbrella type open-ended investment company with variable capital and segregated liability between sub-funds governed by the laws of Ireland and authorised by the Central Bank as a UCITS pursuant to the Regulations.
## Objective and Policy
The Fund aims to generate positive returns and preserve capital principally by buying debt instruments that offer a yield but also the potential to convert to shares (convertible bonds). The Fund is actively managed and not managed with reference to a benchmark.
The Fund aims to achieve a return that exceeds SONIA. The Fund has a global focus. The Fund invests in bonds, issued by corporate or governmental issuers, which are either Investment Grade or non-Investment Grade in developed and emerging market countries.
The Fund invests primarily in convertible bonds that are trading close to their fixed income value. These convertible bonds are less sensitive to share price movement and are more bond-like in their risk profile, offering protection if shares prices fall. If share prices rise, they can still participate in this rise as they become increasingly equity-like.
The Fund may, but is not obliged to, use equities to reduce risk and manage the Fund more effectively. Financed derivative instruments (FDIs) may be used to achieve the investment objective and reduce risk or manage the Fund more effectively. This may include but is not limited to the use of FDIs to create a short equity position to reduce equity risk on long convertible bonds.
The Fund promotes environmental, social, and governance characteristics through its investment policy and has accordingly been designated an Article 8 fund for the purposes of the Sustainable Finance Disclosure Regulation.
For full investment objective and investment policy details, as well as subscription and redemption policies please refer to the Prospectus.
An investment in the Fund is suitable for investors seeking capital appreciation and that are prepared to accept a moderate level of volatility. As such, the typical investor will understand and will be able to accept that the value of the Fund may rise and fall more frequently, and to a greater extent, than other investment types. Such an investor will typically have an investment horizon over the medium term.
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# ¿QUÉ ES ESTE PRODUCTO?
## Tipo:
El Fondo es un subfondo con domicilio en Irlanda de CQS Funds (Ireland) plc, una sociedad de inversión de tipo abierto por compartimentos (paraguas) con capital variable y responsabilidad segregada entre subfondos que se rige por las leyes de Irlanda y está autorizada por el Banco Central como OICVM con arreglo a los Reglamentos.
## Objetivo y Política
El fondo pretende generar rendimientos positivos y conservar el capital principalmente mediante la compra de instrumentos de deuda que ofrecen rendimientos, además del potencial de convertirse en acciones (bonos convertibles). El Fondo se gestiona de forma activa y no con relación a un valor de referencia.
El Fondo pretende obtener un rendimiento superior al del SONIA. El Fondo tiene un enfoque global. Este invierte en bonos de emisores corporativos o públicos con grado de inversión o sin grado de inversión de países de mercados desarrollados y emergentes.
El Fondo invierte principalmente en bonos convertibles que cotizan próximos a su valor de renta fija. Estos bonos convertibles son menos sensibles a las fluctuaciones de los precios de las acciones y son más similares a los bonos en cuanto a su perfil de riesgo, por lo que ofrecen protección en caso de descenso del precio de las acciones. Si los precios de las acciones suben, pueden seguir participando de esta subida, ya que se vuelven vez más similares a las acciones.
El Fondo puede utilizar acciones para reducir el riesgo y gestionar el Fondo de manera más eficaz, aunque no está obligado a hacerlo. Pueden emplearse instrumentos derivados financieros (Derivados) para lograr el objetivo de inversión y reducir el riesgo o gestionar el Fondo de manera más eficaz. Esto puede incluir, entre otras cosas, el uso de Derivados para crear una posición corta en acciones a fin de reducir el riesgo de renta variable de los bonos convertibles de larga duración.
El Fondo promueve características ambientales, sociales y de gobernanza mediante su política de inversión y, por consiguiente, ha sido designado como fondo conforme al artículo 8 a los efectos del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros.
Para obtener información completa sobre el objetivo y la política de inversión, así como las políticas de suscripción y reembolso, remítase al Folleto.
Una inversión en el Fondo es adecuada para los inversores que buscan la revalorización del capital y están dispuestos a aceptar un nivel de volatilidad moderado. Por consiguiente, el inversor tipo entiende y está dispuesto a aceptar que el valor del Fondo puede subir o bajar con más frecuencia, y en mayor medida, que otro tipo de inversiones. Normalmente este tipo de inversor tendrá un horizonte de inversión a medio plazo.
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# WHAT IS THIS PRODUCT?
## Type
The Fund is an Irish domiciled sub-fund of CQS Funds (Ireland) PLC, an umbrella type open-ended investment company with variable capital and segregated liability between sub-funds governed by the laws of Ireland and authorised by the Central Bank as a UCITS pursuant to the Regulations.
## Objective and Policy
The Fund aims to generate positive returns and preserve capital principally by buying debt instruments that offer a yield but also the potential to convert to shares (convertible bonds). The Fund is actively managed and not managed with reference to a benchmark.
The Fund aims to achieve a return that exceeds SONIA. The Fund has a global focus. The Fund invests in bonds, issued by corporate or governmental issuers, which are either Investment Grade or non-Investment Grade in developed and emerging market countries.
The Fund invests primarily in convertible bonds that are trading close to their fixed income value. These convertible bonds are less sensitive to share price movement and are more bond-like in their risk profile, offering protection if shares prices fall. If share prices rise, they can still participate in this rise as they become increasingly equity-like.
The Fund may, but is not obliged to, use equities to reduce risk and manage the Fund more effectively. Financed derivative instruments (FDIs) may be used to achieve the investment objective and reduce risk or manage the Fund more effectively. This may include but is not limited to the use of FDIs to create a short equity position to reduce equity risk on long convertible bonds.
The Fund promotes environmental, social, and governance characteristics through its investment policy and has accordingly been designated an Article 8 fund for the purposes of the Sustainable Finance Disclosure Regulation.
For full investment objective and investment policy details, as well as subscription and redemption policies please refer to the Prospectus.
An investment in the Fund is suitable for investors seeking capital appreciation and that are prepared to accept a moderate level of volatility. As such, the typical investor will understand and will be able to accept that the value of the Fund may rise and fall more frequently, and to a greater extent, than other investment types. Such an investor will typically have an investment horizon over the medium term.
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en
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es
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DOLFIN6525
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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 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 6,910 | USD 7,660 |
| | Average return each year % | -30.90% | -8.50% |
| Unfavourable scenario | What you might get back after costs | USD 8,800 | USD 8,300 |
| | Average return each year % | -12.00% | -6.02% |
| Moderate scenario | What you might get back after costs | USD 10,080 | USD 10,450 |
| | Average return each year % | 0.80% | 1.48% |
| Favourable scenario | What you might get back after costs | USD 11,180 | USD 11,580 |
| | Average return each year % | 11.80% | 5.01% |
|
| | 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 6.910 | USD 7.660 |
| | Rendimiento medio cada año | -30,90% | -8,50% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 8.800 | USD 8.300 |
| | Rendimiento medio cada año | -12,00% | -6,02% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.080 | USD 10.450 |
| | Rendimiento medio cada año | 0,80% | 1,48% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 11.180 | USD 11.580 |
| | Rendimiento medio cada año | 11,80% | 5,01% |
|
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 6,910 | USD 7,660 |
| | Average return each year % | -30.90% | -8.50% |
| Unfavourable scenario | What you might get back after costs | USD 8,800 | USD 8,300 |
| | Average return each year % | -12.00% | -6.02% |
| Moderate scenario | What you might get back after costs | USD 10,080 | USD 10,450 |
| | Average return each year % | 0.80% | 1.48% |
| Favourable scenario | What you might get back after costs | USD 11,180 | USD 11,580 |
| | Average return each year % | 11.80% | 5.01% |
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en
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es
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DOLFIN6527
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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 Markit iBoxx EUR Sovereigns Eurozone Yield Plus Index® (index). The index reflects the performance of tradable debt (bonds) denominated in Euro issued by Eurozone governments. Only bonds issued by the 5 highest- yielding Eurozone countries will be eligible for inclusion in the index, with the exception of the two countries with the highest GDP (as determined in October each year), unless one such country is the highest yielding Eurozone country at each monthly rebalancing of the index. To be included in the index, countries must, 5 days before the end of the relevant month, have at least two bonds in the 1 year – 10 year maturity band of the Markit iBoxx EUR universe. The highest yielding countries are determined by calculating the income return (yield) of a hypothetical bond with a maturity of exactly 5 years. Issuers with a sub-investment grade rating are excluded from the index. The index is calculated on a total return
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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 índice Markit iBoxx EUR Sovereigns Eurozone Yield Plus Index® (el “índice”). El índice reproduce la evolución de deuda negociable (bonos) denominada en euros emitida por gobiernos de la zona euro. Solo se podrán incluir en el índice bonos emitidos por los 5 países de mayor rentabilidad de la zona euro, con excepción de los dos países con el mayor PIB (según se determine cada año en octubre), a no ser que uno de esos países sea el país de mayor rentabilidad de la zona euro en cada ajuste mensual del índice. Para ser incluido en el índice, los países deberán tener 5 días antes del final del mes correspondiente al menos dos bonos en la banda de vencimientos de 1 a 10 años del universo Markit iBoxx EUR. Los países de mayor rentabilidad se determinan calculando el rendimiento (rentabilidad) de un hipotético bono con un vencimiento a exactamente 5 años. Los emisores con una calificación por debajo del grado de inversión están excluidos del índice. El índice se calcula con una base de rentabilidad total, lo que implica que se
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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 Markit iBoxx EUR Sovereigns Eurozone Yield Plus Index® (index). The index reflects the performance of tradable debt (bonds) denominated in Euro issued by Eurozone governments. Only bonds issued by the 5 highest- yielding Eurozone countries will be eligible for inclusion in the index, with the exception of the two countries with the highest GDP (as determined in October each year), unless one such country is the highest yielding Eurozone country at each monthly rebalancing of the index. To be included in the index, countries must, 5 days before the end of the relevant month, have at least two bonds in the 1 year – 10 year maturity band of the Markit iBoxx EUR universe. The highest yielding countries are determined by calculating the income return (yield) of a hypothetical bond with a maturity of exactly 5 years. Issuers with a sub-investment grade rating are excluded from the index. The index is calculated on a total return
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en
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es
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DOLFIN6528
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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 China interbank bond market is in a stage of development and internationalisation. Market volatility and potential lack of liquidity due to low trading volume may result in prices of certain debt securities traded on such market fluctuating significantly. Funds investing in such market are therefore subject to liquidity and volatility risks and may suffer losses in trading on-shore China bonds. In particular, the bid and offer spreads of the prices of on-shore China bonds may be large, and the relevant Funds may therefore incur significant trading and realisation costs when selling such investments.
To the extent that a Fund transacts in the China interbank bond market in on-shore China, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
The China interbank bond market is also subject to regulatory risks.
- China Bond ConnectSome Funds can, in accordance with their investment policy, invest in the CIBM via the Bond Connect (as described below).
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El mercado de bonos interbancarios de China se encuentra en una etapa de desarrollo e internacionalización. La volatilidad del mercado y la posible falta de liquidez debido al bajo volumen de negociación pueden hacer que los precios de ciertos títulos de deuda negociados en dicho mercado fluctúen significativamente. En consecuencia, los fondos que invierten en dicho mercado están sujetos a riesgos de liquidez y volatilidad y pueden sufrir pérdidas en la negociación de bonos nacionales de China. En concreto, los diferenciales de oferta y demanda de los precios de los bonos nacionales de China pueden ser grandes y, por lo tanto, los Fondos pertinentes pueden incurrir en costes importantes de negociación y realización al vender tales inversiones.
En la medida en la que un Fondo realice transacciones en el mercado de bonos interbancarios de China en China continental, el Fondo también puede estar expuesto a los riesgos asociados con los procedimientos de liquidación y el incumplimiento de las contrapartes. La contraparte que ha efectuado una transacción con el Fondo puede incumplir su obligación de liquidar la transacción mediante la entrega del valor pertinente o mediante el pago del valor.
El mercado de bonos interbancarios de China también está sujeto a riesgos regulatorios.
- China Bond ConnectAlgunos Fondos pueden, de acuerdo con su política de inversión, invertir en el mercado interbancario de bonos de China (CIBM, por sus siglas en inglés) a través de Bond Connect (como se describe a continuación).
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The China interbank bond market is in a stage of development and internationalisation. Market volatility and potential lack of liquidity due to low trading volume may result in prices of certain debt securities traded on such market fluctuating significantly. Funds investing in such market are therefore subject to liquidity and volatility risks and may suffer losses in trading on-shore China bonds. In particular, the bid and offer spreads of the prices of on-shore China bonds may be large, and the relevant Funds may therefore incur significant trading and realisation costs when selling such investments.
To the extent that a Fund transacts in the China interbank bond market in on-shore China, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value.
The China interbank bond market is also subject to regulatory risks.
- China Bond ConnectSome Funds can, in accordance with their investment policy, invest in the CIBM via the Bond Connect (as described below).
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en
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es
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DOLFIN6529
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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 490 | EUR 570 |
| | Average return each year % | -95.10% | -43.61% |
| Unfavourable scenario | What you might get back after costs | EUR 7,390 | EUR 8,800 |
| | Average return each year % | -26.10% | -2.52% |
| Moderate scenario | What you might get back after costs | EUR 11,120 | EUR 16,750 |
| | Average return each year % | 11.20% | 10.87% |
| Favourable scenario | What you might get back after costs | EUR 18,530 | EUR 26,470 |
| | Average return each year % | 85.30% | 21.49% |
|
| | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 490 | EUR 570 |
| | Rendimiento medio cada año | -95,10% | -43,61% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.390 | EUR 8.800 |
| | Rendimiento medio cada año | -26,10% | -2,52% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 11.120 | EUR 16.750 |
| | Rendimiento medio cada año | 11,20% | 10,87% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 18.530 | EUR 26.470 |
| | Rendimiento medio cada año | 85,30% | 21,49% |
|
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | EUR 490 | EUR 570 |
| | Average return each year % | -95.10% | -43.61% |
| Unfavourable scenario | What you might get back after costs | EUR 7,390 | EUR 8,800 |
| | Average return each year % | -26.10% | -2.52% |
| Moderate scenario | What you might get back after costs | EUR 11,120 | EUR 16,750 |
| | Average return each year % | 11.20% | 10.87% |
| Favourable scenario | What you might get back after costs | EUR 18,530 | EUR 26,470 |
| | Average return each year % | 85.30% | 21.49% |
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en
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es
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DOLFIN6532
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets over the long term (at least five consecutive years).
The Fund invests at least 80% of its total assets in a concentrated global portfolio of “Green, Social and Sustainability” (GSS) bonds issued by governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, emerging markets, where the proceeds of such GSS bonds are tied to green and socially responsible projects. More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes.
For the selection of GSS bonds, the Investment Adviser (IA) will analyse the use of proceeds of the issues and the issuer framework for alignment of the bonds with the Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainability Bond Guidelines (SBG) of the International Capital Markets Association to determine suitability within the investment universe. For the selection of non-GSS bonds, including emerging market corporate bonds and sovereign bonds, the Investment Adviser will only invest in highly rated ESG bonds.
The Fund may invest in the full spectrum of available fixed income securities, including non-investment grade. Currency exposure is flexibly managed. The Fund may invest more than 50% (but not more than 70%) of its Net Asset Value in debt securities issued by and/or guaranteed by governments rated non-investment grade. The exposure to any one non-investment grade country will not exceed 10% of the Fund’s Net Asset Value. The investment strategy reduces the investment universe of the Fund by at least 20%. For the purposes of measuring this reduction only, a combination of the JP Morgan Emerging Markets Bond Index and JPMorgan Corporate Emerging Markets Bond Index is used to define the investment universe.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. The Fund has an unconstrained investment style (i.e. it will not take a benchmark index into account when selecting the Fund’s investments). The JP Morgan ESG Green Bond Emerging Markets Index (USD Hedged) (the “Index”) should be used by investors to compare the performance of the Fund over the long term.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. 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$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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# Objetivos y política de inversión
El Fondo tiene por objetivo obtener una rentabilidad de su inversión a largo plazo a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo (durante al menos cinco años consecutivos).
El Fondo invierte al menos el 80°% de sus activos totales en una cartera global concentrada de bonos «Verdes, Sociales y Sostenibles» (GSS) emitidos por Gobiernos, Organismos y empresas domiciliadas o que ejerzan la mayor parte de su actividad económica en mercados emergentes, donde los ingresos de dichos bonos GSS estén vinculados a proyectos ecológicos y socialmente responsables. Más del 90 % de los emisores de valores en los que invierte el Fondo tienen una clasificación ESG o sus criterios ESG se han analizado.
Para la selección de los bonos GSS, el Asesor de Inversiones (AI) analizará el uso de los ingresos obtenidos de las emisiones y el marco de trabajo del emisor para la alineación de los bonos con los Principios de Bonos Verdes (GBP), los Principios de Bonos Sociales (SBP) y las Directrices sobre Bonos Sostenibles (SBG) de la Asociación Internacional de Mercados de Capitales para establecer su idoneidad dentro del universo de inversión. A la hora de seleccionar bonos que no sean GSS, incluidos bonos corporativos de mercados emergentes y bonos soberanos, el Asesor de Inversiones solo invertirá en bonos ESG de alta calificación.
El Fondo puede invertir en todo el espectro de valores de renta fija disponibles, incluidos los valores con una calificación inferior a categoría de inversión. La exposición a divisas se gestiona de forma flexible. El Fondo puede invertir más del 50 % (pero no más del 70 %) de su Valor Liquidativo en valores de deuda emitidos y/ o garantizados por Gobiernos con una calificación inferior a categoría de inversión. La exposición a cualquier país sin categoría de inversión no superará el 10 % del Valor Liquidativo del Fondo. La estrategia de inversión reduce el universo de inversión del Fondo en, al menos, un 20 %. Con el fin de medir únicamente esta reducción, se utiliza una combinación del JP Morgan Emerging Markets Bond Index y el JP Morgan Corporate Emerging Markets Bond Index para definir el universo de inversión.
El AI podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) para alcanzar el objetivo de inversión del Fondo y reducir el riesgo en la cartera del Fondo. El Fondo, a través de los IFD, podrá generar apalancamiento del mercado (es decir, cuando el Fondo incurre en una exposición al mercado superior al valor de sus activos).
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. El Fondo tiene un estilo de inversiones no limitado (es decir, no tendrá en cuenta un índice de referencia a la hora de seleccionar sus inversiones). Los inversores deberían utilizar el JP Morgan ESG Green Bond Emerging Markets Index (USD Hedged) (el «Índice») para comparar la rentabilidad del Fondo a largo plazo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta clase se compran y venden en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
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 10 000 000 USD o su equivalente en otra moneda.
Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
|
# Objectives and Investment Policy
The Fund aims to provide a return on your investment through a combination of capital growth and income on the Fund’s assets over the long term (at least five consecutive years).
The Fund invests at least 80% of its total assets in a concentrated global portfolio of “Green, Social and Sustainability” (GSS) bonds issued by governments and agencies of, and companies domiciled or exercising the predominant part of their economic activity in, emerging markets, where the proceeds of such GSS bonds are tied to green and socially responsible projects. More than 90% of the issuers of securities the Fund invests in are ESG rated or have been analysed for ESG purposes.
For the selection of GSS bonds, the Investment Adviser (IA) will analyse the use of proceeds of the issues and the issuer framework for alignment of the bonds with the Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainability Bond Guidelines (SBG) of the International Capital Markets Association to determine suitability within the investment universe. For the selection of non-GSS bonds, including emerging market corporate bonds and sovereign bonds, the Investment Adviser will only invest in highly rated ESG bonds.
The Fund may invest in the full spectrum of available fixed income securities, including non-investment grade. Currency exposure is flexibly managed. The Fund may invest more than 50% (but not more than 70%) of its Net Asset Value in debt securities issued by and/or guaranteed by governments rated non-investment grade. The exposure to any one non-investment grade country will not exceed 10% of the Fund’s Net Asset Value. The investment strategy reduces the investment universe of the Fund by at least 20%. For the purposes of measuring this reduction only, a combination of the JP Morgan Emerging Markets Bond Index and JPMorgan Corporate Emerging Markets Bond Index is used to define the investment universe.
The IA may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective and to reduce risk within the Fund’s portfolio. The Fund may, via FDIs, generate market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
The Fund is actively managed and the IA has discretion to select the Fund's investments. The Fund has an unconstrained investment style (i.e. it will not take a benchmark index into account when selecting the Fund’s investments). The JP Morgan ESG Green Bond Emerging Markets Index (USD Hedged) (the “Index”) should be used by investors to compare the performance of the Fund over the long term.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. 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$10,000,000 or other currency equivalent.
For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
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en
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es
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DOLFIN6539
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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 achieve a return by investing in companies with exposure to the theme of genetic therapies, globally.
INVESTMENT PROCESS
Investment approach
- Uses the ThemeBot which, through natural language processing, determines textual relevance and revenue attribution to identify companies with the highest exposure to the theme.
- Considers insights from a team of specialist sector analysts who review the ThemeBot’s results to assess their appropriateness for the portfolio.
- Determines the position sizes of the securities identified as having the highest exposure to the theme by taking into consideration not only textual relevance and revenue attribution but also their quality, liquidity and market capitalisation.
Share Class Benchmark MSCI All Country World Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Will invest in equities of companies that have been identified by the Investment Manager as being involved in research, development, production or marketing of genetic therapies and their associated businesses anywhere in the world, including emerging markets.
To identify these companies, the Investment Manager uses the ThemeBot which is a proprietary natural language processing tool that:
- identifies and determines the relevance of key words and concepts related to the theme, and
- evaluates public documentation such as regulatory filings, broker reports, news reports or company profiles to identify those companies providing the highest exposure to the theme.
The Investment Manager supervises and monitors the theme identification and portfolio construction process and actively selects securities for the Sub-Fund’s portfolio. At least 90% of companies purchased will be analysed against the theme.
The theme of genetic therapies, which is the thematic focus of the Sub- Fund, aligns with the pursuit of global principles aiming to improve sustainable and socially responsible finance in relation to the promotion of good health and well-being.
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# Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir una rentabilidad positiva invirtiendo en compañías de todo el mundo con exposición al tema de las terapias genéticas.
PROCESO DE INVERSIÓN
Enfoque de inversión
- Utiliza ThemeBot, un sistema que, mediante el procesamiento del lenguaje natural, determina la relevancia textual y la asignación de los ingresos para identificar las compañías que presentan la mayor exposición a dicho tema.
- Tiene en cuenta las opiniones de un equipo de analistas sectoriales especializados que revisan los resultados de ThemeBot con el fin de evaluar la idoneidad de la cartera.
- Determina el tamaño de las posiciones de los valores identificados como los más expuestos al tema, teniendo en cuenta no solo la relevancia textual y la atribución de ingresos, sino también su calidad, liquidez y capitalización bursátil.
Índice de referencia de la Clase de Acciones MSCI All Country World Index (Total Return Net)
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal Invertirá en títulos de renta variable de compañías que, en opinión del Gestor de inversiones, se dedican a la investigación, el desarrollo, la producción o la comercialización de terapias genéticas y actividades conexas en cualquier parte del mundo, incluidos los mercados emergentes.
Con el fin de identificar estas compañías, el Gestor de inversiones utiliza ThemeBot, una herramienta interna de procesamiento del lenguaje natural que:
- identifica y determina la relevancia de palabras y conceptos clave relacionados con el tema en cuestión, y
- evalúa la documentación pública (como declaraciones reglamentarias, informes de los corredores de bolsa, nuevos informes o perfiles corporativos) para identificar aquellas empresas que presentan la mayor exposición al tema considerado.
El Gestor de inversiones supervisa y controla el proceso de identificación de temas y construcción de carteras, además de seleccionar de forma activa los valores de la cartera del Subfondo. Al menos el 90% de las compañías adquiridas se analizarán respecto del tema.
El tema de las terapias genéticas, foco temático del Subfondo, coincide con la búsqueda de principios globales que tienen como objetivo mejorar la financiación sostenible y socialmente responsable en relación con el fomento de la buena salud y el bienestar.
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# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve a return by investing in companies with exposure to the theme of genetic therapies, globally.
INVESTMENT PROCESS
Investment approach
- Uses the ThemeBot which, through natural language processing, determines textual relevance and revenue attribution to identify companies with the highest exposure to the theme.
- Considers insights from a team of specialist sector analysts who review the ThemeBot’s results to assess their appropriateness for the portfolio.
- Determines the position sizes of the securities identified as having the highest exposure to the theme by taking into consideration not only textual relevance and revenue attribution but also their quality, liquidity and market capitalisation.
Share Class Benchmark MSCI All Country World Index (Total Return Net)
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Will invest in equities of companies that have been identified by the Investment Manager as being involved in research, development, production or marketing of genetic therapies and their associated businesses anywhere in the world, including emerging markets.
To identify these companies, the Investment Manager uses the ThemeBot which is a proprietary natural language processing tool that:
- identifies and determines the relevance of key words and concepts related to the theme, and
- evaluates public documentation such as regulatory filings, broker reports, news reports or company profiles to identify those companies providing the highest exposure to the theme.
The Investment Manager supervises and monitors the theme identification and portfolio construction process and actively selects securities for the Sub-Fund’s portfolio. At least 90% of companies purchased will be analysed against the theme.
The theme of genetic therapies, which is the thematic focus of the Sub- Fund, aligns with the pursuit of global principles aiming to improve sustainable and socially responsible finance in relation to the promotion of good health and well-being.
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en
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es
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DOLFIN6540
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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 Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,448
-5.5%
EUR 10,629
1.2%
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# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Acc entre 01/2018-01/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 448 EUR
-5,5%
10 629 EUR
1,2%
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# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund B EUR Acc between 01/2018-01/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,448
-5.5%
EUR 10,629
1.2%
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en
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es
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DOLFIN6544
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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 costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 487 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 2.09 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 198 EUR |
| Transaction costs | 0.27 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 27 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR |
|
| Costes de entrada | 5,00 % del importe que pagará usted al realizar esta inversión. Se trata de la cantidad máxima que se le cobrará. La persona que le venda el Subfondo le comunicará cuánto se le cobrará realmente. | 487 EUR |
| --- | --- | --- |
| Costes de salida | No cobramos una comisión de salida por este Compartimento, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR |
| Costes corrientes | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | 2,09 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 198 EUR |
| Costes de operación | 0,27 % del valor de su inversión al año. Se trata de una estimación de los costes en que incurrimos al comprar y vender las inversiones subyacentes del producto. El importe real variará en función de la cantidad que compremos y vendamos. | 27 EUR |
| Costes accesorios detraídos en condiciones específicas | |
| Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este Compartimento. | 0 EUR |
|
| Entry costs | 5.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the Sub-Fund will inform you of the actual charge. | 487 EUR |
| --- | --- | --- |
| Exit costs | We do not charge an exit fee for this Sub-Fund, but the person selling you the Sub-Fund may do so. | 0 EUR |
| Ongoing costs | |
| Management fees and other administrative or operating costs | 2.09 % of the value of your investment per year. This is an estimate based on actual costs over the last year. | 198 EUR |
| Transaction costs | 0.27 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the Sub-Fund. The actual amount will vary depending on how much we buy and sell. | 27 EUR |
| Incidental costs taken under specific conditions | |
| Performance fees | There is no performance fee for this Sub-Fund. | 0 EUR |
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en
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es
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DOLFIN6545
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Market development
Shock waves hit global equity markets after the sudden demise of Silicon Valley Bank in March, subsequently followed by several other high-profile bank fallouts and fear of 'contagion effects'. Yet, after the initial turbulence, a degree of calm descended over markets, with volatility down to prior levels and even stabilization across bank stocks. In fact, equity markets closed the month flat (in EUR) to slightly up (in USD), quite surprising given the state of market affairs just a few weeks prior. With the 'flight to quality', investors are now effectively in a wait-and-see mode as they assess the forthcoming consequences of recent events. In our opinion, though, financials accidents such as Silicon Valley Bank, Signature Bank and also Credit Suisse, and the way central banks responded, can shape a dangerous precedent. In the coming months, we will likely see more problems around credit tightening, such as in auto financing and commercial real estate, which will find their way into the real economy too, followed by renewed weakness in leading indicators and, ultimately, earnings revisions.
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# Evolución del mercado
La repentina desaparición del Silicon Valley Bank en marzo conmocionó a los mercados mundiales de renta variable, a lo que siguieron otras importantes quiebras bancarias y el temor a un "efecto contagio". Sin embargo, tras la turbulencia inicial, descendió cierta calma sobre los mercados, con una volatilidad inferior a los niveles anteriores e incluso una estabilización en los valores bancarios. De hecho, los mercados de renta variable cerraron el mes planos (en euros) o ligeramente al alza (en dólares), algo sorprendente si se tiene en cuenta la situación de los mercados apenas unas semanas antes. Con la "huida hacia la calidad", los inversores se encuentran ahora en un compás de espera para evaluar las consecuencias de los últimos acontecimientos. Sin embargo, creemos que accidentes financieros como Silicon Valley Bank, Signature Bank o Credit Suisse, así como la forma en que los bancos centrales reaccionaron, pueden constituir un precedente peligroso. En los próximos meses, es probable que veamos más problemas derivados de la contracción del crédito, como en la financiación de automóviles y el sector inmobiliario comercial, que también se dejarán sentir en la economía real y que propiciarán un nuevo empeoramiento de los indicadores adelantados y, en última instancia, revisiones de beneficios.
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# Market development
Shock waves hit global equity markets after the sudden demise of Silicon Valley Bank in March, subsequently followed by several other high-profile bank fallouts and fear of 'contagion effects'. Yet, after the initial turbulence, a degree of calm descended over markets, with volatility down to prior levels and even stabilization across bank stocks. In fact, equity markets closed the month flat (in EUR) to slightly up (in USD), quite surprising given the state of market affairs just a few weeks prior. With the 'flight to quality', investors are now effectively in a wait-and-see mode as they assess the forthcoming consequences of recent events. In our opinion, though, financials accidents such as Silicon Valley Bank, Signature Bank and also Credit Suisse, and the way central banks responded, can shape a dangerous precedent. In the coming months, we will likely see more problems around credit tightening, such as in auto financing and commercial real estate, which will find their way into the real economy too, followed by renewed weakness in leading indicators and, ultimately, earnings revisions.
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en
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es
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DOLFIN6546
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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 standard MMF shall comply on an ongoing basis with all of the following requirements:
- its portfolio is to have at all times a WAM of no more than 6 months;
- its portfolio is to have at all times a WAL of no more than 12 months;
- at least 7,5 % of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which can be terminated by giving prior notice of one working day or cash which can be withdrawn by giving prior notice of one working day. A standard MMF is not to acquire any asset other than a daily maturing asset when such acquisition would result in that MMF investing less than 7,5 % of its portfolio in daily maturing assets;
- at least 15 % of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which can be terminated by giving prior notice of five working days or cash which can be withdrawn by giving prior notice of five working days. A standard MMF is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that MMF investing less than 15 % of its portfolio in weekly maturing assets;
- for the purpose of the calculation referred to in point (d), Money Market Instruments or units or shares of other MMFs may be included within the weekly maturing assets up to 7,5 % of its assets provided they are able to be redeemed and settled within five working days.
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#### Los FMM estándar deberán cumplir de forma continua todos los requisitos que se indican a continuación:
- su cartera debe tener en todo momento una WAM inferior a 6 meses;
- su cartera debe tener en todo momento una WAL inferior a 12 meses;
- al menos el 7,5% de sus activos debe estar compuesto de activos con vencimiento diario, contratos de recompra inversa que puedan rescindirse con un aviso previo de un día hábil, o efectivo que pueda rescindirse igualmente con un aviso previo de un día hábil. Un FMM estándar no adquirirá ningún activo que no sea un activo con vencimiento diario cuando dicha adquisición dé lugar a que el FMM invierta menos del 7,5% de su cartera en activos con vencimiento diario;
- al menos el 15% de sus activos debe estar compuesto de activos con vencimiento semanal, contratos de recompra inversa que puedan rescindirse con un aviso previo de cinco días hábiles, o efectivo que pueda rescindirse igualmente con un aviso previo de cinco días hábiles. Un FMM estándar no adquirirá ningún activoque no sea un activo con vencimiento semanal cuando dicha adquisición dé lugar a que el FMM invierta menos del 15% de su cartera en activos con vencimiento semanal;
- a efectos del cálculo al que se hace referencia en el punto d., los Instrumentos del mercado monetario o las participaciones o acciones en otros FMM podrán incluirse en los activos con vencimiento semanal hasta el 7,5% de sus activos, siempre que puedan reembolsarse y liquidarse en un plazo de cinco días hábiles.
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##### A standard MMF shall comply on an ongoing basis with all of the following requirements:
- its portfolio is to have at all times a WAM of no more than 6 months;
- its portfolio is to have at all times a WAL of no more than 12 months;
- at least 7,5 % of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which can be terminated by giving prior notice of one working day or cash which can be withdrawn by giving prior notice of one working day. A standard MMF is not to acquire any asset other than a daily maturing asset when such acquisition would result in that MMF investing less than 7,5 % of its portfolio in daily maturing assets;
- at least 15 % of its assets are to be comprised of weekly maturing assets, reverse repurchase agreements which can be terminated by giving prior notice of five working days or cash which can be withdrawn by giving prior notice of five working days. A standard MMF is not to acquire any asset other than a weekly maturing asset when such acquisition would result in that MMF investing less than 15 % of its portfolio in weekly maturing assets;
- for the purpose of the calculation referred to in point (d), Money Market Instruments or units or shares of other MMFs may be included within the weekly maturing assets up to 7,5 % of its assets provided they are able to be redeemed and settled within five working days.
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en
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es
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DOLFIN6563
|
Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund's objective is total return, with an emphasis on current income but also considering capital appreciation, measured in Euros.
## Investment Policy
The fund invests primarily (at least 70%) in Euro-denominated investment grade corporate debt instruments. The fund may also invest in below investment grade debt instruments, government and government-related debt instruments, securitized instruments and non-Euro denominated debt instruments, including debt instruments of issuers in emerging markets. The fund will promote an environmental characteristic within the meaning of Article 8 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR"). Please refer to the fund's Prospectus and website for additional information. The Investment Manager may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund is expected to use derivatives extensively for hedging and/or investment purposes, including to increase or decrease exposure to a particular market, segment of the market, or security, to manage interest rate, credit, or currency exposure or other characteristics of the fund, or as alternatives to direct investments. Some portion of the fund's assets will be held in cash due to collateral requirements for the fund's investments in derivatives, purchase and redemption activity, and other short term cash needs.
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# OBJETIVO Y POLÍTICA DE INVERSIÓN
## Objetivo
## El objetivo del fondo es la rentabilidad total, aunque tendrá preferencia por lograr unos rendimientos corrientes, teniendo en cuenta también la apreciación del capital, expresada en euros.
## Política de inversión
El fondo invierte principalmente (al menos un 70%) en instrumentos de renta fija privada con grado de inversión denominados en euros. El fondo también podrá invertir en instrumentos de renta fija con calificaciones inferiores al grado de inversión, deuda soberana e instrumentos de renta fija de entidades gubernamentales, instrumentos titulizados e instrumentos de renta fija denominados en divisas distintas al euro, lo que incluye aquellos procedentes de emisores ubicados en mercados emergentes. El fondo promoverá características ambientales según lo descrito en artículo 8 del Reglamento (UE) 2019/2088 de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector financiero (el «SFDR»). Consulte el Folleto y el sitio web del fondo para obtener más información. La Gestora de inversiones también puede tener en cuenta criterios ambientales, sociales y de gobernanza (ESG, por sus siglas en inglés) en su análisis fundamental de inversión, además de otros factores. Se prevé que el fondo recurra ampliamente a instrumentos derivados con fines de cobertura o inversión, ya sea para aumentar o reducir la exposición a un determinado mercado, segmento del mercado o título, para gestionar la exposición a los tipos de interés, deuda privada, divisas u otras características del fondo, o como alternativa frente a inversiones directas. Una parte de los activos del fondo se mantendrá en efectivo para atender requisitos de garantía con motivo de las inversiones que mantiene el fondo
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# OBJECTIVE AND INVESTMENT POLICY
## Objective
## The fund's objective is total return, with an emphasis on current income but also considering capital appreciation, measured in Euros.
## Investment Policy
The fund invests primarily (at least 70%) in Euro-denominated investment grade corporate debt instruments. The fund may also invest in below investment grade debt instruments, government and government-related debt instruments, securitized instruments and non-Euro denominated debt instruments, including debt instruments of issuers in emerging markets. The fund will promote an environmental characteristic within the meaning of Article 8 of the Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial sector ("SFDR"). Please refer to the fund's Prospectus and website for additional information. The Investment Manager may also consider environmental, social and governance (ESG) factors in its fundamental investment analysis alongside other factors. The fund is expected to use derivatives extensively for hedging and/or investment purposes, including to increase or decrease exposure to a particular market, segment of the market, or security, to manage interest rate, credit, or currency exposure or other characteristics of the fund, or as alternatives to direct investments. Some portion of the fund's assets will be held in cash due to collateral requirements for the fund's investments in derivatives, purchase and redemption activity, and other short term cash needs.
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en
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es
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DOLFIN6564
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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
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator :
is based on simulated historical performance data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
For non-distributing share classes, income earned by the Fund is fully reinvested. Distributing share classes may pay income earned to investors through dividends.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years.
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The Fund may use fx forwards with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
The base currency of the Fund is USD.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus.
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# Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Por lo general menor remuneración Por lo general mayor remuneración
El indicador de riesgo y remuneración se calcula según la volatilidad de la clase de acciones (las alzas y bajas en su valor) durante el periodo de 5 años anterior.
Debido a que esta clase de acciones no ha existido por un periodo de 5 años, se utilizaron datos de rendimiento simulado.
El indicador de riesgo y remuneración:
se basa en datos de simulaciones de rentabilidad histórica y puede no constituir una indicación fiable del futuro perfil del Fondo;
no está garantizado y puede cambiar con el tiempo.
La asignación a la categoría más baja no significa que una clase de acciones esté libre de riesgo.
Su inversión inicial no está garantizada.
La categoría de clase de acciones refleja los siguientes factores:
Invertir en acciones puede generar mayor volatilidad dado que su valor fluctúa más que el de otros instrumentos financieros, como los bonos.
El Fondo está gestionado de forma activa. Esto significa que la sociedad de gestión del Fondo aplica un detallado análisis fundamental a fin de escoger selectivamente empresas de manera discrecional. El Fondo no se gestiona con relación a ningún índice de referencia.
En el caso de las clases de acciones no distribuibles, los ingresos generados por el Fondo se reinvertirán en su totalidad. Las clases de acciones de distribución podrán pagar los ingresos generados a los inversores a través de dividendos.
Debido que el Fondo posee un objetivo a largo plazo, puede no resultar apropiado para inversores que planean invertir por un periodo inferior a 5 años.
Las acciones del Fondo se negocian todos los días hábiles en Dublín. Puede transmitir una orden de compra o venta de acciones en cualquier día hábil.
El Fondo podrá utilizar contratos a plazo sobre divisas con el propósito de limitar el efecto que las fluctuaciones en los tipos de cambio pudieran tener sobre el valor del Fondo. Los swaps de divisas pueden utilizarse a efectos de reinvertir los contratos a plazo de divisas que vencen.
La divisa base del Fondo es el USD.
El Fondo puede invertir en acciones denominadas en divisas distintas a la divisa de la clase de acciones. Por consiguiente, el valor de la clase de acciones podrá aumentar o disminuir debido a fluctuaciones en los tipos de cambio.
Los riesgos para el Fondo que el indicador no tiene en cuenta incluyen:
Riesgo de liquidez: El riesgo de que sea difícil o imposible vender ciertos valores mantenidos por el Fondo en el momento y por el precio deseado.
Riesgo de contraparte: El Fondo puede incurrir en pérdidas ante el incumplimiento de una contraparte que no puede atender sus obligaciones contractuales.
Riesgo de mercados emergentes: Invertir en empresas de mercados emergentes implica mayor riesgo que invertir en economías o mercados de valores establecidos. Los mercados emergentes pueden tener sistemas jurídicos y políticos más inestables, lo que podría afectar la salvaguarda o el valor de los activos. Las inversiones en fondos de mercados emergentes no deberían constituir una parte sustancial de la cartera de un inversor.
Encontrará una descripción más detallada de los riegos en la sección
«Factores de riesgo» del folleto.
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# Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator :
is based on simulated historical performance data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
For non-distributing share classes, income earned by the Fund is fully reinvested. Distributing share classes may pay income earned to investors through dividends.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years.
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The Fund may use fx forwards with the aim of limiting the effect that changes in foreign exchange rates may have on the value of the Fund. Fx swaps may be used for the purpose of rolling maturing fx forward contracts.
The base currency of the Fund is USD.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus.
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en
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es
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DOLFIN6571
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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 will invest at least 70% in income producing shares of companies globally. 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.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- 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 ACWI Index (Net) (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 que creen renta de empresas de todo el mundo. 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.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- 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 ACWI Index (Net) (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 will invest at least 70% in income producing shares of companies globally. 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.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- 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 ACWI Index (Net) (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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es
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DOLFIN6575
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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
Baillie Gifford Worldwide Discovery Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (the Company). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited. The Company is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Acts and the UCITS Regulations and is managed by the Manager.
Term
The Fund does not have a fixed maturity. All the shares in the Fund may be redeemed by the Company in certain circumstances details of which are outlined in the Prospectus including if so determined by the Directors of the Company, following consultation with the Manager. As such, the Manager may not unilaterally terminate the Fund.
Objectives
The Fund aims to produce attractive returns, mainly through capital growth, over the long term. The Fund invests mainly in shares of companies worldwide which we consider offer excellent future growth prospects. The Fund will invest in shares of companies in any country and in any sector which typically at the time of initial purchase have a market capitalisation of US$10 billion or less. The Fund is actively managed and no index is used for the purposes of determining or constraining the composition of the Fund's portfolio. The Fund's performance (after deduction of costs) should be measured against the MSCI All Country Small Cap Index for illustrative purposes only. The Fund seeks to materially outperform the index. The return of the Fund is dependent on the performance of the underlying assets. Income will be re-invested. No further shares will be purchased but the reinvestment will be reflected in the price of your existing accumulation shares. You can sell some or all of your shares on any day on which banks in Ireland are open for business by contacting the Transfer Agent by phone or post. The Fund's assets are held through the Company's Depositary, which is Brown Brothers Harriman Trustee Services (Ireland) Limited. To obtain further and other practical information, including prices, and documentation please see the Other Relevant Information section of this document. This Key Investor Information Document describes the Fund only, the Prospectus and the annual and interim reports and accounts are prepared for the Company rather than the Fund. The assets of the Fund are segregated from other funds in the Company. This means that the assets of one fund cannot be used to meet the liabilities of another fund. You may at any time switch all or some of your shares in the Fund for shares in any other fund of the Company and may obtain further information about this from the conversion of shares section of the Prospectus.
Intended retail investor
The Fund is suitable for all investors seeking a fund that aims to deliver capital growth over a long-term investment horizon. The investor should be prepared to bear losses. The Fund is compatible for mass market distribution. The Fund may not be suitable for investors who are concerned about short-term volatility and performance, seeking a regular source of income and investing for less than five years. The Fund does not offer capital protection.
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# ¿Qué es este producto?
Tipo
Baillie Gifford Worldwide Discovery Fund (el «Fondo») es un subfondo de Baillie Gifford Worldwide Funds PLC (la «Sociedad»). El Fondo está gestionado por Baillie Gifford Investment Management (Europe) Limited. La Sociedad es una sociedad de inversión de tipo abierto con capital variable, organizada conforme a la legislación irlandesa como sociedad anónima pública de conformidad con las Leyes de Sociedades y el Reglamento sobre OICVM y gestionada por el Gestor.
Plazo
El Fondo no tiene ningún vencimiento fijo. Todas las Acciones del Fondo podrán ser rescatadas por la Sociedad en determinadas circunstancias, detalladas en el Folleto, incluyendo si así lo determinan los Consejeros de la Sociedad, previa consulta con el Gestor. Así, el Gestor no podrá terminar unilateralmente el Fondo.
Objetivos
El Fondo tratará de obtener una rentabilidad atractiva, principalmente a través del crecimiento del capital, a largo plazo. El Fondo invierte principalmente en acciones de empresas de todo el mundo que, en nuestra opinión, ofrecen excelentes perspectivas de crecimiento futuro. El Fondo invertirá en acciones de empresas de cualquier país y en cualquier sector que, por lo general, en el momento de la compra inicial, tengan una capitalización de mercado inferior a 10 millones de USD. El Fondo se gestiona de manera activa y no se utiliza ningún índice para determinar o limitar la composición de la cartera del Fondo. El rendimiento del Fondo (tras deducir costes) debe medirse frente al MSCI All Country Small Cap Index, solo a título ilustrativo. El Fondo tratará de obtener resultados significativamente mejores a los del índice. La rentabilidad del Fondo depende de los resultados de los activos subyacentes. Los ingresos se reinvertirán. No se comprarán acciones adicionales pero la reinversión se verá reflejada en el precio de sus acciones de capitalización existentes. Usted puede vender todas o algunas de sus acciones cualquier día en que los bancos de Irlanda estén abiertos para operar, contactando con el Agente de transferencias por teléfono o por correo. Los activos del Fondo se mantienen a través del Depositario de la Sociedad, que es Brown Brothers Harriman Trustee Services (Ireland) Limited. Para obtener información adicional y práctica, incluidos los precios y la documentación, consulte la sección «Otros datos de interés» de este documento. Este Documento de Datos Fundamentales para el Inversor describe únicamente el Fondo, el Folleto y los informes y cuentas anuales y semestrales se preparan para la Sociedad en lugar de para el Fondo. Los activos del Fondo están segregados de otros fondos de la Sociedad. Eso significa que los activos de un fondo no pueden usarse para atender los pasivos de otro fondo. Usted podrá convertir en cualquier momento todas o algunas de sus acciones en el Fondo por acciones de otro fondo de la Sociedad y podrá obtener más información sobre esto en el apartado de conversión de acciones del Folleto.
Inversor minorista al que va dirigido
El Fondo es adecuado para todos los inversores que buscan un fondo cuyo objetivo sea lograr un crecimiento del capital en un horizonte de inversión a largo plazo. El inversor debe estar preparado para soportar pérdidas. El Fondo es compatible con la distribución masiva en el mercado. Es posible que el fondo no sea adecuado para inversores preocupados por la volatilidad y el rendimiento a corto plazo, que busquen una fuente de ingresos periódica y una inversión inferior a cinco años. El Fondo no ofrece protección de capital.
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# What is this product?
Type
Baillie Gifford Worldwide Discovery Fund ("the Fund") is a sub-fund of Baillie Gifford Worldwide Funds PLC (the Company). The Fund is managed by Baillie Gifford Investment Management (Europe) Limited. The Company is an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Acts and the UCITS Regulations and is managed by the Manager.
Term
The Fund does not have a fixed maturity. All the shares in the Fund may be redeemed by the Company in certain circumstances details of which are outlined in the Prospectus including if so determined by the Directors of the Company, following consultation with the Manager. As such, the Manager may not unilaterally terminate the Fund.
Objectives
The Fund aims to produce attractive returns, mainly through capital growth, over the long term. The Fund invests mainly in shares of companies worldwide which we consider offer excellent future growth prospects. The Fund will invest in shares of companies in any country and in any sector which typically at the time of initial purchase have a market capitalisation of US$10 billion or less. The Fund is actively managed and no index is used for the purposes of determining or constraining the composition of the Fund's portfolio. The Fund's performance (after deduction of costs) should be measured against the MSCI All Country Small Cap Index for illustrative purposes only. The Fund seeks to materially outperform the index. The return of the Fund is dependent on the performance of the underlying assets. Income will be re-invested. No further shares will be purchased but the reinvestment will be reflected in the price of your existing accumulation shares. You can sell some or all of your shares on any day on which banks in Ireland are open for business by contacting the Transfer Agent by phone or post. The Fund's assets are held through the Company's Depositary, which is Brown Brothers Harriman Trustee Services (Ireland) Limited. To obtain further and other practical information, including prices, and documentation please see the Other Relevant Information section of this document. This Key Investor Information Document describes the Fund only, the Prospectus and the annual and interim reports and accounts are prepared for the Company rather than the Fund. The assets of the Fund are segregated from other funds in the Company. This means that the assets of one fund cannot be used to meet the liabilities of another fund. You may at any time switch all or some of your shares in the Fund for shares in any other fund of the Company and may obtain further information about this from the conversion of shares section of the Prospectus.
Intended retail investor
The Fund is suitable for all investors seeking a fund that aims to deliver capital growth over a long-term investment horizon. The investor should be prepared to bear losses. The Fund is compatible for mass market distribution. The Fund may not be suitable for investors who are concerned about short-term volatility and performance, seeking a regular source of income and investing for less than five years. The Fund does not offer capital protection.
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en
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es
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DOLFIN6577
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Oddo BHF AM SAS has chosen to prioritise the criteria of governance and human resources/management quality.
Sector specificities: Oddo BHF AM SAS reviews cross-sectional ESG criteria for all sectors analysed, such as corporate governance and employee training. However, its approach is above all sectoral and Oddo BHF AM SAS seeks to identify – for all investment sectors – the long-term ESG trends (risks and opportunities), the ESG specificities of the development models in each sector and specific ESG criteria and indicators.
Some sectors are driven by environmental (e.g. chemistry, energy), social (e.g. distribution, hotels/leisure) or governance (finance) issues. The ESG weighting models and the ESG quantitative and qualitative criteria therefore vary from one sector to another.
Currently, Oddo BHF AM SAS applies the same ESG analysis matrix for the equity asset class and the corporate bond asset class. Since 2012, Oddo BHF AM SAS has also implemented its macro-ESG integrated analysis model for the analysis of government bonds.
- General information used to analyse issuers based on ESG criteria: financial or extra-financial data, internal and external analyses based on their management reports, or ratings
The criteria used by Oddo BHF AM SAS are based on the 3 ESG pillars of sustainable development: environmental, social and governance criteria. Oddo BHF AM SAS relies on the methodology implemented in 2005 and since developed by Oddo BHF, which subdivides these 3 pillars into 10 areas.
These 10 areas cover the 10 criteria of the United Nations Global Compact.
Summary of the Ten Principles of the United Nations Global Compact
The Global Compact calls on companies to adopt, support and apply within their spheres of influence a set of core values in the areas of human rights, labour and environmental standards, and the fight against corruption. In other words, real progress is expected of companies only in those areas that concern them.
The Ten Principles are drawn from the following instruments: Universal Declaration of Human Rights; ILO Declaration on Fundamental Principles and Rights at Work; Rio Declaration on Environment and Development; United Nations Convention against Corruption.
These principles, ordered by category, are as follows:
HUMAN RIGHTS
- Companies are encouraged to promote and respect the protection of international human rights law within their sphere of influence; and
- Ensure that their own companies are not complicit in human rights violations.
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Oddo BHF AM SAS opta por priorizar los criterios de gobierno y recursos humanos/calidad de la gestión.
Especificaciones sectoriales: Oddo BHF AM SAS revisa los criterios ESG transversales a todos los sectores analizados, como el gobierno corporativo o la formación de los trabajadores. Su planteamiento, no obstante, es eminentemente sectorial y Oddo BHF AM SAS trata de identificar para el conjunto de los sectores de inversión las tendencias ESG de largo plazo (tanto riesgos como oportunidades), las especificaciones ESG de los modelos de desarrollo de cada sector y los criterios e indicadores ESG específicos.
Algunos sectores se ven atraídos por los desafíos ambientales (el químico o el energético, por ejemplo), sociales (por ejemplo, la distribución o el ocio/hostelería) o el gobierno (actividades de la función financiera). Tanto los modelos de ponderación como los criterios cuantitativos y cualitativos ambientales, sociales y relativos al gobierno corporativo (ESG) son distintos en cada sector.
En la fecha actual, Oddo BHF AM SAS aplica la misma tabla analítica ESG tanto para la clase de activos de renta variable como los activos de deuda corporativa. Desde 2012, Oddo BHF AM SAS también dispone de su modelo de análisis integrado macro-ESG para analizar las obligaciones del Estado.
- Información general utilizada para el análisis de los emisores en los criterios ESG: datos financieros o extrafinancieros, análisis internos y externos en función de sus informes de gestión o calificaciones
Los criterios que emplea Oddo BHF AM SAS descansan sobre los 3 pilares ESG del desarrollo sostenible: ambiental, social y de gobierno corporativo. Oddo BHF AM SAS se apoya en la metodología ESG desarrollada y verificada desde 2005 por Oddo BHF, que vertebra estos 3 pilares en 10 ejes.
Los 10 ejes cubren los 10 criterios del Pacto mundial de las Naciones Unidas (Global Compact).
Recordatorio de los diez principios del Pacto Mundial de las Naciones Unidas
El Pacto Mundial insta a las empresas a adoptar, apoyar y aplicar en su área de influencia un conjunto de valores fundamentales en materia de derechos humanos, normativa laboral y medioambiental, y lucha contra la corrupción. En otras palabras, solo se requiere un cambio verdadero a las empresas en aquellas áreas que les competen.
Los Diez Principios se basan en los siguientes instrumentos: Declaración universal de los derechos humanos; Declaración de la Organización Internacional del Trabajo sobre los principios y derechos fundamentales del trabajo; Declaración de Río sobre el medio ambiente y el desarrollo; Convención de las Naciones Unidas contra la Corrupción.
A continuación figuran los principios y sus respectivas categorías:
DERECHOS HUMANOS
- Las empresas deben apoyar y respetar la protección de los derechos humanos fundamentales, reconocidos internacionalmente, dentro de su ámbito de influencia, y
- Asegurarse de que sus propias empresas no son cómplices en la vulneración de los Derechos Humanos.
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Oddo BHF AM SAS has chosen to prioritise the criteria of governance and human resources/management quality.
Sector specificities: Oddo BHF AM SAS reviews cross-sectional ESG criteria for all sectors analysed, such as corporate governance and employee training. However, its approach is above all sectoral and Oddo BHF AM SAS seeks to identify – for all investment sectors – the long-term ESG trends (risks and opportunities), the ESG specificities of the development models in each sector and specific ESG criteria and indicators.
Some sectors are driven by environmental (e.g. chemistry, energy), social (e.g. distribution, hotels/leisure) or governance (finance) issues. The ESG weighting models and the ESG quantitative and qualitative criteria therefore vary from one sector to another.
Currently, Oddo BHF AM SAS applies the same ESG analysis matrix for the equity asset class and the corporate bond asset class. Since 2012, Oddo BHF AM SAS has also implemented its macro-ESG integrated analysis model for the analysis of government bonds.
- General information used to analyse issuers based on ESG criteria: financial or extra-financial data, internal and external analyses based on their management reports, or ratings
The criteria used by Oddo BHF AM SAS are based on the 3 ESG pillars of sustainable development: environmental, social and governance criteria. Oddo BHF AM SAS relies on the methodology implemented in 2005 and since developed by Oddo BHF, which subdivides these 3 pillars into 10 areas.
These 10 areas cover the 10 criteria of the United Nations Global Compact.
Summary of the Ten Principles of the United Nations Global Compact
The Global Compact calls on companies to adopt, support and apply within their spheres of influence a set of core values in the areas of human rights, labour and environmental standards, and the fight against corruption. In other words, real progress is expected of companies only in those areas that concern them.
The Ten Principles are drawn from the following instruments: Universal Declaration of Human Rights; ILO Declaration on Fundamental Principles and Rights at Work; Rio Declaration on Environment and Development; United Nations Convention against Corruption.
These principles, ordered by category, are as follows:
HUMAN RIGHTS
- Companies are encouraged to promote and respect the protection of international human rights law within their sphere of influence; and
- Ensure that their own companies are not complicit in human rights violations.
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en
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es
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DOLFIN6581
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Article 6 Sub-Funds: Sub-Funds That Integrate Sustainability Risks into Their Investment Decisions
Each of the Article 6 Sub-Funds does not promote sustainability factors and does not have sustainability as an investment objective. Such Sub-Funds still remain exposed to Sustainability Risks, and the Investment Manager integrates the Sustainability Risks into the investment process of the Sub-Funds in the following manner.
Integration of Sustainability Risks and Its Likely Impact on Returns:
The Investment Manager sources Sustainability Risk, governance information and data from in-house analysis, direct engagement and interaction with companies and other issuers, and from third parties. For its in-house analysis, the Investment Manager takes a top-down as well as bottom-up approach to evaluating the Sustainability Risks of its portfolio investments. The top-down approach relies on the Investment Manager’s knowledge of local markets which helps to evaluate and prioritize sustainability factors according to their potential impact on the portfolios of the Sub-Funds. The bottom-up approach includes the Investment Manager’s proprietary investment research, which is supplemented with public information, third party research, and third party environmental, social, and governance (“ESG”) scores and reports. The Investment Manager typically considers sustainability factors of issuers such as the quality, diversity, and composition of its board of directors, and the company’s management of material environmental and social risk, among other factors. The Investment Manager reviews these Sustainability Risks and governance information on a regular basis, and where material Sustainability Risks have been identified, will integrate them into the investment process of the relevant Sub-Fund.
While it is expected that each of the Sub-Funds may be exposed to a various range of Sustainability Risks resulting from their individual investment strategy and exposures to specific sectors, issuers or asset classes, it is not anticipated that the Sustainability Risks to which each Sub-Fund are exposed would cause a material impact on their respective returns, given the level of diversification of the Sub- Funds and the Investment Manager’s active consideration of Sustainability Risk in its investment process, as described above. Additionally, when implementing the respective investment strategies of the Article 6 Sub-Funds, the Investment Manager does not consider the negative impacts of investment decisions on sustainability factors.
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#### Subfondos acordes al artículo 6: Subfondos que integran riesgos de sostenibilidad en sus decisiones de inversión
Cada uno de los Subfondos acordes al artículo 6 no promueve factores de sostenibilidad ni tiene la sostenibilidad como objetivo de inversión. Estos Subfondos siguen estando expuestos a Riesgos de sostenibilidad y el Gestor de inversiones integra estos riesgos en el proceso de inversión de los Subfondos como se indica a continuación.
Integración de los riesgos de sostenibilidad y sus posibles repercusiones en la rentabilidad:
El Gestor de inversiones obtiene datos e información sobre la gestión del Riesgo de sostenibilidad a través del análisis interno, de la implicación e interacción directa con las empresas y otros emisores, y de terceros. Con respecto al análisis interno, el Gestor de inversiones adopta un enfoque tanto descendente como ascendente para evaluar los Riesgos de sostenibilidad de las inversiones de su cartera. El enfoque descendente se basa en el conocimiento del Gestor de inversiones de los mercados locales, lo que ayuda a evaluar y priorizar los factores de sostenibilidad en función de su potencial impacto sobre las carteras de los Subfondos. El enfoque ascendente incluye análisis de inversiones propios del Gestor de inversiones, que se complementan con información pública, análisis de terceros, informes y calificaciones ambientales, sociales y de gobierno corporativo («ASG») de terceros. Por lo general, el Gestor de inversiones tiene en cuenta factores de sostenibilidad de los emisores tales como la calidad, la diversidad y la composición de su consejo de administración, así como la gestión por parte de las empresas de riesgos ambientales y sociales esenciales, entre otros factores. El Gestor de inversiones revisa periódicamente estos Riesgos de sostenibilidad y la información sobre gobierno corporativo, y cuando se identifican Riesgos de sostenibilidad esenciales, se integran en el proceso de inversión del correspondiente Subfondo.
A pesar de que se prevé que cada uno de los Subfondos puede estar expuesto a diversos niveles de Riesgos de sostenibilidad como resultado de su estrategia de inversión individual y de sus exposiciones a sectores, emisores o clases de activos concretos, no se espera que los Riesgos de sostenibilidad a los que están expuestos cada uno de los Subfondos vayan a tener repercusiones significativas sobre sus respectivas rentabilidades, habida cuenta del nivel de diversificación de sus carteras y de la consideración activa de los Riesgos de sostenibilidad por parte del Gestor de inversiones en su proceso de inversión, tal y como se ha descrito anteriormente. Además, a la hora de aplicar las respectivas estrategias de inversión de los Fondos acordes al artículo 6 el Gestor de inversiones no tiene en cuenta las incidencias adversas de las decisiones de inversión sobre los factores de sostenibilidad.
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#### Article 6 Sub-Funds: Sub-Funds That Integrate Sustainability Risks into Their Investment Decisions
Each of the Article 6 Sub-Funds does not promote sustainability factors and does not have sustainability as an investment objective. Such Sub-Funds still remain exposed to Sustainability Risks, and the Investment Manager integrates the Sustainability Risks into the investment process of the Sub-Funds in the following manner.
Integration of Sustainability Risks and Its Likely Impact on Returns:
The Investment Manager sources Sustainability Risk, governance information and data from in-house analysis, direct engagement and interaction with companies and other issuers, and from third parties. For its in-house analysis, the Investment Manager takes a top-down as well as bottom-up approach to evaluating the Sustainability Risks of its portfolio investments. The top-down approach relies on the Investment Manager’s knowledge of local markets which helps to evaluate and prioritize sustainability factors according to their potential impact on the portfolios of the Sub-Funds. The bottom-up approach includes the Investment Manager’s proprietary investment research, which is supplemented with public information, third party research, and third party environmental, social, and governance (“ESG”) scores and reports. The Investment Manager typically considers sustainability factors of issuers such as the quality, diversity, and composition of its board of directors, and the company’s management of material environmental and social risk, among other factors. The Investment Manager reviews these Sustainability Risks and governance information on a regular basis, and where material Sustainability Risks have been identified, will integrate them into the investment process of the relevant Sub-Fund.
While it is expected that each of the Sub-Funds may be exposed to a various range of Sustainability Risks resulting from their individual investment strategy and exposures to specific sectors, issuers or asset classes, it is not anticipated that the Sustainability Risks to which each Sub-Fund are exposed would cause a material impact on their respective returns, given the level of diversification of the Sub- Funds and the Investment Manager’s active consideration of Sustainability Risk in its investment process, as described above. Additionally, when implementing the respective investment strategies of the Article 6 Sub-Funds, the Investment Manager does not consider the negative impacts of investment decisions on sustainability factors.
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DOLFIN6582
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Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Exempt Irish Shareholder means
- a qualifying management company within the meaning of section 739B(1) TCA;
- a specified company within the meaning of section 734(1) TCA;
- an investment undertaking within the meaning of section 739B(1) TCA;
- an investment limited partnership within the meaning of section 739J TCA;
- a pension scheme which is an exempt approved scheme within the meaning of section 774 TCA, or a retirement annuity contract or a trust scheme to which section 784 or 785 TCA applies;
- a company carrying on life business within the meaning of section 706 TCA;
- a special investment scheme within the meaning of section 737 TCA;
- a unit trust to which section 731(5)(a) TCA applies;
- a charity being a person referred to in section 739D(6)(f)(i) TCA;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of section 784A(2) TCA and the Shares held are assets of an approved retirement fund or an approved minimum retirement fund;
- a qualifying fund manager within the meaning of section 784A TCA or a qualifying savings manager within the meaning of section 848B TCA, in respect of Shares which are assets of a special savings incentive account within the meaning of section 848C TCA;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of section 787I TCA and the Shares held are assets of a personal retirement savings account as defined in section 787A TCA;
- the National Pensions Reserve Fund Commission;
- the National Asset Management Agency;
- the Courts Service;
- a credit union within the meaning of section 2 of the Credit Union Act 1997;
- an Irish resident company, within the charge to corporation tax under Section 739G(2) TCA, but only where the fund is a money market fund;
- a company which is within the charge to corporation tax in accordance with section 110(2) TCA in respect of payments made to it by the Company; and
- any other person as may be approved by the Directors from time to timeprovided the holding of Shares by such person does not result in a potential liability to tax arising to the Company in respect of that Shareholder under Part 27, Chapter 1A TCA;and where necessary the Company is in possession of a Relevant Declaration in respect of that Shareholder.
FATCA means (a) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986 or any associated regulations or other official guidance; (b) any intergovernmental agreement, treaty, regulation, guidance or other agreement between the Government of Ireland (or any Irish government body) and the US, UK or any other jurisdiction (including any government bodies in such jurisdiction), entered into in order to comply with, facilitate, supplement, implement or give effect to the legislation, regulations or guidance described in paragraph (a) above; and
- any legislation, regulations or guidance in Ireland that give effect to the matters outlined in the preceding paragraphs.
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# Accionista irlandés exento significa:
- una sociedad de gestión cualificada según lo dispuesto en el artículo 739B(1) de la Ley Tributaria;
- una sociedad específica según lo dispuesto en el artículo 734(1) de la Ley Tributaria;
- un organismo de inversión según lo dispuesto en el artículo 739(B)(1) de la Ley Tributaria;
- una sociedad de inversión en comandita según lo dispuesto en el artículo 739J de la Ley Tributaria;
- un plan de pensiones que sea un plan exento autorizado, según lo dispuesto en el artículo 774 de la Ley Tributaria, o un seguro de jubilacióno fideicomiso a los que sean de aplicación los artículos 784 o 785 de la Ley Tributaria;
- una sociedad con actividades en el ramo de seguros de vida, según lo dispuesto en el artículo 706 de la Ley tributaria;
- (g) una institución de inversión especial según lo dispuesto en el artículo 737 de la Ley tributaria;
- un fondo de inversión colectiva (unit trust) al que sea de aplicación el artículo 731(5)(a) de la Ley Tributaria;
- una institución benéfica que sea una persona de las contempladas en el artículo 739D(6)(f)(i) de la Ley Tributaria;
- una persona que tenga derecho a exención del impuesto sobre la renta y del impuesto sobre las plusvalía en virtud del artículo 784A(2) y las Acciones que posea sean activos de un fondo de jubilación autorizado o un fondo de jubilación mínimo autorizado;
- una sociedad de gestión cualificada según lo dispuesto en el Artículo 784A de la Ley Tributaria o una gestora de ahorros cualificada según lo dispuesto en el Artículo 848B de la Ley Tributaria, con respecto a las Acciones que son activos de una cuenta especial de incentivo al ahorro en el sentido del Artículo 848C de la Ley Tributaria;
- una persona que tenga derecho a exención del impuesto sobre la renta y del impuesto sobre las plusvalías en virtud del artículo 787I de la Ley Tributaria cuando las Acciones que posea sean activos de una cuenta de ahorro personal de jubilación (“PRSA”); que actúe en nombre de una persona que tenga derecho a exención del impuesto sobre la renta y del impuesto sobre las plusvalías en virtud del Artículo 787I de la Ley Tributaria cuando las Acciones que se posean sean activos de una PRSA;
- la National Pensions Reserve Fund Commission (Comisión Nacional del Fondo de Reserva para Pensiones);
- la National Asset Management Agency (Agencia Nacional de Gestión de Activos);
- el Servicio de Tribunales;
- una cooperativa de crédito según lo dispuesto en el Artículo 2 de la Ley de Cooperativas de Crédito (Credit Union Act) de 1997;
- una empresa residente en Irlanda, sujeta al impuesto de sociedades según lo dispuesto en el Artículo 739G (2) de la Ley Tributaria, pero únicamente en el caso de que el fondo sea un fondo del mercado monetario;
- una sociedad sujeta al impuesto de sociedades conforme al Artículo 110(2) de la Ley Tributaria con respecto a los pagos efectuados por aquella a la Sociedad; y
- cualquier otra persona que pueda ser aprobada en su debido momento por los Consejeros, siempre y cuando la participación en Acciones de dicha persona no dé lugar a una posible responsabilidad tributaria para la Sociedad respecto de dicho Accionista con arreglo al Capítulo 1A de la Parte 27 de la Ley Tributaria;y, cuando sea necesario, la Sociedad esté en posesión de una Declaración pertinente respecto de dicho Accionista.
FATCA significa (a) los artículos 1471 a 1474 del Código fiscal de EE. UU. de 1986 (Internal Revenue Code) o cualquier reglamento asociado y otras directrices oficiales; (b) cualquier acuerdo intergubernamental, tratado, reglamento, directriz u otros acuerdos entre el Gobierno de Irlanda (o cualquier organismo gubernamental de Irlanda) y los EE. UU., el Reino Unido o cualquier otra jurisdicción (incluyendo cualquiera de los órganos de gobierno de dicha jurisdicción), celebrados con el fin de cumplir, facilitar, complementar, implementar o dar efecto a la legislación, reglamentos o directrices que se describen en el párrafo (a) anterior; y (c) cualquier legislación, reglamentos o directrices de Irlanda mediante los cuales se aplican lo expuesto en los párrafos anteriores.
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# Exempt Irish Shareholder means
- a qualifying management company within the meaning of section 739B(1) TCA;
- a specified company within the meaning of section 734(1) TCA;
- an investment undertaking within the meaning of section 739B(1) TCA;
- an investment limited partnership within the meaning of section 739J TCA;
- a pension scheme which is an exempt approved scheme within the meaning of section 774 TCA, or a retirement annuity contract or a trust scheme to which section 784 or 785 TCA applies;
- a company carrying on life business within the meaning of section 706 TCA;
- a special investment scheme within the meaning of section 737 TCA;
- a unit trust to which section 731(5)(a) TCA applies;
- a charity being a person referred to in section 739D(6)(f)(i) TCA;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of section 784A(2) TCA and the Shares held are assets of an approved retirement fund or an approved minimum retirement fund;
- a qualifying fund manager within the meaning of section 784A TCA or a qualifying savings manager within the meaning of section 848B TCA, in respect of Shares which are assets of a special savings incentive account within the meaning of section 848C TCA;
- a person who is entitled to exemption from income tax and capital gains tax by virtue of section 787I TCA and the Shares held are assets of a personal retirement savings account as defined in section 787A TCA;
- the National Pensions Reserve Fund Commission;
- the National Asset Management Agency;
- the Courts Service;
- a credit union within the meaning of section 2 of the Credit Union Act 1997;
- an Irish resident company, within the charge to corporation tax under Section 739G(2) TCA, but only where the fund is a money market fund;
- a company which is within the charge to corporation tax in accordance with section 110(2) TCA in respect of payments made to it by the Company; and
- any other person as may be approved by the Directors from time to timeprovided the holding of Shares by such person does not result in a potential liability to tax arising to the Company in respect of that Shareholder under Part 27, Chapter 1A TCA;and where necessary the Company is in possession of a Relevant Declaration in respect of that Shareholder.
FATCA means (a) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986 or any associated regulations or other official guidance; (b) any intergovernmental agreement, treaty, regulation, guidance or other agreement between the Government of Ireland (or any Irish government body) and the US, UK or any other jurisdiction (including any government bodies in such jurisdiction), entered into in order to comply with, facilitate, supplement, implement or give effect to the legislation, regulations or guidance described in paragraph (a) above; and
- any legislation, regulations or guidance in Ireland that give effect to the matters outlined in the preceding paragraphs.
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en
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es
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DOLFIN6588
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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 Swiss Re Cat Bond Index (TR) between 06/2014-06/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,507
5.1%
USD 12,566
4.7%
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# Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 06/2014-06/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 507 USD
5,1%
12 566 USD
4,7%
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# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 06/2014-06/2019.
Moderate scenario
What you might get back after costs
Average return each year
USD 10,507
5.1%
USD 12,566
4.7%
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en
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es
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