id
stringlengths
7
10
query
stringlengths
226
15.3k
answer
stringlengths
103
18.7k
text
stringlengths
106
15.2k
src_lang
stringclasses
1 value
trg_lang
stringclasses
1 value
DOLFIN3610
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: This indicator represents the annual historical volatility of the Fund over a 5-year period. Due to a lack of sufficient historical data, the risk indicator incorporates simulated data from a benchmark portfolio. Risk Category 5 reflects high potential gains and/or losses for the portfolio. This is due to investments in money market instruments, bonds, units of UCITS or UCI, and/or equities on the worldwide market. Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile. The risk category associated with the Fund is not guaranteed and may change over time. The lowest risk category does not mean "risk free". Your initial investment is not guaranteed. Significant risk(s) for the Fund not taken into account in this indicator include the following: Derivative for hedging purpose: The use of derivatives for hedging in a rising market may restrict potential gains. Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. This can be the result of shocks of unprecedented intensity and severity such as but not limited to pandemics and natural disasters. Investments into other UCI/UCITS: A Fund which invests in other collective investment schemes will not have an active role in the day-to-day management of the collective investment schemes in which it invests. Moreover, a Fund will generally not have the opportunity to evaluate the specific investments made by any underlying collective investment schemes before they are made. Accordingly, the returns of a Fund will primarily depend on the performance of these unrelated underlying fund managers and could be substantially adversely affected by the unfavourable performance. Credit risk and interest rate risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that the issuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. Bond prices and yields have an inverse relationship, when the price of a bond falls the yield rises. Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
Este indicador representa la volatilidad histórica anual del Fondo a lo largo de un periodo de cinco años. Al no disponer de suficientes datos históricos, el indicador de riesgo se basa en datos históricos simulados de una cartera de referencia. La Categoría de riesgo 5 refleja unas ganancias y/o pérdidas potenciales de la cartera altas. Ello se debe a las inversiones en instrumentos del mercado monetario, bonos, participaciones de OICVM u OIC y/o acciones de mercados de todo el mundo. Los datos históricos, como los empleados para calcular el indicador sintético, no pueden considerarse una indicación fiable del futuro perfil de riesgo del Fondo. La categoría de riesgo que se atribuye al Fondo no está garantizada y puede variar a lo largo del tiempo. La asignación a la categoría más baja de riesgo no significa que la inversión esté libre de riesgo. Su inversión inicial no está garantizada. Entre el/los riesgo(s) significativo(s) del Fondo no tenidos en cuenta en este indicador se incluyen los siguientes: Derivados con fines de cobertura: el uso de derivados con fines de cobertura en un mercado alcista puede limitar las ganancias potenciales. Riesgo de liquidez: existe riesgo de liquidez cuando algunas inversiones específicas son difíciles de comprar o vender. Esto puede reducir las rentabilidades del Fondo, puesto que el Fondo podría ser incapaz de realizar transacciones en momentos o a precios favorables. Puede ser el resultado de crisis de intensidad y gravedad sin precedentes, como pandemias y desastres naturales, entre otros. Inversiones en otros OIC/OICVM: un Fondo que invierte en otros organismos de inversión colectiva no desempeñará un papel activo en la gestión diaria de los organismos de inversión colectiva en los que invierte. Además, un Fondo generalmente no tendrá la posibilidad de analizar las inversiones específicas realizadas por cualquiera de los organismos de inversión colectiva subyacentes antes de que se lleven a cabo. Por lo tanto, los rendimientos de un Fondo dependerán principalmente de la rentabilidad de estos gestores de fondos subyacentes e independientes y podrían verse afectados negativamente y de manera considerable por la rentabilidad desfavorable. Riesgo de crédito y riesgo de los tipos de interés: el Fondo invierte en bonos, efectivo u otros instrumentos del mercado monetario. Existe el riesgo de que el emisor incumpla. La probabilidad de que esto ocurra dependerá de la solvencia del emisor. El riesgo de incumplimiento es generalmente mayor en el caso de los bonos con calificación crediticia inferior a la categoría de inversión. Una subida de los tipos de interés podría provocar un descenso del valor de los títulos de renta fija en los que invierte el Fondo. Los precios de los bonos y los rendimientos tienen una relación inversa: cuando el precio de un bono disminuye, el rendimiento aumenta. Riesgo de divisa: el Fondo invierte en mercados internacionales. Puede verse afectado por las variaciones de los tipos de cambio, que pueden hacer que el valor de su inversión disminuya o se incremente.
This indicator represents the annual historical volatility of the Fund over a 5-year period. Due to a lack of sufficient historical data, the risk indicator incorporates simulated data from a benchmark portfolio. Risk Category 5 reflects high potential gains and/or losses for the portfolio. This is due to investments in money market instruments, bonds, units of UCITS or UCI, and/or equities on the worldwide market. Historical data such as that used to calculate the synthetic indicator cannot be considered as a reliable indication of the Fund's future risk profile. The risk category associated with the Fund is not guaranteed and may change over time. The lowest risk category does not mean "risk free". Your initial investment is not guaranteed. Significant risk(s) for the Fund not taken into account in this indicator include the following: Derivative for hedging purpose: The use of derivatives for hedging in a rising market may restrict potential gains. Liquidity risk: Liquidity risk exists when particular investments are difficult to purchase or sell. This can reduce the Fund's returns because the Fund may be unable to transact at advantageous times or prices. This can be the result of shocks of unprecedented intensity and severity such as but not limited to pandemics and natural disasters. Investments into other UCI/UCITS: A Fund which invests in other collective investment schemes will not have an active role in the day-to-day management of the collective investment schemes in which it invests. Moreover, a Fund will generally not have the opportunity to evaluate the specific investments made by any underlying collective investment schemes before they are made. Accordingly, the returns of a Fund will primarily depend on the performance of these unrelated underlying fund managers and could be substantially adversely affected by the unfavourable performance. Credit risk and interest rate risk: The Fund invests in bonds, cash or other money market instruments. There is a risk that the issuer may default. The likelihood of this happening will depend on the credit-worthiness of the issuer. The risk of default is usually greatest with bonds that are rated as sub-investment grade. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. Bond prices and yields have an inverse relationship, when the price of a bond falls the yield rises. Currency risk: The Fund invests in overseas markets. It can be affected by changes in exchange rates which may cause the value of your investment to decrease or increase.
en
es
DOLFIN3629
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and Investment Policy - The fund aims to provide long-term capital growth with the level of income expected to be low. - The fund will invest at least 70% in a focused portfolio of the shares of companies having their head office or main activities in the US. - The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR. - The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms. - The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes. - Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns. - The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile. - The fund is actively managed and references S&P 500 Index (Net) Hedged to EUR (the ‘Index’), for comparative purposes only. - Income earned by the fund is accumulated in the share price. - Shares can usually be bought and sold each business day of the fund.
# Objetivos y política de inversión - El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo. - El fondo invertirá al menos un 70 % en una cartera centrada de acciones de empresas cuya sede se encuentre en los Estados Unidos, o que lleven a cabo sus actividades principales en dicho país. - El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR. - El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente. - El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos. - La cobertura del riesgo cambiario se utiliza para reducir sustancialmente el riego de pérdida derivado de fluctuaciones desfavorables en los tipos de cambio. La cobertura del riesgo cambiario global se utiliza para cubrir el efecto cambiario subyacente a nivel de valores con el de la divisa de referencia de la clase de acciones cubierta, por lo que ofrecerá la rentabilidad del mercado subyacente. - El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo. - El Subfondo se gestiona de manera activa y utiliza como referencia el S&P 500 Index (Net) Hedged to EUR (en adelante, el «Índice»), únicamente a efectos de comparación. - Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones. - Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
# Objectives and Investment Policy - The fund aims to provide long-term capital growth with the level of income expected to be low. - The fund will invest at least 70% in a focused portfolio of the shares of companies having their head office or main activities in the US. - The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR. - The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms. - The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes. - Currency hedging is used to substantially reduce the risk of losses from unfavourable exchange rate movements. Currency look-through hedging is used to hedge the underlying currency effects at the security level to that of the hedged share class reference currency, thereby delivering the underlying market returns. - The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile. - The fund is actively managed and references S&P 500 Index (Net) Hedged to EUR (the ‘Index’), for comparative purposes only. - Income earned by the fund is accumulated in the share price. - Shares can usually be bought and sold each business day of the fund.
en
es
DOLFIN3631
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Practical Information ## Custodian: ## State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy ## L-1855 Luxembourg Further Information: More detailed information on this Sub-Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge, in English, German, French, Spanish and Italian from the Sub-Fund Management Company, the central administrator, the Sub- Funds' distributors or online at www.axa-im.com. ## More share classes are available for this Sub-Fund. For more details about other share classes, please refer to the prospectus, which is available at www.axa-im.com. Details of the up to date remuneration policy of the company are published online at https://www.axa-im.com/en/remuneration. This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request. ## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company. ## Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your own country of residence this might have an ## impact on your investments. For further details, you should consult a Tax Adviser. ## Specific Share Class Information: ## Share Class A Capitalisation USD (LU0800597873) is representative for Share Class A Distribution USD (LU0964940091). Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund. Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. ## The redemption and subscription costs connected with the conversion may be charged to the shareholder as indicated in the prospectus. ## For more details about how to switch compartment, please refer to the prospectus, section switch between Sub-Funds, which is available at www.axa-im.com. This Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 03/08/2018.
# Información práctica ## Custodio: ## State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy ## L-1855 Luxemburgo Información adicional: Si desea información más detallada sobre este Subfondo, como el folleto o el último informe anual o semestral, puede obtenerla gratuitamente, en inglés, alemán, francés, español e italiano, en la sociedad gestora del Subfondo, el administrador central, los distribuidores del Subfondo o en www.axa-im.com. ## Existen más clases de acciones disponibles para este Subfondo. Si desea más detalles sobre otras clases de acciones, consulte el folleto que se encuentra disponible en www.axa-im.com. La información sobre la política de retribución actualizada de la empresa está disponible online en https://www.axa-im.com/en/remuneration. Ésta incluye la descripción de la retribución y los beneficios de los empleados así como datos sobre el comité de retribuciones. Podrá obtener una copia física previa solicitud a la empresa sin cargo alguno. ## Publicación del valor liquidativo: El valor liquidativo por acción está disponible en www.axa-im.com y en el domicilio social de la empresa. ## Legislación fiscal: El Subfondo está sometido a las leyes y normas fiscales de Luxemburgo. En función del país en el que usted resida, sus inversiones ## podrían verse afectadas. Si desea conocer más detalles, le recomendamos que consulte a un asesor fiscal. ## Información específica de las clases de acciones: ## La clase de acción A Capitalización USD (LU0800597873) es representativa de la clase de acción A Distribución USD (LU0964940091). Declaración de responsabilidad: AXA Funds Management S.A. responderá únicamente sobre la base de cualquier declaración incluida en este documento que sea errónea, inexacta o incoherente con la información correspondiente del folleto del Subfondo. Cambiar entre Subfondos: Los accionistas pueden solicitar que cualquiera de las clases de acciones de cualquier Subfondo sea convertida en clases de acciones de otro Subfondo, siempre y cuando se cumplan las condiciones para acceder a la clase, tipo o subtipo de acciones objetivo en relación a este Subfondo, sobre la base de sus valores liquidativos respectivos calculados el día de valoración siguiente a la recepción de la solicitud de conversión. ## Tal como se indica en el folleto, los gastos de reembolso y suscripción relativos a la conversión pueden ser cargados al accionista. ## Si desea más detalles sobre cómo cambiar de compartimento, consulte el folleto, sección "cambiar entre Subfondos", que se encuentra disponible en www.axa-im.com. Este Subfondo está autorizado en Luxemburgo y regulado por Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. está autorizado en Luxemburgo y regulado por Commission de Surveillance du Secteur Financier (Comisión de Supervisión del Sector Financiero luxemburgués). Esta información clave para el inversor es correcta a 03/08/2018.
# Practical Information ## Custodian: ## State Street Bank Luxembourg S.C.A. 49, Avenue J.F. Kennedy ## L-1855 Luxembourg Further Information: More detailed information on this Sub-Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge, in English, German, French, Spanish and Italian from the Sub-Fund Management Company, the central administrator, the Sub- Funds' distributors or online at www.axa-im.com. ## More share classes are available for this Sub-Fund. For more details about other share classes, please refer to the prospectus, which is available at www.axa-im.com. Details of the up to date remuneration policy of the company are published online at https://www.axa-im.com/en/remuneration. This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The company provides a paper copy free of charge upon request. ## Net Asset Value Publication: The Net Asset Value per share is available at www.axa-im.com, and at the registered office of the Management Company. ## Tax Legislation: The Sub-Fund is subject to the tax laws and regulations of Luxembourg. Depending on your own country of residence this might have an ## impact on your investments. For further details, you should consult a Tax Adviser. ## Specific Share Class Information: ## Share Class A Capitalisation USD (LU0800597873) is representative for Share Class A Distribution USD (LU0964940091). Liability Statement: AXA Funds Management S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Sub-Fund. Switching between Sub-Funds: Shareholders may apply for any share classes of any Sub-Funds to be converted into share classes of another Sub-Fund, provided that the conditions for accessing the target share class, type or sub-type are fulfilled with respect to this Sub-Fund, on the basis of their respective Net Asset Value calculated on the Valuation Day following receipt of the conversion request. ## The redemption and subscription costs connected with the conversion may be charged to the shareholder as indicated in the prospectus. ## For more details about how to switch compartment, please refer to the prospectus, section switch between Sub-Funds, which is available at www.axa-im.com. This Sub-Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). AXA Funds Management S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. This key investor information is accurate as at 03/08/2018.
en
es
DOLFIN3632
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Definitions: - Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock. - Free cash flow is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets. - Russell 2500 Growth Index: An unmanaged index designed to measure the performance of the 2,500 smallest companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values. - The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. - The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The MSCI ACWI Index performance does not reflect deductions for fees or expenses. - The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. - The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. - The price-to-book ratio is the ratio of a company’s market price to its book value. - The Russell 1000 Growth Index is an unmanaged index designed to measure the performance of the largest 1000 companies in the Russell 3000 Index with higher price to book ratios and higher forecasted growth values. - The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000ALGER SICAVManager’s Report to Shareholders (continued)of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the Russell 3000 Index, as of the most recent reconstitution. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included. - The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style methodology. - The Russell 2000 Index is a small cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. - The Russell 3000 Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included. - The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. Russell Midcap Growth Index performance does not reflect deductions for fees or expenses. - The Russell Midcap Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set. - The S&P 500 Index tracks the performance of 500 large companies listed on stock exchanges in the U.S.
# Definiciones: - Los beneficios por acción (BPA) se calculan comoel beneficio de la empresa dividido entre sus acciones ordinarias en circulación. - El flujo de caja disponible es la liquidez que genera una empresa una vez descontados las salidas de efectivo que respaldan sus operaciones y mantienen sus activos de capital. - Índice Russell 2500 Growth: Un índice no gestionado concebido para medir la rentabilidad de las 2.500 empresas más pequeñas del índice Russell 3000 con mayores ratios precio/valor contable y mayores valores de crecimiento previsto. - El índice de precios al consumo (IPC) mide la variación mensual de los precios que pagan los consumidores estadounidenses. La Oficina de Estadísticas Laborales de EE. UU. (BLS) calcula el IPC como una media ponderada de los precios de una cesta de bienes y servicios representativos del conjunto del gasto de los consumidores estadounidenses. - El índice MSCI ACWI es un índice ponderado por capitalización de mercado ajustado porel capital flotante (free float) concebido para medir la rentabilidad de la renta variable cotizada en mercados desarrollados y emergentes. El MSCI ACWI representa los segmentos de capitalización grande y mediana de mercados desarrollados (MD) y mercados emergentes (ME). La rentabilidad del índice MSCI ACWI no refleja las deducciones de comisiones o gastos. - El índice MSCI EAFE está diseñado para representar la rentabilidad de los valores de capitalización grande y mediana de distintos mercados desarrollados, incluyendo países de Europa, Australasia y Extremo Oriente, y excluyendo EE. UU. y Canadá. - El índice MSCI Emerging Markets es un índice de capitalización de mercado ajustado por el capital flotante (free float) concebido para medir la rentabilidad de la renta variable cotizada en mercados emergentes de todo el mundo. - Precio/valor contable es la ratio del precio de mercado de una empresa respecto a su valor contable. - El índice Russell 1000 Growth es un índice no gestionado concebido para medir la rentabilidad de las 1.000 empresas más pequeñas del índice Russell 3000 con mayores ratios precio-valor contable y mayores valores de crecimiento previsto. - El índice Russell 1000 mide la rentabilidad del segmento de gran capitalización deluniverso de renta variable estadounidense. Es un subconjunto del índice Russell 3000 e incluye aproximadamente 1.000ALGER SICAVInforme del Gestor a los accionistas (continuación)valores de gran tamaño en función de una combinación de su capitalización bursátil y su afiliación actual en el índice. El Russell 1000 representa aproximadamente el 93% del Russell 3000, teniendo en cuenta su reconstitución más reciente. El índice Russell 1000 está diseñado para ofrecer un barómetro exhaustivo y sin sesgos del segmento de gran capitalización y se reconstituye por completo anualmente con el fin de garantizar la inclusión de las acciones nuevas y en crecimiento. - El índice Russell 2000 Growth mide la rentabilidad del segmento de crecimiento depequeña capitalización del universo estadounidense de renta variable. Incluye las empresas del Russell 2000 con un mayor potencial de crecimiento de las ganancias, conforme a la metodología de estilo líder de Russell. - El Índice Russell 2000 es un índice bursátil de pequeña capitalización que comprende los2.000 valores de menor capitalización del Russell 3000. - El índice Russell 3000 mide la rentabilidad de las 3.000 mayores empresas estadounidenses, que representan aproximadamente el 96% del mercado de renta variable del país susceptible de inversión, teniendo en cuenta su reconstitución más reciente. El índice Russell 3000 está diseñado para ofrecer un barómetro estable, exhaustivo y sin sesgos del conjunto del mercado y se reconstituye por completo anualmente con el fin de garantizar la inclusión de las acciones nuevas y en crecimiento. - El índice Russell Midcap Growth mide la rentabilidad del segmento de crecimiento demediana capitalización del universo estadounidense de renta variable. Incluye las empresas del índice Russell Midcap con mayor potencial de crecimiento de las ganancias, conforme a la metodología de estilo líder de Russell. El índice Russell Midcap Growth se elabora para ofrecer un barómetro exhaustivo y sin sesgos del mercado de crecimiento de mediana capitalización. La rentabilidad de este índice no refleja deducciones por comisiones ni gastos. - El índice Russell Midcap mide la rentabilidad del segmento de mediana capitalización del universo de renta variable estadounidense. El índice Russell Midcap es un subconjunto del índice Russell 1000. Incluye aproximadamente 800 de los valores más pequeños en función de una combinación de su capitalización bursátil y su afiliación actual en el índice. El Russell Midcap representa aproximadamente el 27 % de la capitalización bursátil total de las empresas que componen el Russell 1000, teniendo en cuenta su reconstitución más reciente. El índice Russell Midcap se elabora para ofrecer un barómetro exhaustivo y sin sesgos del segmento de mediana capitalización. Se reconstituye por completo anualmente con el fin de garantizar que las acciones más grandes no distorsionen la rentabilidad y características del verdadero conjunto de oportunidades de mediana capitalización. - El S&P 500 Index replica la rentabilidad de 500 grandes empresas cotizadas en bolsas de valores de EE. UU.
# Definitions: - Earnings per share (EPS) is calculated as a company’s profit divided by the outstanding shares of its common stock. - Free cash flow is the cash a company generates after taking into consideration cash outflows that support its operations and maintain its capital assets. - Russell 2500 Growth Index: An unmanaged index designed to measure the performance of the 2,500 smallest companies in the Russell 3000 Index with higher price-to-book ratios and higher forecasted growth values. - The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending. - The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The MSCI ACWI Index performance does not reflect deductions for fees or expenses. - The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. - The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. - The price-to-book ratio is the ratio of a company’s market price to its book value. - The Russell 1000 Growth Index is an unmanaged index designed to measure the performance of the largest 1000 companies in the Russell 3000 Index with higher price to book ratios and higher forecasted growth values. - The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000ALGER SICAVManager’s Report to Shareholders (continued)of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 93% of the Russell 3000 Index, as of the most recent reconstitution. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are included. - The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher growth earning potential as defined by Russell's leading style methodology. - The Russell 2000 Index is a small cap stock market index of the bottom 2,000 stocks in the Russell 3000 Index. - The Russell 3000 Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market, as of the most recent reconstitution. The Russell 3000 Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included. - The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher growth earning potential as defined by Russell's leading style methodology. The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. Russell Midcap Growth Index performance does not reflect deductions for fees or expenses. - The Russell Midcap Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap Index represents approximately 27% of the total market capitalization of the Russell 1000 companies, as of the most recent reconstitution. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true midcap opportunity set. - The S&P 500 Index tracks the performance of 500 large companies listed on stock exchanges in the U.S.
en
es
DOLFIN3634
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | KEY INFORMATION DOCUMENT | | | --- | --- | | Purpose | | | | This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. | | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT | | PRODUCT | | Product: | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT (hereinafter “Product”) is a unit class of the sub-fund Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) (hereinafter “Fund”), a sub-fund of the umbrella fund Swisscanto (LU) Portfolio Fund. | | Issuer name: | The Fund is managed by Swisscanto Asset Management International S.A., Luxembourg (management company), a company of the Zürcher Kantonalbank Group. | | Asset manager: | Zürcher Kantonalbank | | | ISIN: | LU0112806921 | | | Website: | www.swisscanto.com | | | Phone: | +352 27 843 592 | | | The fund and Swisscanto Asset Management International S.A., Luxembourg are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). | | Date of the document: | 01/01/2023 | |
| DOCUMENTO DE DATOS FUNDAMENTALES | | | --- | --- | | Finalidad | | | | Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. | | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT | | PRODUCTO | | Producto: | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT (en adelante el «Producto») es una clase de acción del fondo parcial Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) (en adelante «Fondo»), un fondo parcial del fondo paraguas Swisscanto (LU) Portfolio Fund. | | Productor: | El Fondo es gestionado por Swisscanto Asset Management International S.A., Luxemburgo (Sociedad de gestión), una empresa del Grupo Zürcher Kantonalbank. | | Gestor de la cartera: | Zürcher Kantonalbank | | | ISIN: | LU0112806921 | | | Página web: | www.swisscanto.com | | | Teléfono: | +352 27 843 592 | | | El Fondo y Swisscanto Asset Management International S.A., Luxemburgo están autorizados en Luxemburgo y son regulados por Commission de Surveillance du Secteur Financier (CSSF). | | Fecha del documento: | 01/01/2023 | |
| KEY INFORMATION DOCUMENT | | | --- | --- | | Purpose | | | | This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. | | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT | | PRODUCT | | Product: | Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) AT (hereinafter “Product”) is a unit class of the sub-fund Swisscanto (LU) Portfolio Fund Responsible Focus (CHF) (hereinafter “Fund”), a sub-fund of the umbrella fund Swisscanto (LU) Portfolio Fund. | | Issuer name: | The Fund is managed by Swisscanto Asset Management International S.A., Luxembourg (management company), a company of the Zürcher Kantonalbank Group. | | Asset manager: | Zürcher Kantonalbank | | | ISIN: | LU0112806921 | | | Website: | www.swisscanto.com | | | Phone: | +352 27 843 592 | | | The fund and Swisscanto Asset Management International S.A., Luxembourg are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). | | Date of the document: | 01/01/2023 | |
en
es
DOLFIN3638
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Inducements In the course of providing portfolio management services, the Investment Manager is prohibited from accepting and retaining any fees, commission or monetary benefits, or accepting any non-monetary benefits (other than acceptable minor non-monetary benefits and research which is permitted), where these are paid or provided by any third party or a person acting on their behalf. The Investment Manager considers that: - information or documentation relating to a financial instrument or investment service, that is generic in nature or personalised to reflect the circumstances of an individual client; - written material from a third party that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by the issuer, or where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis, provided that the relationship is clearly disclosed in the material and that the material is made available at the same time to any firms wishing to receive it, or to the general public; - participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service; - hospitality of a reasonable de minimis value, including food and drink during a business meeting or a conference, seminar or other training event specified in this clause; - research relating to an issue of shares, debentures, warrants or certificates representing certain securities by an issuer, which is: - produced prior to the issue being completed, by a person that is providing underwriting or placing services to the issuer on that issue; and - made available to prospective investors in the issue; and - research that is received during a trial period so that the Investment Manager may evaluate the research provider’s research service in accordance with FCA rulesare regarded as acceptable minor non-monetary benefits as they are capable of enhancing the quality of the service provided by the Investment Manager to the Unitholders; of a scale and nature that it could not be judged to impair the Investment Manager’s compliance with its duty to act honestly, fairly and professionally in the best interests of the Unitholders; and reasonable, proportionate and of a scale that is unlikely to influence the Investment Manager’s behaviour in any way that is detrimental to the interests of the Unitholders. If the Investment Manager receives any such fees, commissions or monetary benefits, it will transfer these for the benefit of the Unit Trust and will inform the Manager within the standard reporting.
# Incentivos En el transcurso del suministro de servicios de gestión de cartera, se le prohíbe al Gestor de inversiones la aceptación y retención de cargos, comisiones o prestaciones monetarias, o bien la aceptación de prestaciones no monetarias (distintas de las prestaciones menores no monetarias admisibles y la investigación autorizada), en el supuesto de que sean sufragadas o prestadas por terceros o toda persona que intervenga en su nombre. El Gestor de inversiones considera que: - información o documentación relativas a un instrumento financiero o servicio de inversión con características genéricas o personalizadas, con el fin de reflejar la realidad de un cliente específico; - material escrito de un tercero al que un emisor corporativo o emisor potencial encarga y paga la promoción de una nueva emisión por parte del emisor, o si el tercero mantiene un compromiso contractual con el emisor y este le paga para que genere dicho material de forma periódica, siempre y cuando la relación se haga constar de forma clara en el material y el material se facilite al mismo tiempo a todas aquellas firmas que deseen recibirlo o al público en general; - participación en conferencias, seminarios y otros cursos de formación sobre las ventajas y las características de un instrumento financiero específico o un servicio de inversión; - hostelería con un valor razonable de minimis, como la alimentación y la bebida en una reunión de negocios o un congreso, seminario u otras formaciones que se especifican en la presente cláusula; - la investigación relativa a una emisión de participaciones, obligaciones, warrants o certificados que representen determinados valores de un emisor, que: - sea presentada antes de que se complete la emisión por una persona que preste servicios de suscripción o colocación al emisor en relación con dicha emisión; y - puesta a disposición de los futuros inversores en el momento de la emisión; y - la investigación que se reciba durante un periodo de prueba de modo que el Gestor de inversiones pueda evaluar el servicio de investigación del proveedor de investigación de conformidad con las reglas de la FCAse consideran como beneficios menores no monetarios admisibles, ya que pueden aumentar la calidad del servicio prestado por el Gestor de inversiones en favor de los Titulares de participaciones; que por su escala y naturaleza no podría afirmarse que suponen un menoscabo al cumplimiento del Gestor de inversiones de su deber de actuar con honestidad, justicia y profesionalidad, redundando en el interés de los Titulares de participaciones; y de forma razonable, proporcionada en una escala que tenga pocas probabilidades de influir en la conducta del Gestor de inversiones de manera contraria a los intereses de los Titulares de participaciones. Si el Gestor de inversiones percibe tales cargos, comisiones o prestaciones monetarias, procederá a transmitirlos en favor del Fideicomiso de inversiones e informará a la Entidad gestora conforme a las normas declarativas.
# Inducements In the course of providing portfolio management services, the Investment Manager is prohibited from accepting and retaining any fees, commission or monetary benefits, or accepting any non-monetary benefits (other than acceptable minor non-monetary benefits and research which is permitted), where these are paid or provided by any third party or a person acting on their behalf. The Investment Manager considers that: - information or documentation relating to a financial instrument or investment service, that is generic in nature or personalised to reflect the circumstances of an individual client; - written material from a third party that is commissioned and paid for by a corporate issuer or potential issuer to promote a new issuance by the issuer, or where the third party firm is contractually engaged and paid by the issuer to produce such material on an ongoing basis, provided that the relationship is clearly disclosed in the material and that the material is made available at the same time to any firms wishing to receive it, or to the general public; - participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service; - hospitality of a reasonable de minimis value, including food and drink during a business meeting or a conference, seminar or other training event specified in this clause; - research relating to an issue of shares, debentures, warrants or certificates representing certain securities by an issuer, which is: - produced prior to the issue being completed, by a person that is providing underwriting or placing services to the issuer on that issue; and - made available to prospective investors in the issue; and - research that is received during a trial period so that the Investment Manager may evaluate the research provider’s research service in accordance with FCA rulesare regarded as acceptable minor non-monetary benefits as they are capable of enhancing the quality of the service provided by the Investment Manager to the Unitholders; of a scale and nature that it could not be judged to impair the Investment Manager’s compliance with its duty to act honestly, fairly and professionally in the best interests of the Unitholders; and reasonable, proportionate and of a scale that is unlikely to influence the Investment Manager’s behaviour in any way that is detrimental to the interests of the Unitholders. If the Investment Manager receives any such fees, commissions or monetary benefits, it will transfer these for the benefit of the Unit Trust and will inform the Manager within the standard reporting.
en
es
DOLFIN3649
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # PRACTICAL INFORMATION Custodian bank: CACEIS Bank, Luxembourg Branch. This document provides a description of a share class of a sub- fund of Candriam Money Market. The prospectus and periodical reports are established for all the sub-funds. There are other share classes and these are listed in the prospectus. Investors may apply for the conversion of their shares into shares of another class of the same sub-fund or into shares of a class of another sub-fund of the fund, based on the eligibility criteria and following the procedures available through their financial intermediary. The sub-fund is only liable for the debts, liabilities and obligations that can be charged to it. Additional information about the fund can be found in the prospectus and the periodical reports, which may be obtained free of charge on request from the registered office of the Management Company or viewed at any time on the website www.candriam.com. These documents are available in one of the languages approved by the local authority of each country where the fund is authorised to market its shares or in a common language in the international finance sphere. All other practical information, in particular the latest share price, is available from the places shown above. The tax legislation of the Home State of the fund may have an effect on the investor's personal taxation position. An investment in the Fund is not a guaranteed investment.An investment in a Fund is different from an investment in deposit accounts and the investment capital is likely to fluctuate.The Fund does not draw on an external support to guarantee its liquidity or stabilise its net asset value per unit.The investor bears the risk of losing the invested capital. Details of the up-to-date remuneration policy, including the composition of the remuneration committee, a description of how remuneration and benefits are determined and on how this policy is consistent with the consideration of sustainability risks and impacts, are available on Candriam's website via the link https://www.candriam.com/siteassets/legal-and- disclaimer/external_disclosure_remuneration_policy.pdf. Upon request, a paper copy of the remuneration policy can be obtained from the Management Company free of charge.
# INFORMACION PRACTICA Banco depositario: CACEIS Bank, Luxembourg Branch. Este documento describe una categoría de acciones de un subfondo de Candriam Money Market. El folleto y los informes periódicos se establecen para todos los subfondos. Las demás categorías de acciones existentes se enumeran en el folleto. El inversor tiene derecho a solicitar el canje de sus acciones por acciones de otra categoría del mismo subfondo o por acciones de una categoría de otro subfondo del fondo en función de los criterios de admisión y con base a las modalidades disponibles ante su intermediario financiero. El subfondo tan sólo es responsable ante las deudas, compromisos y obligaciones que se le puedan imputar. Los inversores podrán recibir información adicional sobre el fondo solicitando el folleto y los informes periódicos correspondientes, de forma gratuita y en todo momento, al domicilio social de la Sociedad Gestora y consultándolos directamente en la página Web www.candriam.com. Estos documentos se encuentran disponibles en uno de los idiomas aceptados por la autoridad local de todos y cada uno de los países en los que el fondo ha sido autorizado para comercializar sus acciones o en un idioma habitual de la esfera financiera internacional. Cualquier otra información de utilidad y concretamente, el último precio de las acciones, podrá obtenerse en los lugares indicados más arriba. La legislación fiscal del estado miembro de origen del fondo puede tener una incidencia en la situación fiscal personal del inversor. Una inversión en el Fondo no es una inversión garantizada.La inversión en un Fondo es diferente de la inversión en depósitos y el monto principal de la inversión está sujeto a fluctuaciones.El Fondo no depende de ningún apoyo externo para garantizar su liquidez o para estabilizar su valor del activo neto por participación.El inversor soporta el riesgo de pérdida del capital invertido. Los detalles de la política de remuneración actualizada, incluidas la composición del comité de remuneraciones, una descripción de la forma en la que se calculan las remuneraciones y los beneficios, así como la coherencia de esta política con la consideración de los riesgos e impactos de sostenibilidad, se encuentran disponibles en el sitio web de Candriam a través del enlace https://www.candriam.com/siteassets/legal-and- disclaimer/external_disclosure_remuneration_policy.pdf. Se podrá obtener gratuitamente un ejemplar impreso de esta información previa petición.
# PRACTICAL INFORMATION Custodian bank: CACEIS Bank, Luxembourg Branch. This document provides a description of a share class of a sub- fund of Candriam Money Market. The prospectus and periodical reports are established for all the sub-funds. There are other share classes and these are listed in the prospectus. Investors may apply for the conversion of their shares into shares of another class of the same sub-fund or into shares of a class of another sub-fund of the fund, based on the eligibility criteria and following the procedures available through their financial intermediary. The sub-fund is only liable for the debts, liabilities and obligations that can be charged to it. Additional information about the fund can be found in the prospectus and the periodical reports, which may be obtained free of charge on request from the registered office of the Management Company or viewed at any time on the website www.candriam.com. These documents are available in one of the languages approved by the local authority of each country where the fund is authorised to market its shares or in a common language in the international finance sphere. All other practical information, in particular the latest share price, is available from the places shown above. The tax legislation of the Home State of the fund may have an effect on the investor's personal taxation position. An investment in the Fund is not a guaranteed investment.An investment in a Fund is different from an investment in deposit accounts and the investment capital is likely to fluctuate.The Fund does not draw on an external support to guarantee its liquidity or stabilise its net asset value per unit.The investor bears the risk of losing the invested capital. Details of the up-to-date remuneration policy, including the composition of the remuneration committee, a description of how remuneration and benefits are determined and on how this policy is consistent with the consideration of sustainability risks and impacts, are available on Candriam's website via the link https://www.candriam.com/siteassets/legal-and- disclaimer/external_disclosure_remuneration_policy.pdf. Upon request, a paper copy of the remuneration policy can be obtained from the Management Company free of charge.
en
es
DOLFIN3657
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off costs upon entry or exit | Annual cost impact if you exit after 1 year | | --- | --- | | Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR | | Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR | | Ongoing costs taken each year | Annual cost impact if you exit after 1 year | | Management fees and other administrative or operating costs | 1.93% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 193 EUR | | Transaction costs | 0.11% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 EUR | | Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year | | Performance fees | 0.00% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 0 EUR |
| Costes únicos de entrada o salida | Incidencia anual de los costes en caso de salida después de 1 año | | --- | --- | | Costes de entrada | 0,00%, no cobramos comisión de entrada. | 0 EUR | | Costes de salida | 0,00%, no cobramos una comisión de salida por este producto, pero es posible que la persona que se lo venda sí lo haga. | 0 EUR | | Costes corrientes detraídos cada año | Incidencia anual de los costes en caso de salida después de 1 año | | Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,93% del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 193 EUR | | Costes de operación | 0,11% 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. | 11 EUR | | Costes accesorios detraídos en condiciones específicas | Incidencia anual de los costes en caso de salida después de 1 año | | Comisiones de rendimiento | 0,00% La cantidad real variará dependiendo de qué tan bien se desempeñe su inversión. El costo agregado anterior es una estimación. | 0 EUR |
| One-off costs upon entry or exit | Annual cost impact if you exit after 1 year | | --- | --- | | Entry costs | 0.00%, we do not charge an entry fee. | 0 EUR | | Exit costs | 0.00%, we do not charge an exit fee for this product, but the person selling you the product may do so. | 0 EUR | | Ongoing costs taken each year | Annual cost impact if you exit after 1 year | | Management fees and other administrative or operating costs | 1.93% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 193 EUR | | Transaction costs | 0.11% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 EUR | | Incidental costs taken under specific conditions | Annual cost impact if you exit after 1 year | | Performance fees | 0.00% The actual amount will vary depending on how well your investment performs. The aggregated cost above is an estimation. | 0 EUR |
en
es
DOLFIN3659
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Practical Information | | --- | | Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. | | Additional Information | | Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER | | R/A(USD) | LU1429559385 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(EUR) | LU1435390080 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(GBP) | LU1435390163 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(CHF) | LU1435390247 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(SGD) | LU1435390320 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | H-R/A(EUR) | LU1435390593 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | H-R/A(CHF) | LU1435390676 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | H-R/A(SGD) | LU1435390759 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/D(USD) | LU1429560128 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Distribution | 1.75% p.a. | | R/D(GBP) | LU1435390833 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Distribution | 1.75% p.a. | | **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. |
| Información práctica | | --- | | Depositario y agente administrativo del fondo: Sociedad de gestión: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Hora límite para instrucciones: D a las 13:30 h (hora de Irlanda) Puede obtenerse información adicional gratuita sobre la SICAV y el fondo (incluidas versiones en inglés del folleto completo, los informes y las cuentas de toda la SICAV), y sobre el procedimiento de canje de acciones entre subfondos, en el domicilio social de la sociedad de gestión o del depositario y el agente administrativo. El precio por acción del fondo puede obtenerse en im.natixis.com o en el domicilio social de la sociedad de gestión o del agente administrativo. Los activos y pasivos de cada subfondo están segregados, por lo que los derechos de los inversores y los acreedores respecto a un subfondo se limitan a los activos de ese subfondo, salvo que en los documentos de constitución de la SICAV se indique algo distinto. El fondo puede estar sujeto a tratamiento fiscal específico en Luxemburgo. Según cuál sea su país de residencia, esto podría afectar a su inversión. Para conocer más detalles, consúltese a un asesor. Los detalles de la política de remuneración actual de la sociedad de gestión, que describe cómo se calculan y otorgan la remuneración y los beneficios, pueden consultarse en el siguiente sitio web: https://im.natixis.com/intl/regulatory-information. También se encuentra disponible una copia impresa de la política de remuneración, sin cargo alguno, previa solicitud a la sociedad de gestión. | | Información adicional | | Clase de acciones | ISIN | Tipo de inversores | Moneda | Inversión inicial mínima** | Tenencia mínima** | Política de dividendos | TER | | R/A(USD) | LU1429559385 | Inversores minoristas | Dólar estadounidense | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | R/A(EUR) | LU1435390080 | Inversores minoristas | Euro | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | R/A(GBP) | LU1435390163 | Inversores minoristas | Libra esterlina | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | R/A(CHF) | LU1435390247 | Inversores minoristas | Franco suizo | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | R/A(SGD) | LU1435390320 | Inversores minoristas | Dólar de Singapur | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | H-R/A(EUR) | LU1435390593 | Inversores minoristas | Euro | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | H-R/A(CHF) | LU1435390676 | Inversores minoristas | Franco suizo | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | H-R/A(SGD) | LU1435390759 | Inversores minoristas | Dólar de Singapur | 1.000 USD | 1 acción | Acumulación | 1,75% anual | | R/D(USD) | LU1429560128 | Inversores minoristas | Dólar estadounidense | 1.000 USD | 1 acción | Distribución | 1,75% anual | | R/D(GBP) | LU1435390833 | Inversores minoristas | Libra esterlina | 1.000 USD | 1 acción | Distribución | 1,75% anual | | **o equivalente en la divisa de la clase de acciones correspondiente, en caso de que la inversión inicial mínima/tenencia mínima se exprese como un importe de una divisa. Natixis Investment Managers S.A. únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del fondo. |
| Practical Information | | --- | | Fund’s Depositary and Administrative Agent: Management Company: Brown Brothers Harriman (Luxembourg) S.C.A. Natixis Investment Managers S.A. 80, route d’Esch 2, rue Jean Monnet L-1470 Luxembourg L-2180 Luxembourg Cut-off Deadline: D at 13h30 (Luxembourg time) Additional information about the SICAV and the Fund (including English versions of the full prospectus, reports and accounts for the entire SICAV), procedure for the exchange of Shares from one sub-fund to another sub-fund, may be obtained free of charge at the registered office of the Management Company or the Depositary and Administrative Agent. Price per Share of the Fund may be obtained at im.natixis.com or at the registered office of the Management Company or the Administrative Agent. Assets and liabilities of each sub-fund are segregated, therefore the rights of investors and creditors concerning a sub-fund are limited to the assets of that sub-fund, unless otherwise provided in the constitutional documents of the SICAV. This Fund might be subject to specific tax treatment in Luxembourg. Depending on your own country of residence, this might have an impact on your investment. For further details, please contact an adviser. Details of the Management Company’s up-to-date remuneration policy, which describes how remuneration and benefits are calculated and awarded, can be accessed from the following website: https://im.natixis.com/intl/regulatory-information. A paper copy of the remuneration policy is also available free of charge upon request to the Management Company. | | Additional Information | | Share Class | ISIN | Types of investors | Currency | Minimum Initial Investment** | Minimum Holding** | Dividend Policy | TER | | R/A(USD) | LU1429559385 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(EUR) | LU1435390080 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(GBP) | LU1435390163 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(CHF) | LU1435390247 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/A(SGD) | LU1435390320 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | H-R/A(EUR) | LU1435390593 | Retail investors | Euro | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | H-R/A(CHF) | LU1435390676 | Retail investors | Swiss Franc | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | H-R/A(SGD) | LU1435390759 | Retail investors | Singapore dollar | USD 1,000 | 1 Share | Accumulation | 1.75% p.a. | | R/D(USD) | LU1429560128 | Retail investors | U.S. dollar | USD 1,000 | 1 Share | Distribution | 1.75% p.a. | | R/D(GBP) | LU1435390833 | Retail investors | Great Britain pound | USD 1,000 | 1 Share | Distribution | 1.75% p.a. | | **or equivalent in the currency of the relevant Share Class, where Minimum Initial Investment/Minimum Holding is expressed as an amount of currency Natixis Investment Managers S.A. may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. |
en
es
DOLFIN3670
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and Investment Policy The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of smaller capitalisation companies. Smaller capitalisation companies are companies which, at the time of purchase, form the bottom 20% by market capitalisation of global stock markets. Market capitalisation is the share price of the company multiplied by the number of shares issued. The geographical focus of the Fund's investments is developed markets globally however, the Fund may also invest in the emerging markets of the world. In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account. The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI ACWI Small Cap Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the market capitalisation requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be non-distributing (i.e. dividend income will be included in their value). The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
# Objetivos y política de inversión El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo. El Fondo invierte al menos el 70% de sus activos totales en valores de renta variable (como acciones) de empresas de pequeña capitalización. Son empresas con capitalización pequeña aquellas que, en el momento de adquisición de los valores, representen una capitalización de mercado situada por debajo del 20% de los mercados de valores globales. La capitalización bursátil se obtiene multiplicando la cotización bursátil de la empresa por el número de acciones emitidas. El foco geográfico de las inversiones del Fondo es los mercados desarrollados mundiales, aunque el Fondo también puede invertir en los mercados emergentes del mundo. Para alcanzar su objetivo de inversión, el Fondo invertirá en varias estrategias e instrumentos de inversión. En particular, el Fondo utilizará modelos cuantitativos (es decir, matemáticos o estadísticos) para lograr un enfoque sistemático (basado en normas) de selección de valores. Esto significa que los valores se seleccionarán según su contribución a la rentabilidad de la cartera prevista, teniendo en cuenta el riesgo y los costes de transacción. El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos). El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI puede referirse al MSCI ACWI Small Cap Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, los requisitos de capitalización bursátil del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo. Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo. Sus acciones serán 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. Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
# Objectives and Investment Policy The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of smaller capitalisation companies. Smaller capitalisation companies are companies which, at the time of purchase, form the bottom 20% by market capitalisation of global stock markets. Market capitalisation is the share price of the company multiplied by the number of shares issued. The geographical focus of the Fund's investments is developed markets globally however, the Fund may also invest in the emerging markets of the world. In order to achieve its investment objective and policy, the Fund will invest in a variety of investment strategies and instruments. In particular, the Fund will use quantitative (i.e. mathematical or statistical) models in order to achieve a systematic (i.e. rule based) approach to stock selection. This means that stocks will be selected based on their expected contribution to portfolio returns when risk and transaction cost forecasts are taken into account. The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI ACWI Small Cap Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the market capitalisation requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be non-distributing (i.e. dividend income will be included in their value). The Fund’s base currency is US Dollar. Shares for this class are bought and sold in Euro. The performance of your shares may be affected by this currency difference. You can buy and sell your shares daily. The minimum initial investment for this share class is US$5,000 or other currency equivalent. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
en
es
DOLFIN3671
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: Practical information Custodian: CACEIS Bank Taxation: Depending on your tax status, potential capital gains and income arising from holding units in this Fund may be subject to taxation. We recommend that you obtain further information on this matter from the Fund’s marketer or from your financial adviser. This UCITS share/unit has not been registered under the US Securities Act of 1933. It may not be offered or sold, directly or indirectly, in the United States to or for the account or benefit of, a “US Person”, as defined by the United States “Regulation S”. The Fund’s prospectus and the latest annual and interim documents as well as the remuneration policy will be sent to holders on request, addressed to: Tikehau Investment Management - 32 rue de Monceau 75008 Paris / Tel.: +33 (0)1 53 59 05 00 / E-mail: client- [email protected]. The net asset value is calculated each day and is available on Tikehau Investment Management’s website: http://www.tikehaucapital.com. Tikehau Investment Management may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant sections of the Fund’s prospectus. The Fund may be made up of other types of unit classes. You will be able to find more information on these unit classes in the Fund’s prospectus or on the company’s website. This Fund is authorised in France and regulated by the French financial markets authority, the Autorité des Marchés Financiers (AMF). Tikehau Investment Management is a portfolio management company authorised in France and regulated by the AMF. This key investor information is accurate and up to date as at 26/10/2022. Tikehau Investment Management - Tikehau 2025 - 26/10/2022
Información práctica Depositario: CACEIS Bank Fiscalidad: Según su régimen fiscal, las posibles plusvalías y rendimientos relacionados con la tenencia de participaciones pueden estar sujetos a tributación. Le recomendamos que se ponga en contacto con el comercializador del Fondo o con su asesor fiscal para más información. La participación de este Fondo no se ha registrado en virtud de la Ley de valores estadounidense (U.S. Securities Act) de 1933. Esta no podrá ofrecerse ni venderse en Estados Unidos, directa o indirectamente, en beneficio o por cuenta de una persona estadounidense («US Person»), de acuerdo con la definición de la normativa S estadounidense («Regulation S»). El folleto del Fondo, los últimos documentos anuales y periódicos, así como la política de remuneración están disponibles previa petición a la siguiente dirección: Tikehau Investment Management - 32 rue de Monceau 75008 París / Tel.: 01 53 59 05 00 / Correo electrónico: client- [email protected]. El valor liquidativo se calcula diariamente y puede consultarse en la web de Tikehau Investment Management: http://www.tikehaucapital.com. Tikehau Investment Management únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo. El Fondo puede incluir otras clases de participaciones. Puede obtener información adicional sobre estas participaciones en el folleto del Fondo o en el sitio web de la sociedad. Este Fondo está autorizado en Francia y está regulado por la Autoridad de los Mercados Financieros francesa (AMF). Tikehau Investment Management es una sociedad gestora de carteras autorizada en Francia y regulada por la Autoridad de los Mercados Financieros francesa (AMF). Los presentes datos fundamentales para el inversor son exactos a 26/10/2022. Tikehau Investment Management - Tikehau 2025 - 26/10/2022
Practical information Custodian: CACEIS Bank Taxation: Depending on your tax status, potential capital gains and income arising from holding units in this Fund may be subject to taxation. We recommend that you obtain further information on this matter from the Fund’s marketer or from your financial adviser. This UCITS share/unit has not been registered under the US Securities Act of 1933. It may not be offered or sold, directly or indirectly, in the United States to or for the account or benefit of, a “US Person”, as defined by the United States “Regulation S”. The Fund’s prospectus and the latest annual and interim documents as well as the remuneration policy will be sent to holders on request, addressed to: Tikehau Investment Management - 32 rue de Monceau 75008 Paris / Tel.: +33 (0)1 53 59 05 00 / E-mail: client- [email protected]. The net asset value is calculated each day and is available on Tikehau Investment Management’s website: http://www.tikehaucapital.com. Tikehau Investment Management may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant sections of the Fund’s prospectus. The Fund may be made up of other types of unit classes. You will be able to find more information on these unit classes in the Fund’s prospectus or on the company’s website. This Fund is authorised in France and regulated by the French financial markets authority, the Autorité des Marchés Financiers (AMF). Tikehau Investment Management is a portfolio management company authorised in France and regulated by the AMF. This key investor information is accurate and up to date as at 26/10/2022. Tikehau Investment Management - Tikehau 2025 - 26/10/2022
en
es
DOLFIN3672
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # The Fund’s NAV is available on the Management Company’s website. Other unit classes are available for this Fund. ODDO BHF Asset Management SAS may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund. ## Taxation:
# El valor liquidativo del Fondo está disponible en el sitio web de la Sociedad gestora. Existen otras categorías de participaciones disponibles para este Fondo. ODDO BHF Asset Management SAS 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. ## Fiscalidad:
# The Fund’s NAV is available on the Management Company’s website. Other unit classes are available for this Fund. ODDO BHF Asset Management SAS may be held liable solely on the basis of any information contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus of the Fund. ## Taxation:
en
es
DOLFIN3676
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and investment policy Management objective: The Sub-fund aims to outperform its benchmark index, comprising 50% of the ICE BofA 1-5 Year A-BBB Euro Corporate Index with coupons reinvested and 50% of the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index with coupons reinvested, over the recommended investment period, by investing in the corporate bond markets. In order to achieve this objective, additional remuneration will be sought for the bond portfolio through active management of interest rate risk and credit risk. The Sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little. Benchmark index: 50% ICE BofA 1-5 Year A-BBB Euro Corporate Index, with coupons reinvested + 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, with coupons reinvested Investment policy: In order to achieve the management objective, the manager will invest up to 100% of the portfolio, in a discretionary manner, in bond-type securities issued by public or private companies. The ESG investment universe is composed of securities from the Sub-fund’s benchmark index. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating. The Sub-fund aims to invest: - a minimum of 30% of its net assets in bonds with a rating higher than or equal to BBB- (Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies. - a minimum of 30% of its net assets in high-yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, speculative securities with a higher risk of default than investment grade bonds); - a maximum of 10% of its net assets in non-rated bonds; - a maximum of 10% of its assets in bonds issued by public or private companies located in non-OECD countries; - a maximum of 10% of its assets in bonds with a residual maturity of more than five years. The manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio. In order to hedge its assets and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose up to 10% of the portfolio to the credit risk of one or more issuers. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX). It may also implement strategies that aim to mitigate currency risks and/or manage interest rate risk through the use of financial contracts, particularly futures, options, and forward or swap contracts. The Sub-fund may invest up to 10% of its net assets in contingent convertible bonds (CoCos). The manager will also implement active management of the Sub-fund’s sensitivity to interest rates, which may vary between 0 and 4. The Sub-fund may be exposed to equity markets through the potential purchases of convertible bonds, subject to the limit of up to 10% of its net assets. The Sub-fund may, on an ancillary basis, hold up to 10% of its net assets in securities issued in foreign currencies, for which the associated currency risk will be hedged. However, there may still be a residual currency risk of up to a maximum of 2% of the net assets. AMF classification: Bonds and other debt securities denominated in euros DISCLAIMER: THIS FUND MAY INVEST 30% OF ITS ASSETS IN BONDS WITH A LOW CREDIT RATING. YOU THEREFORE HAVE A VERY HIGH CREDIT RISK. Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value. A redemption cap mechanism (known as “Gates”) may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV. Allocation of income: Accumulation Allocation of net realised gains: Accumulation Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance. Recommended investment period: more than 2 years
# Objetivos y política de inversión Objetivo de gestión: El subfondo aspira a ofrecer una rentabilidad superior a la de su índice de referencia, compuesto en un 50% por el ICE BofA 1-5 Year A-BBB Euro Corporate Index, con cupones reinvertidos, y en un 50% por el ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, con cupones reinvertidos, en el horizonte de inversión recomendado, mediante inversiones en los mercados de deuda corporativa. Para lograr este objetivo, se buscará un rendimiento adicional en la cartera de renta fija mediante una gestión activa de los tipos y del riesgo de crédito. El subfondo se gestiona de forma activa, lo que significa que el Gestor toma decisiones de inversión con el propósito de lograr el objetivo y cumplir con la política de inversión del subfondo. Esta gestión activa conlleva tomar decisiones relativas a la selección de activos, la asignación regional, las opiniones del sector y el nivel general de exposición al mercado. El Gestor no se encuentra en modo alguno limitado por los componentes del índice de referencia, en lo que se refiere al posicionamiento de su cartera, y es posible que el subfondo no mantenga todos los susodichos componentes, o bien que no contemple ninguno de ellos. La desviación respecto del índice de referencia puede ser total o significativa, si bien también puede verse limitada ocasionalmente. Índice de referencia: Compuesto en un 50% por el ICE BofA 1-5 Year A-BBB Euro Corporate Index, con cupones reinvertidos y en un 50% por el ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, con cupones reinvertidos Política de inversión: Para lograr su objetivo de gestión, el gestor invertirá de forma discrecional en títulos de renta fija emitidos por sociedades públicas o privadas, dentro del límite del 100% de la cartera. El universo de inversión ESG está compuesto por valores del índice de referencia del subfondo. La Sociedad Gestora puede seleccionar valores ajenos al índice. No obstante, se asegurará de que el índice de referencia empleado sea un elemento comparativo relevante para la calificación ESG del subfondo. El subfondo pretende invertir según la distribución siguiente: - al menos un 30% de su patrimonio neto en bonos con una calificación superior o equivalente a BBB (según Standard & Poor's o equivalente, o si la Sociedad gestora les otorga una calificación interna equiparable) y emitidos por sociedades públicas o privadas; - al menos un 30% de su patrimonio neto en bonos “High Yield” (con calificación inferior a BBB-, según Standard & Poor’s o equivalente, o una calificación interna equivalente de la Sociedad gestora, son títulos especulativos que presentan un riesgo de crédito superior al de los bonos de “Investment Grade”); - un máximo del 10% de su patrimonio neto en bonos sin calificar; - un máximo del 10% de su patrimonio en bonos emitidos por sociedades públicas o privadas ubicadas en países que no sean miembros de la OCDE; - un máximo del 10% de su patrimonio en bonos con un vencimiento residual de más de cinco años. El gestor trata de seleccionar las emisiones que, en función de sus convicciones, le parezcan más atractivas para intentar maximizar la relación rendimiento/riesgo de la cartera. Con el fin de cubrir sus activos y/o de lograr su objetivo de gestión, sin buscar una sobreexposición, el subfondo podrá recurrir a instrumentos financieros derivados, negociados en mercados regulados (futuros y opciones cotizadas) o extrabursátiles (opciones, swaps, etc.). En este ámbito, el gestor podrá crear una exposición o una cobertura sintética en índices, sectores de actividad o zonas geográficas. Por lo tanto, el subfondo podrá asumir posiciones para cubrir la cartera contra determinados riesgos (de tipos de interés, crédito y cambio) o exponerse a los riesgos de tipos de interés y crédito. En este ámbito, el gestor podrá adoptar estrategias cuyo objetivo sea, principalmente, prever o cubrir el subfondo contra los riesgos de incumplimiento de uno o varios emisores o que tengan como objetivo exponer la cartera a los riesgos de crédito de uno o varios emisores, hasta un límite del 10% de exposición. Estas estrategias se implementarán principalmente mediante operaciones de compraventa de coberturas a través de derivados de crédito de tipo “Credit Default Swap”, en una única entidad de referencia o en índices (iTraxx o CDX). Asimismo, podrá aplicar estrategias que tengan como objetivo reducir los riesgos de cambio y/o gestionar el riesgo de tipos de interés mediante la utilización de contratos financieros y, principalmente, de futuros, opciones, contratos a plazo o swaps. El subfondo podrá invertir en bonos contingentes convertibles (CoCos) hasta el 10% de su patrimonio neto. Asimismo, el gestor implementará una gestión activa de la sensibilidad del subfondo a los tipos de interés, que podrá oscilar entre 0 y 4. Dentro del límite del 10% de su patrimonio neto, el subfondo podrá estar expuesto a los mercados de renta variable a través de posibles adquisiciones de bonos convertibles. El subfondo podrá mantener, a título accesorio, hasta el 10% de los títulos emitidos en divisas extranjeras. El riesgo de cambio estará cubierto. No obstante, puede existir un riesgo de cambio residual de hasta el 2% del patrimonio neto. Clasificación AMF: Obligaciones y otros títulos de deuda denominados en euros ADVERTENCIA: ESTE FONDO PUEDE INVERTIR UN PORCENTAJE DEL 30% EN EMISIONES DE RENTA FIJA DE BAJA CALIDAD CREDITICIA, POR LO QUE TIENE UN RIESGO DE CRÉDITO MUY ELEVADO. Frecuencia de compra o venta de acciones: Todos los días, a excepción de los días festivos o los días de cierre de los mercados en Francia (calendario oficial de Euronext Paris S.A.) para las órdenes recibidas por el centralizador cada día de cálculo del valor liquidativo antes de las 12:30 horas, en función del valor liquidativo del día. La sociedad gestora podrá aplicar un mecanismo de limitación de los reembolsos (conocido como “Gates”). Las modalidades de funcionamiento se describen en el Folleto y en los Estatutos del Fondo. Asignación de los ingresos: Capitalización Asignación de las plusvalías netas realizadas: Capitalización Otra información: Los criterios medioambientales, sociales y de gobierno corporativo (ESG, por sus siglas en inglés) son un componente de la gestión; su peso en la decisión final no está definido previamente. Duración de la participación recomendada superior a 2 años
# Objectives and investment policy Management objective: The Sub-fund aims to outperform its benchmark index, comprising 50% of the ICE BofA 1-5 Year A-BBB Euro Corporate Index with coupons reinvested and 50% of the ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index with coupons reinvested, over the recommended investment period, by investing in the corporate bond markets. In order to achieve this objective, additional remuneration will be sought for the bond portfolio through active management of interest rate risk and credit risk. The Sub-fund is actively managed, which means that the manager makes investment decisions with the aim of achieving the sub-fund's objective and investment policy. This active management includes taking decisions related to asset selection, regional allocation, sectoral views and overall market exposure. The Manager is in no way limited by the composition of the benchmark index in the positioning of the portfolio, and the Sub-fund may not hold all the components of the benchmark index or indeed any of the components in question. The Sub-fund may diverge wholly or significantly from the benchmark index or, occasionally, very little. Benchmark index: 50% ICE BofA 1-5 Year A-BBB Euro Corporate Index, with coupons reinvested + 50% ICE BofA BB-CCC 1-3 Year Euro Developed Markets High Yield Constrained Index, with coupons reinvested Investment policy: In order to achieve the management objective, the manager will invest up to 100% of the portfolio, in a discretionary manner, in bond-type securities issued by public or private companies. The ESG investment universe is composed of securities from the Sub-fund’s benchmark index. The management company may select securities from outside its index. However, it will ensure that the chosen benchmark index offers a relevant comparison for the Sub-fund’s ESG rating. The Sub-fund aims to invest: - a minimum of 30% of its net assets in bonds with a rating higher than or equal to BBB- (Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company) and issued by public or private companies. - a minimum of 30% of its net assets in high-yield bonds (rated below BBB- by Standard & Poor’s or equivalent, or with an equivalent internal rating awarded by the Management Company, speculative securities with a higher risk of default than investment grade bonds); - a maximum of 10% of its net assets in non-rated bonds; - a maximum of 10% of its assets in bonds issued by public or private companies located in non-OECD countries; - a maximum of 10% of its assets in bonds with a residual maturity of more than five years. The manager will seek to select the most attractive issues, according to their convictions, in order to maximise the portfolio’s risk/return ratio. In order to hedge its assets and/or achieve its management objective, without seeking overexposure, the Sub-fund may use financial derivatives traded on regulated markets (futures, listed options), or over-the-counter markets (options, swaps, etc.). In this context, the manager may create synthetic exposure or hedging on indices, business sectors or geographic areas. In this respect, the Sub-fund may take a position with a view to hedging the portfolio against certain risks (interest rate, credit, currency) or to exposing itself to interest rate and credit risks. In this context, the manager may adopt strategies which principally aim to anticipate or hedge the Sub-fund against the default risk of one or more issuers or to expose up to 10% of the portfolio to the credit risk of one or more issuers. These strategies will be implemented by purchasing or selling protection via credit default swap credit derivatives, on a single reference entity or on indices (iTraxx or CDX). It may also implement strategies that aim to mitigate currency risks and/or manage interest rate risk through the use of financial contracts, particularly futures, options, and forward or swap contracts. The Sub-fund may invest up to 10% of its net assets in contingent convertible bonds (CoCos). The manager will also implement active management of the Sub-fund’s sensitivity to interest rates, which may vary between 0 and 4. The Sub-fund may be exposed to equity markets through the potential purchases of convertible bonds, subject to the limit of up to 10% of its net assets. The Sub-fund may, on an ancillary basis, hold up to 10% of its net assets in securities issued in foreign currencies, for which the associated currency risk will be hedged. However, there may still be a residual currency risk of up to a maximum of 2% of the net assets. AMF classification: Bonds and other debt securities denominated in euros DISCLAIMER: THIS FUND MAY INVEST 30% OF ITS ASSETS IN BONDS WITH A LOW CREDIT RATING. YOU THEREFORE HAVE A VERY HIGH CREDIT RISK. Frequency of share buying or selling: Daily, with the exception of French public holidays and/or days on which the French markets are closed (pursuant to the official calendar of Euronext Paris S.A.), for all orders received at the clearing house on each net asset value calculation day before 12.30 p.m. at that day’s net asset value. A redemption cap mechanism (known as “Gates”) may be implemented by the management company. The operating procedures are described in the Prospectus and the Articles of Association of the SICAV. Allocation of income: Accumulation Allocation of net realised gains: Accumulation Other information: Environmental, social and governance (ESG) criteria are one of the components of the management; their weighting in the final decision is not defined in advance. Recommended investment period: more than 2 years
en
es
DOLFIN3677
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objective and Investment Policy ## Investment Objective The Sub-Fund's investment objective is to seek performance by investing mainly in governments and corporate debt securities in Euros, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 8 and 18. ## Investment Policy The Sub-Fund is actively managed in order to capture opportunities in the Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: - duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations) - yield curve positioning (the yield curve illustrates the relation between investment term and bond yield) - geographical allocation - issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt securities issued by corporate and governement institutions. Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager.In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more than two different ratings of rating agencies exist, the second highest rating will be considered.
# Objetivos y política de inversión ## Objetivo de Inversión El objetivo de inversión del Subfondo es obtener rentabilidad a medio plazo invirtiendo principalmente en títulos de deuda pública o corporativa en euros. El Subfondo se gestionará con una sensibilidad a los tipos de interés entre 8 y 18. ## Política de inversión Este Subfondo está gestionado activamente con el fin de captar oportunidades en el mercado de renta fija pública y corporativa en euros. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado: - posicionamiento en duración (la duración mide, en años, la sensibilidad de la cartera a las variaciones de tipos de interés) - posicionamiento en la curva de rentabilidad (la curva de rentabilidad ilustra la relación entre el plazo de inversión y el rendimiento del bono) - distribución geográfica - selección de emisoresEl Subfondo invierte permanentemente como mínimo dos tercios de sus activos totales en títulos de deuda negociables de empresas y gobiernos, con calificación de primera calidad crediticia (investment grade) o por debajo de ella, denominados en euros. El Subfondo invertirá principalmente en títulos de deuda negociables de primera calidad crediticia (investment grade) emitidos por instituciones empresariales y gubernamentales. Los títulos de primera calidad crediticia tendrán una calificación mínima de BBB- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. Los títulos por debajo de primera calidad crediticia estarán calificados entre BB+ y B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, cuando así los considere el gestor de inversiones. En caso de reducción de la calificación por debajo de B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, cuando así lo considere el gestor de inversiones, los títulos se venderán dentro de un plazo de 6 meses. Si existieran dos calificaciones diferentes entre agencias de calificación crediticia, se tendrá en cuenta la inferior. Si existieran más de dos calificaciones diferentes entre agencias, se tendrá en cuenta la segunda superior.
# Objective and Investment Policy ## Investment Objective The Sub-Fund's investment objective is to seek performance by investing mainly in governments and corporate debt securities in Euros, over a medium term period. The Sub-Fund will be managed with an interest rate sensitivity between 8 and 18. ## Investment Policy The Sub-Fund is actively managed in order to capture opportunities in the Euro corporate and government bonds market. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: - duration positioning (duration measures, in numbers of years, the portfolio’s sensitivity to interest rate variations) - yield curve positioning (the yield curve illustrates the relation between investment term and bond yield) - geographical allocation - issuer selectionThe Sub-Fund invests permanently at least two thirds of its total assets in investment grade or sub-investment grade governments and corporate transferable debt securities denominated in Euro. The Sub-Fund will mainly invest in investment grade transferable debt securities issued by corporate and governement institutions. Investment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager.In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months. If two different ratings of rating agencies exist, the lower rating will be considered, if more than two different ratings of rating agencies exist, the second highest rating will be considered.
en
es
DOLFIN3679
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 objective of the compartment (hereinafter, the "Fund") is to achieve a return and/or a long-term capital gain through the management of a portfolio composed primarily of equities of US small and mid-cap companies, irrespective of size or industry. The net assets of the Fund will be invested primarily in equities or other securities providing access to corporate capital, in warrants, options, and in debt securities. It may invest up to 10% of net assets in UCITS, particularly ETFs. Within the limits of the investment restrictions as described in Chapter 4 of the prospectus, the Fund may make use of futures or options contracts on equities or stock market indices, either for hedging or asset exposure purposes. For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach. The Fund aims to outperform its benchmark index, specifically the Russell 2000 Net Total Return Index (RU20N30U). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions. The investments underlying this Fund do not take into account the European Union's criteria for environmentally sustainable economic activities. The base currency for the Fund is the US Dollar and the trading currency for this class is the Euro. This class is hedged against currency risk. The investor may purchase or sell units of the Fund on a daily basis (full banking days in Luxembourg and the United States). All the Fund's income is reinvested.
# OBJETIVOS Y POLÍTICA DE INVERSIÓN El objetivo del compartimento (en lo sucesivo, el “Fondo”) consiste en buscar un rendimiento y/o un aumento del capital a largo plazo mediante la gestión de una cartera compuesta principalmente por acciones de sociedades estadounidenses de pequeña y mediana capitalización, sin ningún tipo de restricción en lo que respecta al sector de actividad. El patrimonio neto del Fondo se invertirá principalmente en acciones u otros títulos que proporcionen acceso al capital de empresas, warrants, opciones, así como títulos de deuda. El Fondo podrá invertir hasta un máximo del 10% de su patrimonio neto en OICVM, principalmente en fondos cotizados (ETF). Dentro de los límites de las restricciones de inversión descritas en el capítulo 4 del folleto, el Fondo podrá utilizar contratos a plazos u opciones sobre acciones o índices bursátiles, ya sea con fines de cobertura o de exposición de activos. Para cada Clase de Acciones, el Fondo podrá cubrir los riesgos de cambio en el marco de la gestión de sus activos. El objetivo del Fondo es obtener una rentabilidad superior a la de su índice de referencia, el Russel 2000 Net Total Return Index (RU20N30U). El Fondo está gestionado activamente, lo que significa que su composición puede diferir significativamente del índice de referencia y que no existe ninguna restricción en cuanto a la medida en que la cartera del Fondo puede desviarse del índice. Dado que el universo de inversión no se limita al índice de referencia, el gestor puede comprar títulos o invertir en sectores que no forman parte del índice de referencia, por ejemplo, para aprovechar oportunidades específicas o adaptarse a las condiciones del mercado. Las inversiones subyacentes a este fondo no tienen en cuenta los criterios de la Unión Europea para las actividades económicas sostenibles desde el punto de vista ambiental. La divisa de referencia del Fondo será el dólar estadounidense y la divisa de negociación de esta clase será el euro. Esta clase está cubierta contra el riesgo de cambio. El inversor podrá adquirir o vender las acciones del Fondo a diario (día hábil a efectos bancarios en Luxemburgo y Estados Unidos). Todos los beneficios del Fondo serán reinvertidos.
# OBJECTIVES AND INVESTMENT POLICY The objective of the compartment (hereinafter, the "Fund") is to achieve a return and/or a long-term capital gain through the management of a portfolio composed primarily of equities of US small and mid-cap companies, irrespective of size or industry. The net assets of the Fund will be invested primarily in equities or other securities providing access to corporate capital, in warrants, options, and in debt securities. It may invest up to 10% of net assets in UCITS, particularly ETFs. Within the limits of the investment restrictions as described in Chapter 4 of the prospectus, the Fund may make use of futures or options contracts on equities or stock market indices, either for hedging or asset exposure purposes. For each Share Class, the Fund is authorised to hedge exchange rate risk as part of its asset management approach. The Fund aims to outperform its benchmark index, specifically the Russell 2000 Net Total Return Index (RU20N30U). The Fund is actively managed, meaning that it may significantly differ from the benchmark index in terms of its composition and that there is no restriction regarding the extent to which the Fund’s portfolio may deviate from the index. The investment scope is not limited to the benchmark index; the manager may purchase securities or invest in sectors which are not cited, for example in order to benefit from specific circumstances or to adapt to market conditions. The investments underlying this Fund do not take into account the European Union's criteria for environmentally sustainable economic activities. The base currency for the Fund is the US Dollar and the trading currency for this class is the Euro. This class is hedged against currency risk. The investor may purchase or sell units of the Fund on a daily basis (full banking days in Luxembourg and the United States). All the Fund's income is reinvested.
en
es
DOLFIN3682
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: Subject to the provisions of the Acts, the UCITS Regulations, the Memorandum of Association of the Company and these Articles and to any directions by the Members given by Ordinary Resolution, not being inconsistent with these Articles or with the Acts, the business of the Company shall be managed by the Directors who may do all such acts and things and exercise all the powers of the Company as are not by the Acts or by these Articles required to be done or exercised by the Company in general meeting. No alteration of the Memorandum of Association of the Company or of these Articles and no direction made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or such direction had not been given. The powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors. - ## Power to Delegate.
Sin perjuicio de las disposiciones de las Leyes, el Reglamento OICVM, la Escritura de Constitución de la Sociedad y los presentes Estatutos y de las instrucciones dadas por los Socios mediante Acuerdo Ordinario, y que no contradigan los presentes Estatutos o las Leyes, la gestión de los asuntos de la Sociedad se encomienda a los Consejeros, que harán todos los actos y cosas y ejercerán todas las facultades de la Sociedad cuyo ejercicio no esté reservado por las Leyes o los presentes Estatutos a la Junta General de la Sociedad. Ninguna modificación de la Escritura de Constitución de la Sociedad o de los presentes Estatutos y ninguna orden dictada por la Sociedad reunida en Junta General invalidarán ningún acto anterior de los Consejeros que hubiera sido válido de no haberse introducido la enmienda o dictado la orden. Las facultades otorgadas por el presente no quedarán limitadas o restringidas por ninguna facultad o poder especial otorgado a los Consejeros por los presentes Estatutos, y un Consejo de Administración con quórum puede ejercer todas las facultades que puedan ser ejercidas por los Consejeros. - ## Facultad de delegación.
Subject to the provisions of the Acts, the UCITS Regulations, the Memorandum of Association of the Company and these Articles and to any directions by the Members given by Ordinary Resolution, not being inconsistent with these Articles or with the Acts, the business of the Company shall be managed by the Directors who may do all such acts and things and exercise all the powers of the Company as are not by the Acts or by these Articles required to be done or exercised by the Company in general meeting. No alteration of the Memorandum of Association of the Company or of these Articles and no direction made by the Company in general meeting shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or such direction had not been given. The powers given by this Article shall not be limited or restricted by any special authority or power given to the Directors by these Articles and a meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors. - ## Power to Delegate.
en
es
DOLFIN3697
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 | EUR 4,250 | EUR 5,680 | | | Average return each year % | -57.50% | -17.18% | | Unfavourable scenario | What you might get back after costs | EUR 7,720 | EUR 7,370 | | | Average return each year % | -22.80% | -9.67% | | Moderate scenario | What you might get back after costs | EUR 10,160 | EUR 10,640 | | | Average return each year % | 1.60% | 2.09% | | Favourable scenario | What you might get back after costs | EUR 11,690 | EUR 12,390 | | | Average return each year % | 16.90% | 7.40% |
| | 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 4.250 | EUR 5.680 | | | Rendimiento medio cada año | -57,50% | -17,18% | | Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 7.720 | EUR 7.370 | | | Rendimiento medio cada año | -22,80% | -9,67% | | Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.160 | EUR 10.640 | | | Rendimiento medio cada año | 1,60% | 2,09% | | Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 11.690 | EUR 12.390 | | | Rendimiento medio cada año | 16,90% | 7,40% |
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 3 YEARS | | --- | --- | --- | | Stress scenario | What you might get back after costs | EUR 4,250 | EUR 5,680 | | | Average return each year % | -57.50% | -17.18% | | Unfavourable scenario | What you might get back after costs | EUR 7,720 | EUR 7,370 | | | Average return each year % | -22.80% | -9.67% | | Moderate scenario | What you might get back after costs | EUR 10,160 | EUR 10,640 | | | Average return each year % | 1.60% | 2.09% | | Favourable scenario | What you might get back after costs | EUR 11,690 | EUR 12,390 | | | Average return each year % | 16.90% | 7.40% |
en
es
DOLFIN3701
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The discontinuance of LIBOR and other IBORs is part of a regulatory agenda to transition the industry from IBORs to alternative benchmark rates. The transition presents risks to the funds which it is not possible to identify exhaustively but these may adversely affect the performance of a fund, its Net Asset Value, and its earnings and returns to Shareholders. If an IBOR is discontinued or otherwise unavailable, the rate of interest on debt instruments referencing the IBOR will have to be determined based on any applicable fall-back provisions. This may in certain circumstances be reliant upon the provision by reference banks of offered quotations for the IBOR rate, which may not be available, or require the application of a fixed rate based on the last relevant IBOR rate available. Additionally, where such fall-back provisions need to be amended to reflect discontinuance and there is uncertainty on an alternative interest rate measure, there can be no assurance that such amendments or alternative interest rates will mitigate future interest rate risk in the same way. Positions in IBOR instruments may suffer from reduced liquidity and fall in value as a result of its planned discontinuation. Also, any substitute reference rate and any pricing adjustments imposed unilaterally, by a regulator or by counterparties, may not be suitable for a fund, resulting in costs incurred to close out positions and place replacement trades. Where such a reference index is referenced or used by a fund, or in relation investments to which a fund is exposed (directly or indirectly), there may be a need to replace such an index with alternatives and terminate or restructure a relevant investment which may result in close out and replacement trade costs. There may be extra costs if the instruments with the most favourable liquidity or pricing are not available to a fund. - ASSET CLASS SPECIFIC RISKS - EquitiesFor funds which invest in stocks, the value of those stocks may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events, including changes in investment sentiment, political and issuer-specific factors.
La extinción del LIBOR y el resto de tipos IBOR forma parte de la agenda de los reguladores en el marco de la transición del sector desde los IBOR hacia otros tipos de referencia alternativos. Esta transición supone riesgos para los Subfondos que no se pueden conocer de manera exhaustiva, pero que podrían afectar negativamente a la rentabilidad de los mismos, su Valor Liquidativo, sus ganancias y el rendimiento para los Accionistas. Si un IBOR se extingue o deja de estar disponible por cualquier motivo, el tipo de interés de los instrumentos de deuda referenciados a ese IBOR tendrá que determinarse en función de las pertinentes cláusulas a tal efecto. En determinadas circunstancias, eso puede depender de la presentación por parte de los bancos de los tipos ofrecidos para el IBOR, que pueden no estar disponibles, o exigir la aplicación de un tipo fijo basado en el último tipo del IBOR relevante de que se disponga. Además, cuando esas disposiciones tengan que modificarse para reflejar la extinción de estos tipos, y exista incertidumbre sobre cuál sería la alternativa para determinar el tipo de interés, no podrá garantizarse que dichas modificaciones o tipos de interés alternativos reduzcan el riesgo de tipos de interés en el futuro de la misma forma. Las posiciones en instrumentos referenciados al IBOR pueden sufrir una reducción de liquidez y una pérdida de valor con motivo de la extinción que se prevé de estos tipos de referencia. Además, los nuevos tipos de referencia alternativos y los ajustes de precio que se impongan de forma unilateral, por parte de un regulador o de las contrapartes, podrían no resultar adecuados para los Subfondos, por lo que estos incurrirían en costes para cerrar unas posiciones y abrir otras en su lugar. Cuando un Subfondo utilice o esté referenciado a uno de estos índices de referencia, o lo hagan las inversiones a las que el Subfondo tenga exposición (directa o indirecta), puede ser necesario sustituirlo por otro alternativo y liquidar o reestructurar la inversión correspondiente, lo que podría dar como resultado que se incurra en costes de cierre de unas posiciones y apertura de otras. Pueden existir costes adicionales si un Subfondo no puede disponer de aquellos instrumentos con la liquidez o el precio más favorables. - RIESGOS ESPECÍFICOS DE LA CLASE DE ACTIVOS - AccionesEn el caso de los Subfondos que inviertan en acciones, el valor de éstas podrá fluctuar, a veces considerablemente, en respuesta a las actividades y resultados de las sociedades en cuestión, así como en función de la coyuntura bursátil y económica general, entre otros factores, como los cambios en la confianza de los inversores o los factores políticos o de emisores concretos.
The discontinuance of LIBOR and other IBORs is part of a regulatory agenda to transition the industry from IBORs to alternative benchmark rates. The transition presents risks to the funds which it is not possible to identify exhaustively but these may adversely affect the performance of a fund, its Net Asset Value, and its earnings and returns to Shareholders. If an IBOR is discontinued or otherwise unavailable, the rate of interest on debt instruments referencing the IBOR will have to be determined based on any applicable fall-back provisions. This may in certain circumstances be reliant upon the provision by reference banks of offered quotations for the IBOR rate, which may not be available, or require the application of a fixed rate based on the last relevant IBOR rate available. Additionally, where such fall-back provisions need to be amended to reflect discontinuance and there is uncertainty on an alternative interest rate measure, there can be no assurance that such amendments or alternative interest rates will mitigate future interest rate risk in the same way. Positions in IBOR instruments may suffer from reduced liquidity and fall in value as a result of its planned discontinuation. Also, any substitute reference rate and any pricing adjustments imposed unilaterally, by a regulator or by counterparties, may not be suitable for a fund, resulting in costs incurred to close out positions and place replacement trades. Where such a reference index is referenced or used by a fund, or in relation investments to which a fund is exposed (directly or indirectly), there may be a need to replace such an index with alternatives and terminate or restructure a relevant investment which may result in close out and replacement trade costs. There may be extra costs if the instruments with the most favourable liquidity or pricing are not available to a fund. - ASSET CLASS SPECIFIC RISKS - EquitiesFor funds which invest in stocks, the value of those stocks may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events, including changes in investment sentiment, political and issuer-specific factors.
en
es
DOLFIN3706
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Investment policy: The Fund invests at least 75% of its total assets in UCITS and other UCIs to gain exposure globally across the full range of permitted assets including equities, fixed income securities and currencies. At least 90% of the UCITS and UCIs in which the Fund invests (including the money market funds) must have the French SRI label or a European equivalent. The investments made in units of UCIs other than UCITS may not in the aggregate exceed 10% of the net assets of the Fund. In seeking to achieve the Fund’s investment objective, the Investment Manager applies an indirect allocation of the Fund’s net assets of 35- 70% in fixed income markets, including money market mutual funds, and of 30-65% in equity markets. The Fund’s exposure globally across the full range of permitted collective investment schemes may include exposure to equities and fixed income securities and currencies of emerging market countries. Underlying funds may also make use of various derivatives to achieve their own investment objectives. The Investment Manager’s investment approach is to provide access to a diversified portfolio of investment strategies managed by Natixis Investment Managers’ affiliates (the “Affiliated Funds”) through a committed approach to ESG factors, as described below. Each selected Affiliated Fund is subject to such non-financial analysis. The Investment Manager will aim to invest in a limited number of Affiliated Funds, most of which may be domiciled in Luxembourg, Ireland, France and the United Kingdom. The Fund may have significant exposure to a single affiliate through multiple allocations to Affiliated Funds. As part of the investment strategy of the Fund, the Investment Manager systematically takes into account the following factors: strategic asset allocation, quantitative ESG screening, qualitative ESG screening, risk based selection and tactical asset allocation. Quantitative ESG screening utilizes the Investment Manager’s proprietary ESG scoring methodology based on metrics from third parties such as ESG data service providers. Qualitative ESG screening involves a review by the Investment Manager to assess the degree to which ESG factors play a meaningful role in the investment process of an Affiliated Fund. This assessment is based on an in-house “Convictions &Narrative” methodology, which includes but is not limited to, the following criteria: the ESG experience of the investment team, the integration of ESG considerations in the investment process of the underlying funds, the level of ESG reporting, the voting practices. The overall ESG approaches of the selected Affiliated Funds may vary and therefore, may not be fully consistent with each other. In addition to the above factors, in selecting each individual Affiliated Fund, the Investment Manager will consider each collective investment scheme’s liquidity, pricing frequency and investment manager specialty.
# Política de inversión: El fondo invierte al menos el 75% de sus activos totales en OICVM y otros OIC para lograr una exposición global a todo el rango de activos permitidos, incluida la renta variable, la renta fija y las divisas. Como mínimo, el 90% de los OICVM y OIC en los que el fondo invierte (incluidos los fondos del mercado monetario) deben tener la etiqueta SRI francesa o un distintivo europeo equivalente. Las inversiones en participaciones de OIC que no sean OICVM no podrán superar en su conjunto el 10% del patrimonio neto del Fondo. Para tratar de alcanzar el objetivo de inversión del fondo, el gestor de inversiones aplica una asignación indirecta del 35%-70% del patrimonio neto del fondo a mercados de renta fija, incluidos fondos de inversión en el mercado monetario, y del 30%-65% a mercados de renta variable. La exposición global del fondo a todo el rango de organismos de inversión colectiva permitidos puede incluir una exposición a renta variable, renta fija y divisas de países de mercados emergentes. Los fondos subyacentes también disponen de un margen para utilizar diversos derivados con el fin de alcanzar sus propios objetivos de inversión. El planteamiento de inversión del gestor de inversiones consiste en proporcionar acceso a una cartera diversificada de estrategias de inversión gestionadas por filiales de Natixis Investment Managers (los “fondos afiliados”) por medio de un planteamiento de compromiso con factores ASG que se describe más adelante. Cada fondo afiliado seleccionado se somete a ese tipo de análisis no financiero. El gestor de inversiones tratará de invertir en un número limitado de Fondos afiliados, que pueden estar domiciliados en su mayoría en Luxemburgo, Irlanda, Francia y el Reino Unido. El fondo podrá mantener una exposición significativa a una única filial a través de múltiples asignaciones a Fondos afiliados. Como parte de la estrategia de inversión del fondo, el gestor de inversiones tiene en cuenta sistemáticamente los factores siguientes: asignación estratégica de activos, filtro ASG cuantitativo, filtro ASG cualitativo, selección basada en el riesgo y asignación táctica de activos. El filtro ASG cuantitativo utiliza la metodología propia de puntuación ASG del gestor de inversiones, que se basa en mediciones proporcionadas por terceros, como, por ejemplo, proveedores de servicios de datos ASG. El filtro ASG cualitativo consiste en una revisión que el gestor de inversiones realiza para determinar en qué medida los factores ASG tienen un papel determinante en el proceso de inversión de un fondo afiliado. Esta evaluación se basa en una metodología de “convicciones y discurso” diseñada internamente, que incluye, entre otros, los siguientes criterios: la experiencia en materia de ASG del equipo de inversión, la integración de las consideraciones ASG en el proceso de inversión de los fondos subyacentes, el nivel de presentación de información sobre criterios ASG y las prácticas de voto. Los planteamientos ASG generales de los fondos afiliados seleccionados pueden variar y, por lo tanto, pueden no ser totalmente coherentes entre sí. Además de los factores antes citados, a la hora de seleccionar cada fondo afiliado, el gestor de inversiones tendrá en cuenta la liquidez, la frecuencia de la fijación de precios y la especialidad del gestor de inversiones de cada organismo de inversión colectiva.
# Investment policy: The Fund invests at least 75% of its total assets in UCITS and other UCIs to gain exposure globally across the full range of permitted assets including equities, fixed income securities and currencies. At least 90% of the UCITS and UCIs in which the Fund invests (including the money market funds) must have the French SRI label or a European equivalent. The investments made in units of UCIs other than UCITS may not in the aggregate exceed 10% of the net assets of the Fund. In seeking to achieve the Fund’s investment objective, the Investment Manager applies an indirect allocation of the Fund’s net assets of 35- 70% in fixed income markets, including money market mutual funds, and of 30-65% in equity markets. The Fund’s exposure globally across the full range of permitted collective investment schemes may include exposure to equities and fixed income securities and currencies of emerging market countries. Underlying funds may also make use of various derivatives to achieve their own investment objectives. The Investment Manager’s investment approach is to provide access to a diversified portfolio of investment strategies managed by Natixis Investment Managers’ affiliates (the “Affiliated Funds”) through a committed approach to ESG factors, as described below. Each selected Affiliated Fund is subject to such non-financial analysis. The Investment Manager will aim to invest in a limited number of Affiliated Funds, most of which may be domiciled in Luxembourg, Ireland, France and the United Kingdom. The Fund may have significant exposure to a single affiliate through multiple allocations to Affiliated Funds. As part of the investment strategy of the Fund, the Investment Manager systematically takes into account the following factors: strategic asset allocation, quantitative ESG screening, qualitative ESG screening, risk based selection and tactical asset allocation. Quantitative ESG screening utilizes the Investment Manager’s proprietary ESG scoring methodology based on metrics from third parties such as ESG data service providers. Qualitative ESG screening involves a review by the Investment Manager to assess the degree to which ESG factors play a meaningful role in the investment process of an Affiliated Fund. This assessment is based on an in-house “Convictions &Narrative” methodology, which includes but is not limited to, the following criteria: the ESG experience of the investment team, the integration of ESG considerations in the investment process of the underlying funds, the level of ESG reporting, the voting practices. The overall ESG approaches of the selected Affiliated Funds may vary and therefore, may not be fully consistent with each other. In addition to the above factors, in selecting each individual Affiliated Fund, the Investment Manager will consider each collective investment scheme’s liquidity, pricing frequency and investment manager specialty.
en
es
DOLFIN3707
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Performance | | | --- | --- | | | Fund | Index | | 1 m | -2.14% | -4.25% | | 3 m | 12.63% | 9.77% | | Ytd | -25.79% | -18.14% | | 1 Year | -25.79% | -18.14% | | 2 Years | -1.89% | -0.14% | | 3 Years | 5.72% | 4.94% | | 5 Years | 6.29% | 6.14% | | 10 Years | 9.69% | 8.85% | | Since 04-2007 | 5.68% | 5.31% |
| Rentabilidad | | | --- | --- | | | Fondo | Índice | | 1 m | -2,14% | -4,25% | | 3 m | 12,63% | 9,77% | | Ytd | -25,79% | -18,14% | | 1 año | -25,79% | -18,14% | | 2 años | -1,89% | -0,14% | | 3 años | 5,72% | 4,94% | | 5 años | 6,29% | 6,14% | | 10 años | 9,69% | 8,85% | | Since 04-2007 | 5,68% | 5,31% |
| Performance | | | --- | --- | | | Fund | Index | | 1 m | -2.14% | -4.25% | | 3 m | 12.63% | 9.77% | | Ytd | -25.79% | -18.14% | | 1 Year | -25.79% | -18.14% | | 2 Years | -1.89% | -0.14% | | 3 Years | 5.72% | 4.94% | | 5 Years | 6.29% | 6.14% | | 10 Years | 9.69% | 8.85% | | Since 04-2007 | 5.68% | 5.31% |
en
es
DOLFIN3712
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objective and Investment Policy ## Investment Objective The Sub-Fund investment objective is firstly to seek high income and secondary capital growth by investing in a broadly international high yield corporate debt securities over a long term period. ## Investment Policy The Sub-Fund is actively managed in order to capture opportunities in international high yield corporate debt. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: - sector allocation - geographical allocation - credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) - issuer selection - instrument selectionThe Sub-Fund invests mainly in high yield fixed or floating rate bonds issued mainly by US and European private companies. Such high return bonds have a rating lower than BBB- according to Standard & Poor’s, or equivalent rating (Moody's or any other rating agency), or are not rated. The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy
# Objetivos y política de inversión ## Objetivo de Inversión El objetivo de inversión del Subfondo es, en primer lugar, obtener un alto nivel de rendimiento y, en segundo lugar, una apreciación del capital invirtiendo en títulos de deuda corporativa high yield generalmente internacional, a largo plazo. ## Política de inversión El Subfondo está gestionado activamente con el fin de captar oportunidades en la deuda corporativa internacional de alto rendimiento (high yield). Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado: - distribución sectorial - distribución geográfica - posicionamiento en la curva de crédito (la curva de crédito ilustra la relación entre el plazo de la inversión y el rendimiento crediticio) - selección de emisores - selección de instrumentosEl Subfondo invierte principalmente en bonos high yield de tipo fijo o variable, emitidos sobre todo por empresas privadas de EE. UU. y Europa. Estos bonos high yield poseen una calificación inferior a BBB- según Standard & Poor’s, o calificación equivalente (Moody’s u otra agencia de calificación), o no han sido calificados. La selección de instrumentos de crédito no se basa de forma exclusiva y automática en sus calificaciones crediticias a disposición del público, sino también en un análisis interno del
# Objective and Investment Policy ## Investment Objective The Sub-Fund investment objective is firstly to seek high income and secondary capital growth by investing in a broadly international high yield corporate debt securities over a long term period. ## Investment Policy The Sub-Fund is actively managed in order to capture opportunities in international high yield corporate debt. The following investment decisions are undertaken after comprehensive macroeconomic and microeconomic analysis of the market: - sector allocation - geographical allocation - credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) - issuer selection - instrument selectionThe Sub-Fund invests mainly in high yield fixed or floating rate bonds issued mainly by US and European private companies. Such high return bonds have a rating lower than BBB- according to Standard & Poor’s, or equivalent rating (Moody's or any other rating agency), or are not rated. The selection of credit instruments is not exclusively and mechanically based on their publicly available credit ratings but also on an internal credit or market risk analysis. The decision to buy
en
es
DOLFIN3716
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Market development Credit spreads continued to tighten in December, though the pace of tightening was much lower than in November. European swap spreads declined a bit. This decline was an important element in the overall decline in credit spreads. Underlying government bond yields moved up quite a bit in December. The ECB press conference on 15 December was an important driver. As expected, the ECB, the Federal Reserve and the Bank of England all raised interest rates in their December meeting. The ECB surprised though with a relatively hawkish press conference, in which the start of quantitative tightening per March 2023 was announced. The Bank of Japan surprised the market with an increase of the target yield for 10-year Japanese government bonds. Higher government bonds in most countries led to lower equity markets, but credit spreads behaved well in December. A sector that performed very poorly while longer-term yields rose was the European property sector. There was no activity in the new issue market and trading in the portfolio was limited too. We lowered the exposure to (senior) bonds of Credit Suisse, as the restructuring of the bank will take longer than anticipated.
# Evolución del mercado Los diferenciales de crédito continuaron estrechándose en diciembre, aunque el ritmo del estrechamiento fue mucho menor que en noviembre. Los diferenciales de swap europeos descendieron ligeramente. Esta bajada fue un elemento importante para el descenso general en los diferenciales crediticios. Las rentabilidades de la deuda pública subyacente ascendieron notablemente en diciembre. La conferencia de prensa del BCE, el 15 de diciembre, fue un importante elemento impulsor. Como se esperaba, el BCE, la Reserva Federal y el Banco de Inglaterra subieron los tipos de interés en sus reuniones de diciembre. El BCE sorprendió por el tono de dureza de su rueda de prensa, en la que anunció el inicio del endurecimiento cuantitativo para marzo de 2023. El Banco de Japón sorprendió al mercado, con un incremento de la rentabilidad objetivo para la deuda pública japonesa a 10 años. La elevación de la deuda pública en la mayoría de países condujo a mercados de renta variable más bajos, pero los diferenciales de crédito se comportaron bien en diciembre. Un sector que registró muy escasa rentabilidad mientras subían las rentabilidades a más largo plazo fue el sector europeo de la propiedad. No hubo actividad en el mercado de nuevas emisiones, y la negociación en la cartera también fue limitada. Hemos reducido la exposición a bonos (sénior) de Credit Suisse, pues la reestructuración del banco requerirá más tiempo que el anticipado.
# Market development Credit spreads continued to tighten in December, though the pace of tightening was much lower than in November. European swap spreads declined a bit. This decline was an important element in the overall decline in credit spreads. Underlying government bond yields moved up quite a bit in December. The ECB press conference on 15 December was an important driver. As expected, the ECB, the Federal Reserve and the Bank of England all raised interest rates in their December meeting. The ECB surprised though with a relatively hawkish press conference, in which the start of quantitative tightening per March 2023 was announced. The Bank of Japan surprised the market with an increase of the target yield for 10-year Japanese government bonds. Higher government bonds in most countries led to lower equity markets, but credit spreads behaved well in December. A sector that performed very poorly while longer-term yields rose was the European property sector. There was no activity in the new issue market and trading in the portfolio was limited too. We lowered the exposure to (senior) bonds of Credit Suisse, as the restructuring of the bank will take longer than anticipated.
en
es
DOLFIN3717
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ### The Fund was launched on 01 December 2004. 1.9 3.3 -30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
### El Fondo se lanzó el 01 diciembre 2004. 1.9 3.3 -30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
### The Fund was launched on 01 December 2004. 1.9 3.3 -30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
en
es
DOLFIN3718
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Recommended holding period: 10 years Example Investment: 1 000 000 JPY | | --- | | Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years | 10 years Recommended holding period | | Stress scenario | What you might get back after costs | 273 456 JPY | 250 195 JPY | 126 248 JPY | | | Average return each year | -72.65 % | -24.20 % | -18.69 % | | Unfavourable scenario | What you might get back after costs | 629 598 JPY | 754 408 JPY | 904 700 JPY | | | Average return each year | -37.04 % | -5.48 % | -1.00 % | | Moderate scenario | What you might get back after costs | 1 005 301 JPY | 1 775 998 JPY | 3 193 602 JPY | | | Average return each year | 0.53 % | 12.17 % | 12.31 % | | Favourable scenario | What you might get back after costs | 1 703 458 JPY | 3 044 631 JPY | 4 042 681 JPY | | | Average return each year | 70.35 % | 24.94 % | 14.99 % |
| Período de mantenimiento recomendado: 10 años Ejemplo de inversión: 1 000 000 JPY | | --- | | Escenarios Mínimo: No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | 1 año | 5 años | 10 años Período de mantenimiento recomendado | | Tensión | Lo que podría recibir tras deducir los costes | 273 456 JPY | 250 195 JPY | 126 248 JPY | | | Rendimiento medio cada año | -72,65 % | -24,20 % | -18,69 % | | Desfavorable | Lo que podría recibir tras deducir los costes | 629 598 JPY | 754 408 JPY | 904 700 JPY | | | Rendimiento medio cada año | -37,04 % | -5,48 % | -1,00 % | | Moderado | Lo que podría recibir tras deducir los costes | 1 005 301 JPY | 1 775 998 JPY | 3 193 602 JPY | | | Rendimiento medio cada año | 0,53 % | 12,17 % | 12,31 % | | Favorable | Lo que podría recibir tras deducir los costes | 1 703 458 JPY | 3 044 631 JPY | 4 042 681 JPY | | | Rendimiento medio cada año | 70,35 % | 24,94 % | 14,99 % |
| Recommended holding period: 10 years Example Investment: 1 000 000 JPY | | --- | | Scenarios Minimum: There is no minimum guaranteed return. You could lose some or all of your investment. | 1 year | 5 years | 10 years Recommended holding period | | Stress scenario | What you might get back after costs | 273 456 JPY | 250 195 JPY | 126 248 JPY | | | Average return each year | -72.65 % | -24.20 % | -18.69 % | | Unfavourable scenario | What you might get back after costs | 629 598 JPY | 754 408 JPY | 904 700 JPY | | | Average return each year | -37.04 % | -5.48 % | -1.00 % | | Moderate scenario | What you might get back after costs | 1 005 301 JPY | 1 775 998 JPY | 3 193 602 JPY | | | Average return each year | 0.53 % | 12.17 % | 12.31 % | | Favourable scenario | What you might get back after costs | 1 703 458 JPY | 3 044 631 JPY | 4 042 681 JPY | | | Average return each year | 70.35 % | 24.94 % | 14.99 % |
en
es
DOLFIN3733
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ## MONTHLY MANAGEMENT COMMENT Equity markets rallied in October after two consecutive months of sharp decline. This renewed optimism was thanks to long rates settling after a sharp rise, energy prices (oil and gas) easing, and the economic outlook stabilising. UK Prime Minister Liz Truss was forced to resign over the financial repercussions of her budget announcement, leaving Rishi Sunak, former Chancellor of the Exchequer in Boris Johnson's government, in charge. The Chinese Communist Party has re-elected Xi Jinping for a five-year term, tightening his grip on power with a new committee totally devoted to him. Ukrainian forces continue their advance to retake territory conquered by the Russian army despite Russia’s annexation of some Ukrainian regions (not recognised by the international community). Against this backdrop, North America (+7.8%) and Europe (+7.4%) outperformed, while Asia (-2.4%) suffered from a difficult Chinese political and economic environment (-16.8% for the MSCI China). The energy (+18%) and industrials (+9.8%) sectors outperformed, while real estate (-0.3%), consumer discretionary (-0.4%) and communication services (-0.9%) were down. ODDO BHF Green Planet generated an absolute return of 4.92% over the month, versus 6.03% for the MSCI ACWI NR USD (i.e. underperformance of 1.11%). The main contributors to performance were Samsung SDI (+35.7%, a Korean company specialising in the design and manufacture of electric batteries), Darling Ingredients (+18.64%, a US company specialising in food waste recycling) and Johnson Controls (+17.5%, a US company specialising in heat pumps). The main detractors were Tesla (-14.2%, a US company manufacturing electric vehicles), Drax (-10.5%, a British company generating energy from biomass) and CATL (-9.4%, a Chinese company that is the world-leading electric battery manufacturer).
## COMENTARIO DE GESTIÓN Los mercados de renta variable registraron un repunte en octubre, después de dos meses consecutivos de fuerte descenso. Este renovado optimismo se debió a la estabilización de los tipos a largo plazo tras una notoria subida, al descenso de los precios de la energía (petróleo, gas) y a unas perspectivas económicas que recuperaron estabilidad. La primera ministra del Reino Unido, Liz Truss, se vio obligada a dimitir por las repercusiones financieras del anuncio de su presupuesto y pasó el relevo a Rishi Sunak, anterior ministro Hacienda en el gobierno de Boris Johnson. Xi Jinping fue reelegido por el partido comunista chino para un nuevo mandato de cinco años, e incrementa su poder con un nuevo comité totalmente dedicado a él. Las fuerzas ucranianas prosiguieron su avance para retomar los territorios conquistados por el ejército ruso, pese a la anexión —no reconocida por la comunidad internacional— de determinadas regiones ucranianas a Rusia. En este contexto, Norteamérica (+7,8%) y Europa (+7,4%) despuntaron, mientras que Asia (-2,4%) se resintió del difícil entorno político y económico chino (-16,8% para el MSCI China). El sector energético (+18%) y el sector industrial (+9,8%) registraron una rentabilidad superior, mientras que los sectores inmobiliario (-0,3%), de consumo discrecional (-0,4%) y de servicios de comunicación (-0,9%) se vieron penalizados. El fondo ODDO BHF Green Planet registró una rentabilidad absoluta del +4,92% durante el mes, frente al +6,03% del MSCI ACWI NR USD, lo que supone un rezago del -1,11%. Los principales catalizadores positivos de la rentabilidad fueron Samsung SDI (+35,7%, firma coreana especializada en el diseño y la fabricación de baterías eléctricas), Darling Ingredients (+18,64%, empresa estadounidense especializada en el reciclaje de residuos alimentarios) y Johnson Controls (+17,5%, sociedad estadounidense especializada en las bombas de calor). Los principales lastres para la rentabilidad fueron Tesla (-14,2%, fabricante estadounidense de vehículos eléctricos), Drax (-10,5%, empresa británica que genera energía a partir de biomasa) y CATL (-9,4%, sociedad china y líder mundial en la fabricación de baterías eléctricas).
## MONTHLY MANAGEMENT COMMENT Equity markets rallied in October after two consecutive months of sharp decline. This renewed optimism was thanks to long rates settling after a sharp rise, energy prices (oil and gas) easing, and the economic outlook stabilising. UK Prime Minister Liz Truss was forced to resign over the financial repercussions of her budget announcement, leaving Rishi Sunak, former Chancellor of the Exchequer in Boris Johnson's government, in charge. The Chinese Communist Party has re-elected Xi Jinping for a five-year term, tightening his grip on power with a new committee totally devoted to him. Ukrainian forces continue their advance to retake territory conquered by the Russian army despite Russia’s annexation of some Ukrainian regions (not recognised by the international community). Against this backdrop, North America (+7.8%) and Europe (+7.4%) outperformed, while Asia (-2.4%) suffered from a difficult Chinese political and economic environment (-16.8% for the MSCI China). The energy (+18%) and industrials (+9.8%) sectors outperformed, while real estate (-0.3%), consumer discretionary (-0.4%) and communication services (-0.9%) were down. ODDO BHF Green Planet generated an absolute return of 4.92% over the month, versus 6.03% for the MSCI ACWI NR USD (i.e. underperformance of 1.11%). The main contributors to performance were Samsung SDI (+35.7%, a Korean company specialising in the design and manufacture of electric batteries), Darling Ingredients (+18.64%, a US company specialising in food waste recycling) and Johnson Controls (+17.5%, a US company specialising in heat pumps). The main detractors were Tesla (-14.2%, a US company manufacturing electric vehicles), Drax (-10.5%, a British company generating energy from biomass) and CATL (-9.4%, a Chinese company that is the world-leading electric battery manufacturer).
en
es
DOLFIN3745
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # They are valued under the Management Company's responsibility at their foreseeable sale prices. - Contracts for Difference (CFD): CFDs are valued at their market value based on the closing prices on the day the underlying securities are valued. The market value of these facilities mentions the difference between the market value and the strike price of the underlying securities. - Credit event derivatives (CDS): CDS are valued according to the standard method recommended by the ISDA (sources: Markit for CDS curves and recovery rates and Bloomberg for interest rate curves). - Forward Foreign Exchange (Forex Forwards): Forward exchange transactions are valued on the basis of a calculation taking into account: - The nominal value of the instrument, - The exercise price of the instrument, - Discount factors for the remaining period, - The spot rate of exchange at market value, - Forward exchange rates for the remaining time to maturity are defined as the spot exchange rate product and the discount factors ratio in each currency calculated using the appropriate rate curves. - OTC derivatives within monetary management (excluding CDS, FX Forwards and CFD): - Interest rate swaps against daily capitalised index (e.g. swaps vs EONIA/€ STR, Fed Funds/SOFR, SONIA..):They are valued according to the reversal cost method. Whenever the net asset value is calculated, interest rate and/or currency swaps are valued at their market value based on the price calculated by discounting future cash flows (principal and interest) at the market interest and/or currency rate. Discount is made using a zero coupon rate curve. - Interest rate swaps against a forward benchmark (e.g. swaps vs EURIBOR):They are valued at their market value based on prices calculated by the counterparties, under the control and the responsibility of the Management Company. - OTC derivatives outside monetary management (excluding CDS, FX Forwards and CFD):Derivative instruments are valued at their market value based on the prices calculated by the counterparties, under the control and the responsibility of the Management Company. If the Management Company deems it necessary, a specific investment or security may be valued using an alternative method to those presented above, on the recommendation of Global Risk Management or a portfolio manager after validation by Global Risk Management. Where the value of an investment is not ascertainable by either the usual or an alternative method, it shall correspond to the estimated probable realisation value, under the control and responsibility of the Management Company. In practice, if the management company is obliged to carry out a transaction at a price significantly different from the valuation provided for by reading the valuation rules presented here, all remaining securities in the UCITS shall be valued at this new price.
# Se valoran a su valor probable de negociación, bajo la responsabilidad de la Sociedad Gestora. - Contracts for difference (CFD): Los CFD se valoran a su valor de mercado en función de las cotizaciones de cierre del día de valoración de los títulos subyacentes. El valor bursátil de las líneas correspondientes menciona el diferencial entre el valor bursátil y el precio de ejercicio de los títulos subyacentes. - Credit Default Swaps (CDS): Los CDS se valoran por el método estándar que la ISDA reserva a este instrumento (fuentes: Markit para las curvas de CDS y las tasas de recuperación, y Bloomberg para las curvas de los tipos de interés). - Cambio a plazo (Forex Forwards): Los cambios a plazo se valoran sobre la base de un cálculo que tiene en cuenta: - El valor nominal del instrumento; - El precio de ejercicio del instrumento; - Los factores de descuento por el periodo restante; - El tipo de cambio al contado a valor de mercado; - El tipo de cambio a plazo por el periodo restante, entendido como el producto de los tipos de cambio al contado y la relación de los factores de descuento en cada moneda calculada con las curvas de tipos oportunas. - Productos derivados extrabursátiles dentro de la gestión monetaria (excluidos CDS, FX Forwardsy CFD): - Swaps de tipos de interés contra índice diario capitalizado (ejemplo: Swaps vs EONIA/€ STR,Fed Funds/SOFR, Sonia..):Se valoran según el método del coste de vuelco. A cada cálculo del valor liquidativo, los contratos de canje de tipo de interés y/o de divisas se valoran a su valor de mercado en función del precio calculado por actualización de los flujos de tesorería futuros (capital e intereses) al tipo de interés y/o de divisas del mercado. La actualización se hace utilizando una curva de tipos de cupón cero. - Swaps de tipos de interés frente a un índice de referencia a plazo (por ejemplo: SwapsvsEuribor):Se valoran a su valor de mercado en función de los precios que calculen las contrapartes, bajo el control y la responsabilidad de la Sociedad gestora. - Productos derivados extrabursátiles al margen de la gestión monetaria (sin incluir los CDS, FXForwards y CFD):Los instrumentos derivados se valoran a su valor de mercado en función de los precios que calculen las contrapartes, bajo el control y la responsabilidad de la Sociedad gestora. Si la Sociedad Gestora lo considera necesario, una inversión o un título específico podrá valorarse según un método alternativo a los presentados anteriormente, por recomendación del Global Risk Management o de un gestor de carteras tras la validación del Global Risk Management. Cuando el valor de una inversión no sea verificable mediante el método habitual ni mediante un método alternativo, será el valor de realización probable estimado, bajo el control y la responsabilidad de la Sociedad Gestora. En la práctica, si la sociedad gestora se obliga a realizar una operación a un precio considerablemente diferente de la valoración prevista en la lectura de las normas de valoración presentadas aquí, el conjunto de los títulos que subsisten en el OICVM deberá valorarse a este nuevo precio.
# They are valued under the Management Company's responsibility at their foreseeable sale prices. - Contracts for Difference (CFD): CFDs are valued at their market value based on the closing prices on the day the underlying securities are valued. The market value of these facilities mentions the difference between the market value and the strike price of the underlying securities. - Credit event derivatives (CDS): CDS are valued according to the standard method recommended by the ISDA (sources: Markit for CDS curves and recovery rates and Bloomberg for interest rate curves). - Forward Foreign Exchange (Forex Forwards): Forward exchange transactions are valued on the basis of a calculation taking into account: - The nominal value of the instrument, - The exercise price of the instrument, - Discount factors for the remaining period, - The spot rate of exchange at market value, - Forward exchange rates for the remaining time to maturity are defined as the spot exchange rate product and the discount factors ratio in each currency calculated using the appropriate rate curves. - OTC derivatives within monetary management (excluding CDS, FX Forwards and CFD): - Interest rate swaps against daily capitalised index (e.g. swaps vs EONIA/€ STR, Fed Funds/SOFR, SONIA..):They are valued according to the reversal cost method. Whenever the net asset value is calculated, interest rate and/or currency swaps are valued at their market value based on the price calculated by discounting future cash flows (principal and interest) at the market interest and/or currency rate. Discount is made using a zero coupon rate curve. - Interest rate swaps against a forward benchmark (e.g. swaps vs EURIBOR):They are valued at their market value based on prices calculated by the counterparties, under the control and the responsibility of the Management Company. - OTC derivatives outside monetary management (excluding CDS, FX Forwards and CFD):Derivative instruments are valued at their market value based on the prices calculated by the counterparties, under the control and the responsibility of the Management Company. If the Management Company deems it necessary, a specific investment or security may be valued using an alternative method to those presented above, on the recommendation of Global Risk Management or a portfolio manager after validation by Global Risk Management. Where the value of an investment is not ascertainable by either the usual or an alternative method, it shall correspond to the estimated probable realisation value, under the control and responsibility of the Management Company. In practice, if the management company is obliged to carry out a transaction at a price significantly different from the valuation provided for by reading the valuation rules presented here, all remaining securities in the UCITS shall be valued at this new price.
en
es
DOLFIN3747
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The Depositary shall ensure that the cash-flows of the Company are properly monitored and, in particular, that all payments made by, or on behalf of, Shareholders upon the subscription of Shares have been received and that all cash of the Company have been booked in cash accounts in compliance with the Law of 2010. The Depositary shall be entrusted by the Company for safekeeping of the latter’s assets. In the performance of its safekeeping functions, the Depositary shall adhere to the mandatory conditions, obligations and requirements under the Law of 2010 and pursuant to the provisions of the depositary agreement. If the decision to resign is taken by the Depositary, the Company must appoint a new depositary who will assume the responsibilities and duties of the resigning Depositary. The resigning Depositary shall take all measures necessary to ensure the proper protection of Shareholders’ interests until the date of the appointment of a new depositary.
El Depositario garantizará que el flujo de efectivo de la Sociedad se supervise correctamente y, en especial, que todos los pagos realizados por los Accionistas o en su nombre en concepto de suscripción de Acciones se hayan recibido y que todo el efectivo de la Sociedad se haya ingresado en cuentas de efectivo con arreglo a la Ley de 2010. La Sociedad confiará la custodia de sus activos al Depositario. En el cumplimiento de sus responsabilidades de custodia, el Depositario satisfará las condiciones, las obligaciones y los requisitos estipulados como preceptivos por la Ley de 2010 y de conformidad con lo dispuesto en el acuerdo de depositario. Si la decisión de dimitir la adopta el Depositario, la Sociedad estará obligada a nombrar un nuevo depositario, que aceptará las responsabilidades y funciones del Depositario dimisionario. El Depositario dimisionario adoptará todas las medidas necesarias para la buena conservación de los intereses de los Accionistas, hasta el día que se nombre un nuevo depositario.
The Depositary shall ensure that the cash-flows of the Company are properly monitored and, in particular, that all payments made by, or on behalf of, Shareholders upon the subscription of Shares have been received and that all cash of the Company have been booked in cash accounts in compliance with the Law of 2010. The Depositary shall be entrusted by the Company for safekeeping of the latter’s assets. In the performance of its safekeeping functions, the Depositary shall adhere to the mandatory conditions, obligations and requirements under the Law of 2010 and pursuant to the provisions of the depositary agreement. If the decision to resign is taken by the Depositary, the Company must appoint a new depositary who will assume the responsibilities and duties of the resigning Depositary. The resigning Depositary shall take all measures necessary to ensure the proper protection of Shareholders’ interests until the date of the appointment of a new depositary.
en
es
DOLFIN3748
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 | 16.3 | 0.5 | 30.8 | 2.9 | 6.7 | -1.1 | 3.1 | 15.6 | 11.9 | -7.1 | | Benchmark † | 16.5 | 0.7 | 31.1 | 3.1 | 6.9 | -1.0 | 3.2 | 15.6 | 12.3 | -6.9 | The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment. The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella. iShares II plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus. The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com. Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law. Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus. The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company. This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 27 January 2022
# Información Práctica Rentabilidad histórica hasta el 31 de diciembre de 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fondo | 16,3 | 0,5 | 30,8 | 2,9 | 6,7 | -1,1 | 3,1 | 15,6 | 11,9 | -7,1 | | Índice † | 16,5 | 0,7 | 31,1 | 3,1 | 6,9 | -1,0 | 3,2 | 15,6 | 12,3 | -6,9 | El depositario del Fondo es State Street Custodial Services (Ireland) Limited. Puede obtenerse información adicional acerca del Fondo y de la Clase de acciones en el último informe anual y los últimos informes semestrales de iShares II plc. Dichos documentos están disponibles de forma gratuita en inglés y otros idiomas. Podrán obtenerse, junto con otra información como detalles de las principales inversiones subyacentes de la Clase de acciones y los precios de las acciones, en el sitio web de iShares cuya dirección es www.ishares.com o llamando al +44 (0) 845 357 7000, o de su intermediario bursátil o asesor financiero. Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo y a la Clase de acciones puede repercutir en la posición fiscal personal de su inversión. El Fondo es un compartimento de iShares II plc, una estructura paraguas compuesta de diferentes compartimentos. El Fondo tiene una o más clases de acciones. Este documento es específico del Fondo y de la Clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas. iShares II plc únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo. El valor de inventario neto intradía indicativo de la Clase de acciones está disponible en http://deutsche-boerse.com y/o http://www.reuters.com. Con arreglo a la legislación irlandesa, iShares II plc mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de iShares II plc). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los activos y pasivos específicos a una clase de acciones serían atribuibles solamente a esa clase de acciones, aunque con arreglo a la legislación irlandesa no hay segregación de los pasivos entre las clases de acciones. El canje de acciones entre el Fondo y otros compartimentos de iShares II plc no está disponible para los inversores. Solamente los Participantes Autorizados que operan directamente con el Fondo podrán canjear acciones entre clases de acciones del Fondo, siempre y cuando se cumplan determinadas condiciones establecidas en el folleto del Fondo. La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión. El Fondo y su sociedad gestora, BlackRock Asset Management Ireland Limited, están autorizados en Irlanda y su autoridad reguladora es el Banco Central de Irlanda. Estos Datos Fundamentales para el Inversor son exactos a 27 enero 2022
# Practical Information Historic performance to 31 December 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fund | 16.3 | 0.5 | 30.8 | 2.9 | 6.7 | -1.1 | 3.1 | 15.6 | 11.9 | -7.1 | | Benchmark † | 16.5 | 0.7 | 31.1 | 3.1 | 6.9 | -1.0 | 3.2 | 15.6 | 12.3 | -6.9 | The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment. The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella. iShares II plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus. The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com. Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law. Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus. The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company. This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at 27 January 2022
en
es
DOLFIN3756
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 30/09/2021-31/05/2023. Unfavourable scenario What you might get back after costs Average return each year CHF 9,478 -5.2% CHF 9,850 -0.3%
# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF entre 30/09/2021-31/05/2023. Escenario desfavorable Lo que podría recibir una vez deducidos los costes Rendimiento promedio cada año 9 478 CHF -5,2% 9 850 CHF -0,3%
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Acc CHF between 30/09/2021-31/05/2023. Unfavourable scenario What you might get back after costs Average return each year CHF 9,478 -5.2% CHF 9,850 -0.3%
en
es
DOLFIN3757
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The annual general meeting of Shareholders is held in Luxembourg on the first Thursday of October of each year at noon or, if such date is not a Business Day in Luxembourg, on the next following Business Day. If permitted by and under the conditions set forth in Luxembourg laws and regulations, the annual general meeting of Shareholders may be held at a date, time or place other than those set forth in the preceding paragraph, that date, time or place to be decided by the Board and specified in the notice of meeting. Other meetings of Shareholders or funds meetings may be held at such place and time as may be specified in the respective notices of meeting. Notices of meetings of Shareholders are given in accordance with Luxembourg Law and the Articles of Incorporation by publication in the Mémorial and the d’Wort in Luxembourg and in other newspapers as decided from time to time by the Directors. Written notice will be sent to registered Shareholders at least 8 days prior to each meeting. All notices of meetings specify the time, place and agenda of the meeting, and the quorum and voting requirements. The Shareholders of any fund may hold, at any time, general meetings to decide on matters which relate exclusively to that fund. Under the conditions set forth in Luxembourg laws and regulations, the notice of any general meeting of shareholders may provide that the quorum and the majority at this general meeting shall be determined according to the shares issued and outstanding at a certain date and time preceding the general meeting (the “Record Date”), whereas the right of a Shareholder to attend a general meeting of Shareholders and to exercise the voting rights attaching to their shares shall be determined by reference to shares held by this Shareholder as at the Record Date. The Fund’s financial year ends on 30 April each year. The Fund’s annual report incorporating financial statements is published within four months after the end of the financial year and at least two weeks before the annual general meeting of Shareholders. The Fund’s accounting records are separately maintained in each fund’s Reference Currency. Annual accounts are presented in the funds’ Reference Currencies with consolidated accounts presented in US Dollars. The Fund publishes a semi-annual unaudited financial report, containing a list of each fund’s holdings and their market values, within two months of the date to which it is made up. The annual and semi-annual reports can be downloaded from the website www.fidelityinternational.com or may be obtained, free of charge, on request from the Management Company, the Distributors or the representatives of the Fund. Any communications to Shareholders will be published on the respective local / country websites and/or may be notified via e-mail, (in the latter case only) where a Shareholder has consented and provided an e-mail address to the Management Company for such purposes. When specifically prescribed under applicable law or regulation, Shareholders will also be notified in writing or in such other manner as required. In addition to the information made available to Shareholders within the Cash funds in accordance with the main part of the Prospectus, the following information will be made available on a weekly basis: - the maturity breakdown of the portfolio of the relevant Cash fund; - the credit profile of the relevant Cash fund; - the average length of time to legal maturity of all of the underlying assets on a Money Market Fund reflecting the relative holding of each asset (“WAL”) and the average length of time to legal maturity or, if shorter, to the next interest ratereset to a money market rate, of all of the underlying assets in a Money Market Fund reflecting the relative holdings in each asset (“WAM”); - details of the 10 largest holdings in the relevant Cash fund, including the name, country, maturity and asset type, the counterparty in the case of repurchase and reverse repurchase agreements; - the total value of the relevant Cash fund; and - the net yield of the relevant Cash fund. - ##### Taxation
La junta general ordinaria de Accionistas se celebra en Luxemburgo el primer jueves del mes de octubre de cada año, a las 12:00 o, si dicha fecha no fuese un Día hábil en Luxemburgo, el Día hábil siguiente a dicha fecha. Si así lo permiten las leyes y normativas de Luxemburgo, y siempre con arreglo a las condiciones que en ellas se establezcan, la junta general ordinaria de Accionistas podrá celebrarse en una fecha, hora o lugar diferentes a los especificados en el párrafo anterior, bien entendido que tales fecha, hora y lugar serán acordados por el Consejo y se especificarán en la convocatoria de la junta. Podrán celebrarse otras juntas de Accionistas o de los Subfondos en los lugares y horas que se indiquen en las correspondientes convocatorias de las juntas. Las convocatorias de las Juntas de Accionistas se realizarán, de conformidad con lo previsto en la legislación luxemburguesa y en los Estatutos, mediante publicación en el Mémorial y el d’Wort de Luxemburgo, y en otros diarios que en cualquier momento acuerden los Administradores. Se remitirán convocatorias impresas a los Accionistas inscritos con una antelación mínima de 8 días a la fecha fijada para la celebración de la junta. Todas las convocatorias de Junta especificarán la hora, lugar y orden del día de las mismas, así como los requisitos de quórum y de voto. Los Accionistas de cualquier Subfondo pueden celebrar, en cualquier momento, Juntas Generales para decidir sobre asuntos relacionados exclusivamente con dicho Subfondo. De conformidad con las condiciones establecidas en las leyes y normativas de Luxemburgo, en la convocatoria de una junta general de Accionistas se podrá especificar que los requisitos de quórum y mayoría en dicha junta se decidan de acuerdo con las acciones emitidas y en circulación en una determinada fecha y hora anterior a la celebración de la junta (la «Fecha de registro»), así como que el derecho del Accionista a asistir a una junta general de Accionistas y ejercer los derechos de voto correspondientes a sus acciones se establezca con respecto a las acciones que obren en su poder en dicha Fecha de registro. El ejercicio fiscal del Fondo se cierra el 30 de abril de cada año. El informe anual del Fondo, que contiene las cuentas anuales, se publicará en los cuatro meses siguientes al cierre del ejercicio fiscal y, como mínimo, dos semanas antes de la celebración de la junta general ordinaria de Accionistas. La contabilidad del Fondo se lleva por separado en la Divisa de referencia de cada Subfondo. Las cuentas anuales del Fondo se formulan separadamente en cada una de las Divisas de referencia de los Subfondos y se presentan conjuntamente con las cuentas anuales consolidadas formuladas en dólares estadounidenses. En los dos meses siguientes a su fecha de elaboración, el Fondo publicará un informe semestral sin auditar en el que figurará una relación de las Acciones de cada Subfondo y de sus respectivos valores de mercado. Los informes anuales y semestrales pueden descargarse de la página web www.fidelityinternational.com, o bien pueden obtenerse de forma gratuita y previa solicitud a la Sociedad Gestora, los Distribuidores o los representantes del Fondo. Todas las comunicaciones a los accionistas se publicarán en los respectivos sitios web locales/de cada país o se remitirán por correo electrónico (solo en este último caso) cuando el Accionista haya dado su consentimiento y facilitado a la Sociedad Gestora una dirección de correo electrónico a tal efecto. Cuando la legislación o normativa aplicable así lo exija, también se le remitirán las comunicaciones por escrito o del modo que resulte preceptivo. Además de la información que se pone a disposición de los Accionistas de los Subfondos de efectivo conforme a lo dispuesto en la parte principal del Folleto informativo, la siguiente información se publicará semanalmente: - el desglose de vencimientos de la cartera del correspondiente Subfondo de efectivo; - el perfil crediticio del Subfondo de efectivo correspondiente; - el plazo de vencimiento medio legal de todos los activos subyacentes de un Fondo del Mercado Monetario que refleje la participación relativa de cada uno de los activos (vida media ponderada) y el plazo de vencimiento medio legal o, en caso de que sea inferior, la siguiente revisión del tipo de interés a un tipo recalculado a un tipo del mercado monetario, de todos los activos subyacentes de un Fondo del Mercado Monetario que refleje la participación relativa de cada uno de los activos (vencimiento medio ponderado); - datos de las diez mayores posiciones del Subfondo de efectivo correspondiente, que deben incluir su nombre, país, fecha de vencimiento y clase de activo y contraparte en caso de formalizarse acuerdos de recompra o de recompra inversa; - el valor total del Subfondo de efectivo correspondiente; y - el rendimiento neto del Subfondo de efectivo correspondiente. - ##### Tributación
The annual general meeting of Shareholders is held in Luxembourg on the first Thursday of October of each year at noon or, if such date is not a Business Day in Luxembourg, on the next following Business Day. If permitted by and under the conditions set forth in Luxembourg laws and regulations, the annual general meeting of Shareholders may be held at a date, time or place other than those set forth in the preceding paragraph, that date, time or place to be decided by the Board and specified in the notice of meeting. Other meetings of Shareholders or funds meetings may be held at such place and time as may be specified in the respective notices of meeting. Notices of meetings of Shareholders are given in accordance with Luxembourg Law and the Articles of Incorporation by publication in the Mémorial and the d’Wort in Luxembourg and in other newspapers as decided from time to time by the Directors. Written notice will be sent to registered Shareholders at least 8 days prior to each meeting. All notices of meetings specify the time, place and agenda of the meeting, and the quorum and voting requirements. The Shareholders of any fund may hold, at any time, general meetings to decide on matters which relate exclusively to that fund. Under the conditions set forth in Luxembourg laws and regulations, the notice of any general meeting of shareholders may provide that the quorum and the majority at this general meeting shall be determined according to the shares issued and outstanding at a certain date and time preceding the general meeting (the “Record Date”), whereas the right of a Shareholder to attend a general meeting of Shareholders and to exercise the voting rights attaching to their shares shall be determined by reference to shares held by this Shareholder as at the Record Date. The Fund’s financial year ends on 30 April each year. The Fund’s annual report incorporating financial statements is published within four months after the end of the financial year and at least two weeks before the annual general meeting of Shareholders. The Fund’s accounting records are separately maintained in each fund’s Reference Currency. Annual accounts are presented in the funds’ Reference Currencies with consolidated accounts presented in US Dollars. The Fund publishes a semi-annual unaudited financial report, containing a list of each fund’s holdings and their market values, within two months of the date to which it is made up. The annual and semi-annual reports can be downloaded from the website www.fidelityinternational.com or may be obtained, free of charge, on request from the Management Company, the Distributors or the representatives of the Fund. Any communications to Shareholders will be published on the respective local / country websites and/or may be notified via e-mail, (in the latter case only) where a Shareholder has consented and provided an e-mail address to the Management Company for such purposes. When specifically prescribed under applicable law or regulation, Shareholders will also be notified in writing or in such other manner as required. In addition to the information made available to Shareholders within the Cash funds in accordance with the main part of the Prospectus, the following information will be made available on a weekly basis: - the maturity breakdown of the portfolio of the relevant Cash fund; - the credit profile of the relevant Cash fund; - the average length of time to legal maturity of all of the underlying assets on a Money Market Fund reflecting the relative holding of each asset (“WAL”) and the average length of time to legal maturity or, if shorter, to the next interest ratereset to a money market rate, of all of the underlying assets in a Money Market Fund reflecting the relative holdings in each asset (“WAM”); - details of the 10 largest holdings in the relevant Cash fund, including the name, country, maturity and asset type, the counterparty in the case of repurchase and reverse repurchase agreements; - the total value of the relevant Cash fund; and - the net yield of the relevant Cash fund. - ##### Taxation
en
es
DOLFIN3764
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ### Launch Date and Currency Sub-Fund's launch date: June 22, 2006. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR. 20% 10% 0% -10% -20%
### Fecha de lanzamiento y Moneda de referencia Fecha de lanzamiento del subfondo: 22 de junio de 2006. La moneda de referencia del Subfondo es EUR. La rentabilidad pasada se calculó en EUR. 20% 10% 0% -10% -20%
### Launch Date and Currency Sub-Fund's launch date: June 22, 2006. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR. 20% 10% 0% -10% -20%
en
es
DOLFIN3767
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objective and Investment Policy ## Investment Objective The Sub-Fund seeks to achieve a mix of income and capital growth measured in Euro by investing in investment grade corporate debt securities from issuers located worldwide, over a medium term period. ## Investment Policy The Sub-Fund is managed in order to capture the credit premium offered by the corporate credit market in an economical manner. The following investment decisions are undertaken after comprehensive macro and microeconomic analysis of the market: - sector allocation - geographical allocation - credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) - issuer selection - instrument selection. The Sub-Fund invests: - essentially in corporate or government bonds rated investment grade at the time of purchase (the arithmetic average of available ratings from Standard & Poor's, Moody's, or Fitch will be considered) issued worldwide, mainly denominated in Euro - in the case of a downgrade of securities in portfolio, up to 5% of its net assets in sub-investment grade securities rated between BB+ and B- (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered) or if unrated then deemed to be so by the Investment Manager in the best interest of the Sub-Fund's shareholders. The Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered) or if unrated then deemed to be so by the Investment Manager in the best interest of the Sub-Fund's Shareholders. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered) or
# Objetivos y política de inversión ## Objetivo de Inversión El objetivo del Subfondo es obtener una combinación de crecimiento de las rentas y apreciación del capital, expresada en euros, a medio plazo invirtiendo en títulos de deuda corporativa de primera calidad crediticia (investment grade) de emisores ubicados en todo el mundo. ## Política de inversión El Subfondo está gestionado con el fin de captar la prima de crédito ofrecida por el mercado de crédito corporativo de forma rentable. Las siguientes decisiones de inversión se toman tras un análisis microeconómico y macroeconómico exhaustivo del mercado: - distribución sectorial - distribución geográfica - posicionamiento en la curva de crédito (la curva de crédito ilustra la relación entre el plazo de la inversión y el rendimiento crediticio) - selección de emisores - selección de instrumentos. El Subfondo invierte: - fundamentalmente en bonos corporativos o públicos con calificación de primera calidad crediticia (investment grade) en el momento de su adquisición (se considerará la media aritmética de las calificaciones disponibles de Standard & Poor’s, Moody’s o Fitch) emitidos en todo el mundo, principalmente denominados en euros - en caso de rebaja de la calificación crediticia de los títulos de la cartera, hasta el 5 % de su patrimonio neto en valores con una calificación inferior a la primera calidad crediticia, entre BB+ y B- (se considerará la media aritmética de las calificaciones disponibles de Standard & Poor’s, Moody’s o Fitch), o, en caso de carecer de calificación, así los considere el gestor de inversiones en interés de los accionistas del Subfondo. El Subfondo no invertirá en títulos con calificación CCC+ o inferior de Standard & Poor’s o calificación equivalente según Moody’s o Fitch (se considerará la calificación más reducida) o, en caso de carecer de calificación, así los considere el gestor de inversiones en interés de los accionistas del Subfondo. En caso de rebaja de calificación por debajo de B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch (se
# Objective and Investment Policy ## Investment Objective The Sub-Fund seeks to achieve a mix of income and capital growth measured in Euro by investing in investment grade corporate debt securities from issuers located worldwide, over a medium term period. ## Investment Policy The Sub-Fund is managed in order to capture the credit premium offered by the corporate credit market in an economical manner. The following investment decisions are undertaken after comprehensive macro and microeconomic analysis of the market: - sector allocation - geographical allocation - credit curve positioning (the credit curve illustrates the relationship between investment term and credit yield) - issuer selection - instrument selection. The Sub-Fund invests: - essentially in corporate or government bonds rated investment grade at the time of purchase (the arithmetic average of available ratings from Standard & Poor's, Moody's, or Fitch will be considered) issued worldwide, mainly denominated in Euro - in the case of a downgrade of securities in portfolio, up to 5% of its net assets in sub-investment grade securities rated between BB+ and B- (the arithmetic average of available ratings from Standard & Poor's, Moody's and Fitch will be considered) or if unrated then deemed to be so by the Investment Manager in the best interest of the Sub-Fund's shareholders. The Sub-Fund will not invest in securities rated CCC+ or below by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered) or if unrated then deemed to be so by the Investment Manager in the best interest of the Sub-Fund's Shareholders. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch (the lowest rating will be considered) or
en
es
DOLFIN3774
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and Investment Policy - The fund aims to provide an attractive income while maintaining an average duration of investments that does not exceed three years. - The fund will invest at least 50% in investment grade bonds, with the balance invested in, but not limited to, high-yielding bonds, which normally carry sub-investment grade ratings, and emerging market bonds. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions. Such balance will not be required to meet minimum credit rating standards. - The fund will invest at least 70% in a portfolio of global bonds, including, but not limited to, investment grade bonds of varying maturities, and high yield bonds and emerging market bonds denominated in various currencies. - 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. - 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. - The fund is actively managed without reference to an index. - Income earned by the fund is reinvested in additional shares or paid to shareholders on request. - The fund’s source of income will mainly be generated from coupon payments from bond holdings. - Shares can usually be bought and sold each business day of the fund.
# Objetivos y política de inversión - El fondo tiene como objetivo proporcionar unas rentas atractivas, al tiempo que mantiene una duración media de las inversiones que no excede de tres años. - El fondo invertirá al menos un 50 % en bonos de grado de inversión con el saldo invertido, entro otros, en bonos de alta rentabilidad, que normalmente están calificados con grado especulativo, y bonos de mercados emergentes. Los mercados emergentes incluyen América Latina, Sudeste Asiático, África, Europa del Este (incluida Rusia) y Oriente Medio, aunque también se podrá invertir en otras regiones. Dicho saldo no deberá cumplir ningún criterio mínimo de calificación crediticia. - El fondo invertirá al menos el 70 % en una cartera de bonos de todo el mundo, incluidos, entre otros, bonos de grado de inversión de diferentes vencimientos y bonos de alta rentabilidad y de mercados emergentes denominados en diferentes divisas. - 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. - 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. - El Subfondo se gestiona de forma activa sin tener un índice como referencia. - Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten. - Los ingresos del fondo procederán principalmente de los pagos de cupones procedentes de las posiciones en renta fija. - Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
# Objectives and Investment Policy - The fund aims to provide an attractive income while maintaining an average duration of investments that does not exceed three years. - The fund will invest at least 50% in investment grade bonds, with the balance invested in, but not limited to, high-yielding bonds, which normally carry sub-investment grade ratings, and emerging market bonds. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions. Such balance will not be required to meet minimum credit rating standards. - The fund will invest at least 70% in a portfolio of global bonds, including, but not limited to, investment grade bonds of varying maturities, and high yield bonds and emerging market bonds denominated in various currencies. - 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. - 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. - The fund is actively managed without reference to an index. - Income earned by the fund is reinvested in additional shares or paid to shareholders on request. - The fund’s source of income will mainly be generated from coupon payments from bond holdings. - Shares can usually be bought and sold each business day of the fund.
en
es
DOLFIN3783
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off charges taken before or after you invest: | | --- | | Entry charge | 0.00% | | Exit charge | 0.00% | | These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale pro- ceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. | | Charges taken from the Fund over a year: | | Ongoing charges | 1.04% | | Charges taken from the Fund under specific conditions: | | Performance fee | 1.06% |
| Gastos no recurrentes percibidos con anterioridad o con posterio- ridad a la inversión: | | --- | | Gastos de entrada | 0,00% | | Gastos de salida | 0,00% | | Este es el máximo que puede detraerse de su capital, antes de proce- der a la inversión y antes de abonar el producto de la inversión. En al- gunos casos podría pagar menos, consulte con su asesor financiero. | | Gastos detraídos del Fondo a lo largo de un año: | | Gastos corrientes | 1,04% | | Gastos detraídos del Fondo en determinadas condiciones específi- cas: | | Comisión de rentabilidad | 1,06% |
| One-off charges taken before or after you invest: | | --- | | Entry charge | 0.00% | | Exit charge | 0.00% | | These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale pro- ceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. | | Charges taken from the Fund over a year: | | Ongoing charges | 1.04% | | Charges taken from the Fund under specific conditions: | | Performance fee | 1.06% |
en
es
DOLFIN3788
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The risk of a deterioration in the credit quality of or default by a public or private issuer. The UCI's exposure to issuers either through direct investment or via other UCI may give rise to a decline in the net asset value. If the UCI is exposed to unrated or speculative/high yield debt, the credit risk is high and may lead to a decline in the UCI’s net asset value. - #### Foreign exchange risk
El riesgo de crédito corresponde a la degradación de la calidad crediticia o de incumplimiento de un emisor privado o público. La exposición a los emisores en los que invierte la IIC directamente o a través de otras IICs puede causar una reducción del valor liquidativo. En caso de exposición a deudas no calificadas o pertenecientes a la categoría «especulativa/ high yield», existe un riesgo de crédito importante que puede conllevar una reducción del valor liquidativo de la IIC. - #### Riesgo de cambio
The risk of a deterioration in the credit quality of or default by a public or private issuer. The UCI's exposure to issuers either through direct investment or via other UCI may give rise to a decline in the net asset value. If the UCI is exposed to unrated or speculative/high yield debt, the credit risk is high and may lead to a decline in the UCI’s net asset value. - #### Foreign exchange risk
en
es
DOLFIN3814
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 | -8.2 | -48.1 | -5.2 | -21.9 | 50.9 | 2.7 | -17.6 | 34.5 | 28.4 | -10.6 | | Constraint †¹ | -15.4 | -53.2 | -15.2 | -21.4 | 59.6 | 9.1 | -11.3 | 41.2 | 23.2 | -12.7 | The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch. Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300. Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella. BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus. Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds. Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus. The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company. This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022
# Información Práctica Rentabilidad histórica hasta el 31 de diciembre de 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fondo | -8,2 | -48,1 | -5,2 | -21,9 | 50,9 | 2,7 | -17,6 | 34,5 | 28,4 | -10,6 | | Limitación †¹ | -15,4 | -53,2 | -15,2 | -21,4 | 59,6 | 9,1 | -11,3 | 41,2 | 23,2 | -12,7 | El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo. Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300. Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo. El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas. BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo. Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos. Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto. La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión. Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 09 febrero 2022
# Practical Information Historic performance to 31 December 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fund | -8.2 | -48.1 | -5.2 | -21.9 | 50.9 | 2.7 | -17.6 | 34.5 | 28.4 | -10.6 | | Constraint †¹ | -15.4 | -53.2 | -15.2 | -21.4 | 59.6 | 9.1 | -11.3 | 41.2 | 23.2 | -12.7 | The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch. Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300. Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella. BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus. Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds. Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus. The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company. This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 09 February 2022
en
es
DOLFIN3823
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Practical information The Depositary of the Fund is BNP Paribas S.A., Germany Branch. The information relating to the responsible paying agents can be found on our website at www.la-francaise-systematic-am.com. This Fund distributes part of its profits to investors. The Fund is subject to the German Investmentsteuergesetz (Investment Tax Act). This may affect how you are taxed on your income from the Fund. The Sales Prospectus, the current reports, the current unit prices and further information on La Française Systematic Global Listed Infrastructure (I) can be found free of charge in German on our website at www.la-francaise-systematic- am.com. Information about the company's current remuneration policy is published on our website at www.la-francaise-systematic-am.com. This includes a description of the calculation methods used for remuneration and for gratuities that are paid to specific groups of employees as well as a statement of the persons who are responsible for the allocation. Upon request the information will be provided to you by the Company in hard copy free of charge. This document refers to unit class (I) of La Française Systematic Global Listed Infrastructure. Information about other unit classes of the Fund which are distributed can be found on the website, www.la-francaise-systematic-am.com. La Française Systematic Asset Management GmbH may only be held liable on the basis of a statement contained in this document which is misleading, incorrect or inconsistent with the relevant parts of the Sales Prospectus. This Fund is licensed in Germany and is regulated by the Federal Financial Supervisory Authority (BaFin). La Française Systematic Asset Management GmbH is licensed in Germany and is regulated by BaFin. This Key Investor Information Document is accurate and reflects the position as at 01/10/2022.
# Información práctica El depositario del Fondo es BNP Paribas S.A., sucursal de Alemania. Puede encontrar información sobre los organismos pagadores responsables en nuestra página web www.la-francaise-systematic-am.com. Este Fondo distribuye parte de sus beneficios al inversor. El Fondo está sujeto a la Ley tributaria de inversión alemana (Investmentsteuergesetz). Esto puede afectar a la forma en que se gravan sus ingresos del Fondo. El folleto informativo, los informes actuales, los precios actuales de las acciones y más información sobre el La Française Systematic Global Listed Infrastructure (I) se pueden encontrar de forma gratuita en alemán en nuestra página web www.la-francaise-systematic-am.com. La información sobre la política de remuneración actual de la Sociedad se publica en nuestra página web en www.la-francaise-systematic-am.com. Aquí se incluye una descripción de los métodos de cálculo de la remuneración y las donaciones para ciertos grupos de empleados, así como la información de las personas responsables de la asignación. A petición, la Sociedad le proporcionará la información en papel de forma gratuita. El presente documento se refiere a la clase de acciones (I) La Française Systematic Global Listed Infrastructure. La información sobre otras clases de acciones del Fondo en venta se puede encontrar en la página web www.la- francaise-systematic-am.com. La Française Systematic Asset Management GmbH solo puede ser considerada responsable sobre la base de una declaración incluida en este documento que sea engañosa, incorrecta o incoherente con las partes relevantes del folleto informativo. Este Fondo está aprobado en Alemania y está regulado por la Autoridad Federal de Supervisión Financiera (BaFin). La Française Systematic Asset Management GmbH está aprobada en Alemania y está regulada por la BaFin. Esta información clave para el inversor es correcta y está actualizada a fecha de 01-10-2022.
# Practical information The Depositary of the Fund is BNP Paribas S.A., Germany Branch. The information relating to the responsible paying agents can be found on our website at www.la-francaise-systematic-am.com. This Fund distributes part of its profits to investors. The Fund is subject to the German Investmentsteuergesetz (Investment Tax Act). This may affect how you are taxed on your income from the Fund. The Sales Prospectus, the current reports, the current unit prices and further information on La Française Systematic Global Listed Infrastructure (I) can be found free of charge in German on our website at www.la-francaise-systematic- am.com. Information about the company's current remuneration policy is published on our website at www.la-francaise-systematic-am.com. This includes a description of the calculation methods used for remuneration and for gratuities that are paid to specific groups of employees as well as a statement of the persons who are responsible for the allocation. Upon request the information will be provided to you by the Company in hard copy free of charge. This document refers to unit class (I) of La Française Systematic Global Listed Infrastructure. Information about other unit classes of the Fund which are distributed can be found on the website, www.la-francaise-systematic-am.com. La Française Systematic Asset Management GmbH may only be held liable on the basis of a statement contained in this document which is misleading, incorrect or inconsistent with the relevant parts of the Sales Prospectus. This Fund is licensed in Germany and is regulated by the Federal Financial Supervisory Authority (BaFin). La Française Systematic Asset Management GmbH is licensed in Germany and is regulated by BaFin. This Key Investor Information Document is accurate and reflects the position as at 01/10/2022.
en
es
DOLFIN3834
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Alger SICAV – Alger Dynamic Opportunities Fund Class A US shares of Alger SICAV – Alger Dynamic Opportunities Fund returned -15.45% during the fiscal 12-month period ended 31 December 2022, compared to the -18.11% return of the S&P 500 Index. During the reporting period, the Sub-Fund’s average long exposure was 78.10%. The negative return of long positions, in aggregate, underperformed the Sub-Fund’s benchmark. The Sub-Fund’s average short exposure for the 12-month period was -38.35%. Short exposure, in aggregate, outperformed the Sub-Fund’s benchmark and contributed to both absolute and relative performance. Net exposure, which is the difference between long and short exposure, was 39.75%. Based on net exposure, the Information Technology and Health Care sectors were the largest sector weightings during the reporting period. The Energy and Industrials sectors were the only sector overweightings.
# Alger SICAV – Alger Dynamic Opportunities Fund Las acciones de Clase A US del Alger SICAV – Alger Dynamic Opportunities Fund obtuvieron una rentabilidad del -15,45 % durante el período fiscal de doce meses cerrado el 31 de diciembre de 2022, frente al -18,11 % del índice S&P 500. En el período analizado, la exposición media del Subfondo a posiciones largas fue del 78,10 %. La rentabilidad negativa de estas posiciones, en su conjunto, situó al Subfondo a la zaga del índice de referencia. En promedio, la exposición corta del Subfondo correspondiente al período de 12 meses fue del - 38,35 %. En conjunto, la exposición corta tuvo un rendimiento superior al índice de referencia del Subfondo y contribuyó a la rentabilidad absoluta y relativa. La exposición neta, es decir, la diferencia entre la exposición larga y la corta, fue del 39,75 %. En términos de exposición neta, las mayores ponderaciones por sectores durante el período analizado correspondieron a los sectores de tecnología de la información y atención sanitaria. Los sectores de energía e industria fueron las únicas sobreponderaciones sectoriales.
# Alger SICAV – Alger Dynamic Opportunities Fund Class A US shares of Alger SICAV – Alger Dynamic Opportunities Fund returned -15.45% during the fiscal 12-month period ended 31 December 2022, compared to the -18.11% return of the S&P 500 Index. During the reporting period, the Sub-Fund’s average long exposure was 78.10%. The negative return of long positions, in aggregate, underperformed the Sub-Fund’s benchmark. The Sub-Fund’s average short exposure for the 12-month period was -38.35%. Short exposure, in aggregate, outperformed the Sub-Fund’s benchmark and contributed to both absolute and relative performance. Net exposure, which is the difference between long and short exposure, was 39.75%. Based on net exposure, the Information Technology and Health Care sectors were the largest sector weightings during the reporting period. The Energy and Industrials sectors were the only sector overweightings.
en
es
DOLFIN3840
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Investment of €10,000 | 3 years (Minimum recommended holding period) | 5 years (Recommended holding period) | | --- | --- | --- | | Market tension scenario | What you could get back after the deduction of costs | 6 134.43 € | 5 067.77 € | | Average annual yield (%) | -15.03% | -12.71% | | Unfavourable scenario | What you could get back after the deduction of costs | 7 524.10 € | 6 861.82 € | | Average annual yield (%) | -9.05% | -7.26% | | Moderate scenario | What you could get back after the deduction of costs | 10 270.78 € | 10 396.14 € | | Average annual yield (%) | 0.89% | 0.78% | | Favourable scenario | What you could get back after the deduction of costs | 12 746.03 € | 13 591.66 € | | Average annual yield (%) | 8.42% | 6.33% |
| Inversión de 10.000 € | 3 años (Período mínimo de mantenimiento recomendado) | 5 años (Período de mantenimiento recomendado) | | --- | --- | --- | | Escenario de tensión | Lo que podría recibir tras deducir los costes | 6 134.43 € | 5 067.77 € | | Rendimiento medio cada año (%) | -15.03% | -12.71% | | Escenario desfavorable | Lo que podría recibir tras deducir los costes | 7 524.10 € | 6 861.82 € | | Rendimiento medio cada año (%) | -9.05% | -7.26% | | Escenario moderado | Lo que podría recibir tras deducir los costes | 10 270.78 € | 10 396.14 € | | Rendimiento medio cada año (%) | 0.89% | 0.78% | | Escenario favorable | Lo que podría recibir tras deducir los costes | 12 746.03 € | 13 591.66 € | | Rendimiento medio cada año (%) | 8.42% | 6.33% |
| Investment of €10,000 | 3 years (Minimum recommended holding period) | 5 years (Recommended holding period) | | --- | --- | --- | | Market tension scenario | What you could get back after the deduction of costs | 6 134.43 € | 5 067.77 € | | Average annual yield (%) | -15.03% | -12.71% | | Unfavourable scenario | What you could get back after the deduction of costs | 7 524.10 € | 6 861.82 € | | Average annual yield (%) | -9.05% | -7.26% | | Moderate scenario | What you could get back after the deduction of costs | 10 270.78 € | 10 396.14 € | | Average annual yield (%) | 0.89% | 0.78% | | Favourable scenario | What you could get back after the deduction of costs | 12 746.03 € | 13 591.66 € | | Average annual yield (%) | 8.42% | 6.33% |
en
es
DOLFIN3843
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Market development Credit markets delivered negative total returns in September, as underlying government bond yields moved up and credit spreads widened. Markets became increasingly concerned about a recession. This was driven by hawkish central bank statements on inflation and fears of energy disruptions in Europe. The Nord Stream gas pipelines were ruptured in three separate places after explosions were detected under the Baltic Sea. In the UK, the fiscal plans of the new government caused a lot of market volatility, with a large increase in Gilt yields and sterling weakening. In Europe, headline inflation hit double digits, with numbers as high as 17% in the Netherlands. Italian politics remains a potential risk after Giorgia Meloni won the Italian elections with her party Brothers of Italy. New subordinated bonds that came to the market in September were for instance Allianz Tier 2, Raiffeisen Tier 2 and Nykredit Tier 2. In early October, Credit Suisse bonds widened significantly after a weekend with a lot of negative (Twitter) news. We think this widening is overdone and we hold on to our position in senior bonds.
# Evolución del mercado El rendimiento total del crédito fue negativo en septiembre, al retroceder la deuda pública subyacente y ampliarse los diferenciales de crédito. La recesión preocupa cada vez más a los mercados. Ello obedece a la dureza de los bancos centrales sobre la inflación, y al temor a perturbaciones energéticas en Europa. El gaseoducto Nord Stream fue perforado en tres sitios distintos tras registrarse explosiones en el Mar Báltico. En el Reino Unido, los planes fiscales del nuevo gobierno dispararon la volatilidad del mercado, con un gran aumento de la rentabilidad del gilt y caída de la libra. En Europa, la inflación general llegó a dos dígitos, con cifras de hasta un 17% en Países Bajos. La política italiana sigue siendo un riesgo, tras ganar Giorgia Meloni las elecciones italianas con su partido Hermanos de Italia. En septiembre salieron al mercado nuevos bonos subordinados, como Allianz Tier 2, Raiffeisen Tier 2 y Nykredit Tier 2. Los bonos de Credit Suisse se ampliaron mucho al empezar octubre, tras un fin de semana con muchas noticias adversas (Twitter). Creemos que la ampliación es excesiva y mantenemos la posición en bonos sénior.
# Market development Credit markets delivered negative total returns in September, as underlying government bond yields moved up and credit spreads widened. Markets became increasingly concerned about a recession. This was driven by hawkish central bank statements on inflation and fears of energy disruptions in Europe. The Nord Stream gas pipelines were ruptured in three separate places after explosions were detected under the Baltic Sea. In the UK, the fiscal plans of the new government caused a lot of market volatility, with a large increase in Gilt yields and sterling weakening. In Europe, headline inflation hit double digits, with numbers as high as 17% in the Netherlands. Italian politics remains a potential risk after Giorgia Meloni won the Italian elections with her party Brothers of Italy. New subordinated bonds that came to the market in September were for instance Allianz Tier 2, Raiffeisen Tier 2 and Nykredit Tier 2. In early October, Credit Suisse bonds widened significantly after a weekend with a lot of negative (Twitter) news. We think this widening is overdone and we hold on to our position in senior bonds.
en
es
DOLFIN3855
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and investment policy 1 The Fund aims to generate capital growth over the medium to long term by providing exposure to a range of assets. The Fund aims to target a stable level of volatility regardless of market conditions by allocating all or substantially all of its assets in accordance with a quantitative investment approach. This approach uses computerised processes to identify investment opportunities. The Fund may, directly and indirectly, invest over 20% of its net asset value in emerging markets. 1 The Fund's exposure to different investments is determined in accordance with formulas used by its computer-based model using various techniques, including 'volatility scaling'. According to this technique, a particular market's volatility is measured; if the market is turbulent and returns are volatile, the Fund's exposure to that market will be reduced. Exposure will be increased where a market is calm. 1 The Portfolio has set an annualised volatility target of 10% of Net Asset Value. 1 The Fund may also use money market instruments and cash, currencies, government debt instruments and other liquid assets for cash management purposes. 1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the 60%/40% Composite Index (60% MSCI World Net Total Return Hedged, 40% Barclays Capital Global Aggregate Bond Index Hedged) and is not constrained by it, it is included here for performance comparison purposes only. The Fund may not hold all or any of the benchmark components.
# Objetivos y política de inversión 1 El Fondo tiene como objetivo generar la revalorización del capital a medio y largo plazo proporcionando exposición a una variedad de activos. El Fondo pretende lograr un nivel estable de volatilidad, independientemente de las condiciones del mercado, mediante la asignación de la totalidad o la práctica totalidad de sus activos de conformidad con un enfoque de inversión cuantitativo. Este enfoque utiliza procesos informatizados para identificar oportunidades de inversión. El Fondo podrá invertir, directa e indirectamente, más del 20% de su patrimonio neto en mercados emergentes. 1 La exposición del Fondo a las diferentes inversiones se determina de acuerdo con las fórmulas de su modelo informatizado que utiliza diversas técnicas, incluyendo el "escalamiento de la volatilidad". Con arreglo a esta técnica, se mide la volatilidad de un mercado en particular y, si el mercado se encuentra en una fase turbulenta y la rentabilidad es volátil, se reducirá la exposición del Fondo a dicho mercado. La exposición se incrementará cuando un mercado esté en calma. 1 La Cartera ha establecido un objetivo de volatilidad anualizada del 10% del Valor Liquidativo. 1 Además, el Fondo podrá utilizar instrumentos del mercado monetario, efectivo, divisas, instrumentos de deuda soberana y otros activos líquidos con fines de gestión del efectivo. 1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice compuesto en un 60%/40% (60% MSCI World Net Total Return Hedged, 40% Barclays Capital Global Aggregate Bond Index Hedged) y no está limitado por él. Su inclusión responde únicamente a fines de comparación de rentabilidad. El Fondo podrá invertir en todos o en ninguno de los componentes del Índice de referencia.
# Objectives and investment policy 1 The Fund aims to generate capital growth over the medium to long term by providing exposure to a range of assets. The Fund aims to target a stable level of volatility regardless of market conditions by allocating all or substantially all of its assets in accordance with a quantitative investment approach. This approach uses computerised processes to identify investment opportunities. The Fund may, directly and indirectly, invest over 20% of its net asset value in emerging markets. 1 The Fund's exposure to different investments is determined in accordance with formulas used by its computer-based model using various techniques, including 'volatility scaling'. According to this technique, a particular market's volatility is measured; if the market is turbulent and returns are volatile, the Fund's exposure to that market will be reduced. Exposure will be increased where a market is calm. 1 The Portfolio has set an annualised volatility target of 10% of Net Asset Value. 1 The Fund may also use money market instruments and cash, currencies, government debt instruments and other liquid assets for cash management purposes. 1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the 60%/40% Composite Index (60% MSCI World Net Total Return Hedged, 40% Barclays Capital Global Aggregate Bond Index Hedged) and is not constrained by it, it is included here for performance comparison purposes only. The Fund may not hold all or any of the benchmark components.
en
es
DOLFIN3862
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Initial Offer means the initial offering for subscription of the Shares during the Initial Offer Period and at the Initial Issue Price as specified in the Supplement for the relevant Fund. Initial Offer Period means the period during which Shares are initially offered at the Initial Issue Price as set out in the relevant Supplement as may be shortened or extended by the Directors at their discretion. Initial Issue Price means the price (excluding any preliminary charge) per Share at which Shares are initially offered in a Fund for such period as is specified in the relevant Supplement for each Fund. Intermediary means a person who (a) carries on a business which consists of, or includes, the receipt of payments from an investment undertaking resident in Ireland on behalf of other persons, or (b) holds shares in an investment undertaking on behalf of other persons. Investment Manager means Insight Investment Funds Management Limited or any other person or persons for the time being duly appointed investment manager of the Company or of any of the Company's Funds in succession to Insight Investment Funds Management Limited that has been appointed in accordance with the Central Bank Rules.
# Oferta inicial significa la oferta inicial para la suscripción de Acciones durante el Periodo de oferta inicial al Precio de emisión inicial según se indica en el Suplemento del Subfondo pertinente. Periodo de oferta inicial significa el periodo en el que las Acciones se ofrecen inicialmente al Precio de emisión inicial según se indica en el Suplemento pertinente, periodo que los Consejeros podrán ampliar o reducir a su entera discreción. Precio de emisión inicial significa el precio (excluyendo cualquier comisión de suscripción inicial) por Acción al que se ofrecen inicialmente las Acciones de un Subfondo durante el periodo que se especifique en el Suplemento del Subfondo pertinente. Intermediario significa una persona que (a) lleve a cabo negocios que consistan en, o incluyan, la recepción de pagos provenientes de un organismo de inversión residente en Irlanda en nombre de otras personas o (b) que posea acciones de un organismo de inversión en nombre de otras personas. Gestora de inversiones Significa Insight Investment Funds Management Limited o cualquier otra persona o personas debidamente designadas en su momento que le suceda como gestora de inversiones de la Sociedad o de cualquiera de sus Subfondos y que haya sido nombrada de conformidad con las Normas del Banco Central.
# Initial Offer means the initial offering for subscription of the Shares during the Initial Offer Period and at the Initial Issue Price as specified in the Supplement for the relevant Fund. Initial Offer Period means the period during which Shares are initially offered at the Initial Issue Price as set out in the relevant Supplement as may be shortened or extended by the Directors at their discretion. Initial Issue Price means the price (excluding any preliminary charge) per Share at which Shares are initially offered in a Fund for such period as is specified in the relevant Supplement for each Fund. Intermediary means a person who (a) carries on a business which consists of, or includes, the receipt of payments from an investment undertaking resident in Ireland on behalf of other persons, or (b) holds shares in an investment undertaking on behalf of other persons. Investment Manager means Insight Investment Funds Management Limited or any other person or persons for the time being duly appointed investment manager of the Company or of any of the Company's Funds in succession to Insight Investment Funds Management Limited that has been appointed in accordance with the Central Bank Rules.
en
es
DOLFIN3866
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS | | --- | --- | --- | | Stress scenario | What you might get back after costs | USD 960 | USD 1,010 | | | Average return each year % | -90.40% | -36.78% | | Unfavourable scenario | What you might get back after costs | USD 8,390 | USD 7,970 | | | Average return each year % | -16.10% | -4.44% | | Moderate scenario | What you might get back after costs | USD 11,440 | USD 17,900 | | | Average return each year % | 14.40% | 12.35% | | Favourable scenario | What you might get back after costs | USD 15,520 | USD 22,850 | | | Average return each year % | 55.20% | 17.97% |
| | 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 960 | USD 1.010 | | | Rendimiento medio cada año | -90,40% | -36,78% | | Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 8.390 | USD 7.970 | | | Rendimiento medio cada año | -16,10% | -4,44% | | Escenario moderado | Lo que podría recibir tras deducir los costes | USD 11.440 | USD 17.900 | | | Rendimiento medio cada año | 14,40% | 12,35% | | Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15.520 | USD 22.850 | | | Rendimiento medio cada año | 55,20% | 17,97% |
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS | | --- | --- | --- | | Stress scenario | What you might get back after costs | USD 960 | USD 1,010 | | | Average return each year % | -90.40% | -36.78% | | Unfavourable scenario | What you might get back after costs | USD 8,390 | USD 7,970 | | | Average return each year % | -16.10% | -4.44% | | Moderate scenario | What you might get back after costs | USD 11,440 | USD 17,900 | | | Average return each year % | 14.40% | 12.35% | | Favourable scenario | What you might get back after costs | USD 15,520 | USD 22,850 | | | Average return each year % | 55.20% | 17.97% |
en
es
DOLFIN3867
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Model amendments and editorial changes As part of an editorial change, the special risk factors relating to investments in emerging markets previously listed in the Annexes relating specifically to the MainFirst – Emerging Markets Corporate Bond Fund Balanced and MainFirst – Emerging Markets Credit Opportunities Fund sub-funds have been included as a supplement to the general emerging markets risks (item 17.7(n)) and deleted from the two Annexes concerned. Other general editorial changes were also made, such as the expansion of the glossary, an update of the members of the Board of Directors of the Management Company (item 2.17) and the addition of a risk notice in connection with the exercise of securities lending transactions (item 17.7(t)). -
# Adaptación del modelo y cambios en la redacción En el marco de un cambio en la redacción, los factores específicos de riesgo relativos a las inversiones en mercados emergentes que antes figuraban en los anexos específicos de los subfondos MainFirst – Emerging Markets Corporate Bond Fund Balanced y MainFirst – Emerging Markets Credit Opportunities Fund se han incluido para completar los riesgos generales de los mercados emergentes (punto 17.7 (n)), eliminándose los dos anexos correspondientes. Además, se han introducido otros cambios de carácter general en la redacción, como la ampliación del glosario, una actualización de los miembros del consejo de administración de la sociedad gestora (punto 2.17) y la inclusión de una nota de riesgo relativa al ejercicio de las operaciones de préstamo de valores (punto 17.7 (t)). -
# Model amendments and editorial changes As part of an editorial change, the special risk factors relating to investments in emerging markets previously listed in the Annexes relating specifically to the MainFirst – Emerging Markets Corporate Bond Fund Balanced and MainFirst – Emerging Markets Credit Opportunities Fund sub-funds have been included as a supplement to the general emerging markets risks (item 17.7(n)) and deleted from the two Annexes concerned. Other general editorial changes were also made, such as the expansion of the glossary, an update of the members of the Board of Directors of the Management Company (item 2.17) and the addition of a risk notice in connection with the exercise of securities lending transactions (item 17.7(t)). -
en
es
DOLFIN3868
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: February 20, 2014. The reference currency of the Sub-Fund is USD. 60% 40% 20% 0%
### Fecha de lanzamiento y Moneda de referencia Fecha de lanzamiento del subfondo: 20 de febrero de 2014. La moneda de referencia del Subfondo es USD. 60% 40% 20% 0%
### Launch Date and Currency Sub-Fund's launch date: February 20, 2014. The reference currency of the Sub-Fund is USD. 60% 40% 20% 0%
en
es
DOLFIN3881
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and Investment Policy The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund's assets. The Fund invests at least 70% of its total assets in fixed income securities, which have a relatively low credit rating or are unrated, issued by governments and agencies of, or companies domiciled in, or exercising the predominant part of their economic activity in the Asia Pacific region. The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated. These include bonds and money market instruments (i.e. debt securities with short term maturities). The Asia Pacific region refers to the countries in the Asian continent and the surrounding Pacific islands including Australia and New Zealand but excluding Japan. Many of these countries are developing countries. The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the ICE BofAML Blended Index: ACCY, 20% LvI4 Cap 3% Constrained Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope and credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be distributing (i.e. dividend income will be paid quarterly on the shares). 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$5,000 or other currency equivalent. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
# Objetivos y política de inversión El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo. El Subfondo invierte al menos el 70% de sus activos totales en valores de renta fija que tengan una calificación de solvencia relativamente baja o que carecen de calificación, emitidos por gobiernos y agencias de países, o por sociedades domiciliadas o que ejerzan una parte preponderante de su actividad económica en la región de Asia Pacífico. El Fondo podrá invertir en una gama completa de valores de renta fija, que podrían incluir inversiones con una calificación de solvencia relativamente baja, o carecer de calificación. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo). La región Asia Pacífico se refiere a los países del continente asiático y las islas del Pacífico circundantes, incluidas Australia y Nueva Zelanda, pero excluido Japón. Muchos de estos países son países en desarrollo. El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos). El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al ICE BofAML Blended Index: ACCY, 20% LvI4 Cap 3% Constrained Index (el «Índice») para conformar la cartera del Fondo, así como con fines de gestión de riesgos, para garantizar que el riesgo activo (es decir, el grado de desviación en relación con el Índice) asumido por el Fondo es apropiado dado el objetivo y la política de inversión del Fondo. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su poder discrecional para invertir en valores no incluidos en el Índice, con el fin de aprovechar determinadas oportunidades de inversión. No obstante, el ámbito geográfico y los requisitos de calificación de solvencia del objetivo y la política de inversión pueden tener el efecto de limitar la medida en que los valores de la cartera se pueden desviar del Índice. Los inversores deberían utilizar el Índice para comparar la rentabilidad del Fondo. Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo. Sus acciones serán distributivas (trimestralmente se pagarán ingresos por dividendo sobre las acciones). 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 5000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
# Objectives and Investment Policy The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund's assets. The Fund invests at least 70% of its total assets in fixed income securities, which have a relatively low credit rating or are unrated, issued by governments and agencies of, or companies domiciled in, or exercising the predominant part of their economic activity in the Asia Pacific region. The Fund may invest in the full range of fixed income securities which may include investments with a relatively low credit rating or which are unrated. These include bonds and money market instruments (i.e. debt securities with short term maturities). The Asia Pacific region refers to the countries in the Asian continent and the surrounding Pacific islands including Australia and New Zealand but excluding Japan. Many of these countries are developing countries. The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the ICE BofAML Blended Index: ACCY, 20% LvI4 Cap 3% Constrained Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope and credit rating requirements of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be distributing (i.e. dividend income will be paid quarterly on the shares). 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$5,000 or other currency equivalent. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
en
es
DOLFIN3882
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objective and Investment Policy ## Investment Objective The Sub-Fund seeks to achieve long term capital growth measured in Euro by investing in convertible securities markets. ## Investment Policy The Sub-Fund is actively managed in order to capture opportunities in convertible securities. Investment decisions are based on a combination of macroeconomic, sector and issuer selection. The share selection process relies on a rigorous analysis of the companies’ business model, quality of management, growth prospects and overall risk return profile. The Sub-Fund invests: - at all times at least two thirds of its total assets in convertible bonds of which the underlying shares might be issued by all capitalisations of any economic sector. The Sub-Fund will invest at least 51% in investment grade convertible securities, provided that the Sub-Fund may invest up to 49% of its total assets in sub- investment grade securitiesInvestment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months.
# Objetivos y política de inversión ## Objetivo de Inversión El objetivo del Subfondo es obtener una apreciación del capital a largo plazo, denominada en euros, invirtiendo en mercados de títulos convertibles. ## Política de inversión El Subfondo está gestionado activamente con el fin de captar oportunidades en títulos convertibles. Las decisiones de inversión se basan en una combinación de datos macroeconómicos, sectoriales y en la selección de emisores. El proceso de selección de acciones está basado en un análisis riguroso del modelo de negocio de las empresas, la calidad de su gestión, las perspectivas de crecimiento, y el perfil de riesgo y rendimiento general. El Subfondo invierte: - siempre como mínimo dos tercios de sus activos totales en bonos convertibles de los que puedan emitirse acciones subyacentes por todas las capitalizaciones de cualquier sector económico. El Subfondo invertirá como mínimo el 51 % en títulos convertibles de primera calidad crediticia (investment grade), siempre y cuando el Subfondo pueda invertir hasta el 49 % de sus activos totales en títulos con calificación por debajo de primera calidad crediticia. Los títulos de primera calidad crediticia tendrán una calificación mínima de BBB- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. Los títulos por debajo de la primera calidad crediticia estarán calificados entre BB+ y B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así los considere el gestor de inversiones. En caso de reducción de la calificación por debajo de B- de Standard & Poor’s o calificación equivalente de Moody’s o Fitch, o, en caso de no poseer calificación, así lo considere el gestor de inversiones, los títulos se venderán dentro de un plazo de 6 meses.
# Objective and Investment Policy ## Investment Objective The Sub-Fund seeks to achieve long term capital growth measured in Euro by investing in convertible securities markets. ## Investment Policy The Sub-Fund is actively managed in order to capture opportunities in convertible securities. Investment decisions are based on a combination of macroeconomic, sector and issuer selection. The share selection process relies on a rigorous analysis of the companies’ business model, quality of management, growth prospects and overall risk return profile. The Sub-Fund invests: - at all times at least two thirds of its total assets in convertible bonds of which the underlying shares might be issued by all capitalisations of any economic sector. The Sub-Fund will invest at least 51% in investment grade convertible securities, provided that the Sub-Fund may invest up to 49% of its total assets in sub- investment grade securitiesInvestment grade securities will be rated at least BBB- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. Sub-investment grade securities will be rated between BB+ and B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager. In case of downgrade below B- by Standard & Poor's or equivalent rating by Moody's or Fitch or if unrated then deemed to be so by the Investment Manager, securities will be sold within 6 months.
en
es
DOLFIN3889
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Combined charges taken from the Sub-Fund and the Master Sub-Fund over a year | | --- | | Ongoing charges | 1.00% | Based on expenses for the financial year ending 31 December 2017. | | Charges taken from the Master Sub-Fund under certain conditions | | Performance fee* | 0.00% | Charged by the Master Sub-Fund in the last financial year for performance above the hurdle rate of US CPI + 300 bps per annum |
| Los gastos combinados detraídos del Subfondo y el Subfondo Principal a lo largo de un año | | --- | | Gastos corrientes | 1,00% | Basado en los gastos del ejercicio financiero cerrado a 31 de diciembre de 2017. | | Los gastos detraídos del Subfondo Principal en condiciones específicas | | Comisión de rentabilidad* | 0,00% | Aplicado por el Subfondo Principal en el último ejercicio sobre el rendimiento por encima del valor de referencia establecido: el umbral US CPI + 300 bps per annum. |
| Combined charges taken from the Sub-Fund and the Master Sub-Fund over a year | | --- | | Ongoing charges | 1.00% | Based on expenses for the financial year ending 31 December 2017. | | Charges taken from the Master Sub-Fund under certain conditions | | Performance fee* | 0.00% | Charged by the Master Sub-Fund in the last financial year for performance above the hurdle rate of US CPI + 300 bps per annum |
en
es
DOLFIN3893
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off charges taken before or after you invest | | --- | | Entry charge | 2.50% | | Exit charge | None | | Conversion charge | 1.00% | | This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. | | Charges taken from the Sub-Fund over a year | | Ongoing charges | 0.81% | | Charges taken from the Sub-Fund under certain specific conditions | | Performance fee | 20.00% a year of any returns the Sub-Fund achieves above CEMBI Broad Diversified Index (EUR). | | Over the last accounting year, a performance fee of 0.04% was charged. |
| Gastos no recurrentes detraídos con anterioridad o posterioridad a la inversión | | --- | | Gastos de entrada | 2,50% | | Gastos de salida | Ninguno | | Gastos de conversión | 1,00% | | Este es el máximo que puede detraerse de su capital antes de que se le abone el producto de la inversión. | | Gastos detraídos del Subfondo a lo largo de un año | | Gastos corrientes | 0,81% | | Gastos detraídos del Subfondo en determinadas condiciones específicas | | Comisión de rentabilidad | 20,00% de toda la rentabilidad anual que el Compartimento obtiene por encima del índice CEMBI Broad Diversified (EUR). | | Durante el último año contable se aplicó una comisión de rentabilidad del 0,04%. |
| One-off charges taken before or after you invest | | --- | | Entry charge | 2.50% | | Exit charge | None | | Conversion charge | 1.00% | | This is the maximum that might be taken out of your money before the proceeds of your investment are paid out. | | Charges taken from the Sub-Fund over a year | | Ongoing charges | 0.81% | | Charges taken from the Sub-Fund under certain specific conditions | | Performance fee | 20.00% a year of any returns the Sub-Fund achieves above CEMBI Broad Diversified Index (EUR). | | Over the last accounting year, a performance fee of 0.04% was charged. |
en
es
DOLFIN3894
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: There is currently a lack of market data available to calculate the portfolio alignment of these funds with the Taxonomy Regulation. Therefore, notwithstanding the above disclosure relating to do no significant harm, none of the funds subject to article 8 of the SFDR currently take into account the EU criteria for environmentally sustainable economic activities. In due course, as such data becomes available to enable accurate assessment of a fund’s investments, the calculation of portfolio alignment with the EU criteria for environmentally sustainable economic activities will be made available to investors. Where a fund is not identified as subject to the disclosure requirements of article 8 or article 9 of the SFDR, the fund is subject to Article 7 of the Taxonomy Regulation and the investments underlying such a fund do not take into account the EU criteria for environmentally sustainable economic activities. - ##### Investment Policies and Objectives
Actualmente, no se dispone de datos de mercado para calcular la alineación de la cartera de estos fondos con el Reglamento de Taxonomía. Por lo tanto, sin perjuicio de la anterior divulgación en relación con «no causar un perjuicio significativo», ninguno de los fondos sujetos al artículo 8 del SFDR tiene en cuenta actualmente los criterios de la UE para las actividades económicas medioambientalmente sostenibles. En su debido momento, cuando se disponga de los datos necesarios para poder proceder a una evaluación precisa de las inversiones de un Subfondo, se pondrá a disposición de los inversores el cálculo de la alineación de la cartera con los criterios de la UE para las actividades económicas medioambientalmente sostenibles. Cuando no se indique que un Subfondo está sujeto a los requisitos de divulgación de los requisitos del Artículo 8 o 9 del SFDR, el Subfondo está sujeto al Artículo 7 del Reglamento de Taxonomía y las inversiones subyacentes a dicho Subfondo no tienen en cuenta los criterios de la UE para las actividades económicas medioambientalmente sostenibles. - ##### Objetivos y políticas de inversión
There is currently a lack of market data available to calculate the portfolio alignment of these funds with the Taxonomy Regulation. Therefore, notwithstanding the above disclosure relating to do no significant harm, none of the funds subject to article 8 of the SFDR currently take into account the EU criteria for environmentally sustainable economic activities. In due course, as such data becomes available to enable accurate assessment of a fund’s investments, the calculation of portfolio alignment with the EU criteria for environmentally sustainable economic activities will be made available to investors. Where a fund is not identified as subject to the disclosure requirements of article 8 or article 9 of the SFDR, the fund is subject to Article 7 of the Taxonomy Regulation and the investments underlying such a fund do not take into account the EU criteria for environmentally sustainable economic activities. - ##### Investment Policies and Objectives
en
es
DOLFIN3896
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 | 28.3 | 29.4 | 0.2 | 16.0 | 14.7 | 27.2 | -12.5 | 31.4 | 34.9 | 19.7 | | Constraint †¹ | 17.8 | 25.2 | 0.2 | 5.3 | 19.7 | 17.5 | -9.4 | 20.4 | 8.6 | 17.4 | 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 19 August 2022
# Información Práctica Rentabilidad histórica hasta el 31 de diciembre de 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fondo | 28,3 | 29,4 | 0,2 | 16,0 | 14,7 | 27,2 | -12,5 | 31,4 | 34,9 | 19,7 | | Limitación †¹ | 17,8 | 25,2 | 0,2 | 5,3 | 19,7 | 17,5 | -9,4 | 20,4 | 8,6 | 17,4 | 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 19 agosto 2022
# Practical Information Historic performance to 31 December 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fund | 28.3 | 29.4 | 0.2 | 16.0 | 14.7 | 27.2 | -12.5 | 31.4 | 34.9 | 19.7 | | Constraint †¹ | 17.8 | 25.2 | 0.2 | 5.3 | 19.7 | 17.5 | -9.4 | 20.4 | 8.6 | 17.4 | 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 19 August 2022
en
es
DOLFIN3899
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: February 8, 1999. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR. 10% 5% 0%
### Fecha de lanzamiento y Moneda de referencia Fecha de lanzamiento del subfondo: 8 de febrero de 1999. La moneda de referencia del Subfondo es EUR. La rentabilidad pasada se calculó en EUR. 10% 5% 0%
### Launch Date and Currency Sub-Fund's launch date: February 8, 1999. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR. 10% 5% 0%
en
es
DOLFIN3900
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ICE BofA Global High Yield Index (Hedged) The entry and exit charges shown are maximum figures and in some cases you might pay less. Please refer to your financial advisor or the distributor for the actual charges. As this share class has not had a full year of performance, the ongoing charges figure is an estimated figure. This figure may vary from year to year. It excludes performance fees (where applicable) and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another sub-fund. For detailed information on charges and fees please see the 'Fees and Expenses' section of the prospectus. 1 The Fund was authorised in 2022.
ICE BofA Global High Yield Index (Hedged) Los gastos de entrada y salida que se muestran son una cifra máxima y en algunos casos usted puede pagar menos. Consulte con su asesor financiero o distribuidor cuáles serán los gastos que deberá pagar realmente. Dado que esta clase de acciones no cuenta con un año entero de rentabilidad, la cifra de gastos corrientes corresponde a una cifra estimada. Dicha cifra puede variar de un año a otro. Excluye comisiones de rentabilidad (cuando corresponda) y los costes de transacción de la cartera, excepto en el caso de gastos de entrada y de salida pagados por el Fondo al comprar o vender participaciones de otros subfondos. Si desea información detallada sobre los gastos y las comisiones, consulte el apartado “Comisiones y gastos” del folleto. 1 El Fondo fue autorizado en 2022.
ICE BofA Global High Yield Index (Hedged) The entry and exit charges shown are maximum figures and in some cases you might pay less. Please refer to your financial advisor or the distributor for the actual charges. As this share class has not had a full year of performance, the ongoing charges figure is an estimated figure. This figure may vary from year to year. It excludes performance fees (where applicable) and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another sub-fund. For detailed information on charges and fees please see the 'Fees and Expenses' section of the prospectus. 1 The Fund was authorised in 2022.
en
es
DOLFIN3920
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Practical Information - Depositary: The Bank of New York Mellon SA/NV, Dublin Branch (Ireland) - Further information: Additional information about the Fund (including the prospectus, supplement, latest annual and semi - annual reports, as applicable) can be obtained free of charge in English, German, Italian and French, as applicable, upon request tothe registered office of the Manager: Three Rock Capital Management Limited, 149 Francis Street, Dublin 8, Ireland, or by visiting www.fundinfo.com. You can also obtain any of these documents from the representative in your country, where one has been appointed. - Price Publica tion: The latest share price is published at www.fundinfo.com. - Tax legislation: The Fund is subject to Irish tax laws. This may have an impact on your personal tax position. For further details, please speak to your tax adviser. - Liability statement: Three Rock Capital Management Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. - Structure: The Fund is a sub -fund of the ICAV, an Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub -funds. This means, subject to applicable Irish laws, that the investments of the Fund cannot be used to pay the debts of th e other sub -funds of the ICAV. However, these provisions have not been tested in other jurisdictions. The Prospectus and periodic reports are prepared for the entire ICAV. - Switches: Subject to the conditions set down in the Prospectus,you are entitled t o switch from one or more class to another either in the Fund or another sub -fund of the ICAV. Please refer to the Prospectus and Fund Supplement for further details. - Remuneration: Details of the up -to -date remuneration policy of the Manager, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, if any, are available at www.threeroc kcapital.com. A paper copy of the remuneration policy will be made available free of charge upon request from the Manager. 7 K H ) X Q G L V D X W K R U L V H G L Q , U H O D Q G D Q G Three Rock Capital Management Limited is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 18 February 2022.
# Información práctica - Depositario: The Bank of New York Mellon SA/NV, Dublin Branch (Irlanda) - Más información: Puede obtenerse información adicional gratuita sobre el fondo en inglés, alemán, italiano y francés, según corresponda (incluido el folleto, el suplemento y los informes anual y semestral más recientes, según proceda), mediante petición al domicilio social de la Gestora: Three Rock Capital Management Limited, 149 Francis Street, Dublín 8 (Irlanda) o en www.fundinfo.com. También puede obtener cualquiera de estos documentos a través del representante en su país, en caso de que haya sido designado. - Publicación de precios: Los precios más recientes de las acciones están disponibles en www.fundinfo.com. - Legislación tributaria: El fondo está sujeto a la legislación tributaria de Irlanda. Esto puede incidir en su situación tributaria personal. Para más información, consulte con su asesor fiscal. - Declaración de responsabilidad: Three Rock Capital Management Limited 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. - Estructura: El fondo es un subfondo del ICAV, un vehículo irlandés de gestión colectiva de activos establecido con estructura de tipo paraguas con responsabilidad segregada entre subfondos. Con arreglo a la legislación irlandesa, esto significa que las inversiones del fondo no pueden destinarse a atender las deudas de otros subfondos del ICAV. No obstante, estas disposiciones no han sido probadas en otras jurisdicciones. El Folleto y los informes periódicos se elaboran para el conjunto del ICAV. - Canjes: Con arreglo a las condiciones que se recogen en el Folleto, usted tiene derecho a canjear de una o varias clases a otras ya sea del fondo o de otro subfondo del ICAV. Para obtener más información, remítase al Folleto y al suplemento del fondo. - Remuneración: Los pormenores de la política de remuneración actualizada de la Gestora, incluida, entre otros aspectos, una descripción de cómo se calculan la remuneración y los beneficios, las personas responsables de otorgarlos, incluida la composición del comité de remuneración, si lo hubiese, pueden consultarse en www.threerockcapital.com. Si así se solicita a la Gestora, podrá obtenerse una copia gratuita en papel de la política remuneración. El fondo está autorizado en Irlanda y está regulado por el Banco Central de Irlanda (el “Banco Central”). Three Rock Capital Management Limited está autorizada en Irlanda y regulada por el Banco Central. Los presentes datos fundamentales para el inversor son exactos a 18/02/2022.
# Practical Information - Depositary: The Bank of New York Mellon SA/NV, Dublin Branch (Ireland) - Further information: Additional information about the Fund (including the prospectus, supplement, latest annual and semi - annual reports, as applicable) can be obtained free of charge in English, German, Italian and French, as applicable, upon request tothe registered office of the Manager: Three Rock Capital Management Limited, 149 Francis Street, Dublin 8, Ireland, or by visiting www.fundinfo.com. You can also obtain any of these documents from the representative in your country, where one has been appointed. - Price Publica tion: The latest share price is published at www.fundinfo.com. - Tax legislation: The Fund is subject to Irish tax laws. This may have an impact on your personal tax position. For further details, please speak to your tax adviser. - Liability statement: Three Rock Capital Management Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. - Structure: The Fund is a sub -fund of the ICAV, an Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub -funds. This means, subject to applicable Irish laws, that the investments of the Fund cannot be used to pay the debts of th e other sub -funds of the ICAV. However, these provisions have not been tested in other jurisdictions. The Prospectus and periodic reports are prepared for the entire ICAV. - Switches: Subject to the conditions set down in the Prospectus,you are entitled t o switch from one or more class to another either in the Fund or another sub -fund of the ICAV. Please refer to the Prospectus and Fund Supplement for further details. - Remuneration: Details of the up -to -date remuneration policy of the Manager, including, but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits including the composition of the remuneration committee, if any, are available at www.threeroc kcapital.com. A paper copy of the remuneration policy will be made available free of charge upon request from the Manager. 7 K H ) X Q G L V D X W K R U L V H G L Q , U H O D Q G D Q G Three Rock Capital Management Limited is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 18 February 2022.
en
es
DOLFIN3926
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Multi-Asset Income – Schedule of Investments ### Financial Assets at Fair Value through Profit or Loss | Number of Shares | Security Description | Fair Value US$ | % of Net Assets | | --- | --- | --- | --- | | | Equities 27.38% (31 December 2020: 19.29%) | | | | | Australian Dollar | | | | 160 | Ampol Ltd | 3,450 | 0.01 | | 921 | APA Group | 6,736 | 0.03 | | 903 | Aurizon Holdings Ltd | 2,291 | 0.01 | | 705 | Australia & New Zealand Banking Group Ltd | 14,101 | 0.06 | | 767 | BHP Group Ltd | 23,142 | 0.10 | | 1,089 | Brambles Ltd | 8,416 | 0.04 | | 463 | Coles Group Ltd | 6,039 | 0.03 | | 111 | Commonwealth Bank of Australia | 8,151 | 0.04 | | 87 | Magellan Financial Group Ltd | 1,344 | 0.01 | | 1,572 | Medibank Pvt Ltd | 3,829 | 0.02 | | 843 | National Australia Bank Ltd | 17,676 | 0.08 | | 848 | Origin Energy Ltd | 3,231 | 0.01 | | 313 | Sonic Healthcare Ltd | 10,612 | 0.05 | | 2,657 | South32 Ltd | 7,746 | 0.03 | | 809 | Suncorp Group Ltd | 6,511 | 0.03 | | 175 | Wesfarmers Ltd | 7,545 | 0.03 | | 152 | Westpac Banking Corp | 2,360 | 0.01 | | | Total Australian Dollar | 133,180 | 0.59 | | | | | | | | Brazilian Real | | | | 2,889 | Equatorial Energia SA | 11,715 | 0.05 | | 3,132 | JBS SA | 21,370 | 0.10 | | 5,162 | TIM SA | 12,227 | 0.05 | | 3,082 | Vibra Energia SA | 11,817 | 0.05 | | | Total Brazilian Real | 57,129 | 0.25 | | | | | | | | Canadian Dollar | | | | 148 | Enbridge Inc | 5,789 | 0.03 | | | Total Canadian Dollar | 5,789 | 0.03 | | | | | | | | Danish Krone | | | | 2 | AP Moller - Maersk A/S Class B | 7,130 | 0.03 | | | Total Danish Krone | 7,130 | 0.03 | | | | | | | | Euro | | | | 91 | Allianz SE | 21,489 | 0.09 | | 29 | Arkema SA | 4,084 | 0.02 | | 757 | Assicurazioni Generali SpA | 15,981 | 0.07 | | 828 | AXA SA | 24,656 | 0.11 | ANNUAL REPORT 2021 357 FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS
# Multi-Asset Income – Cartera de inversiones ### Activos financieros al valor razonable con cambios en resultados | Número de acciones | Descripción de los valores | Valor razonable USD | % del Patri- monio neto | | --- | --- | --- | --- | | | Valores de renta variable 27,38% (31 de diciembre de 2020: 19,29%) | | | | | Dólar australiano | | | | 160 | Ampol Ltd | 3.450 | 0,01 | | 921 | APA Group | 6.736 | 0,03 | | 903 | Aurizon Holdings Ltd | 2.291 | 0,01 | | 705 | Australia & New Zealand Banking Group Ltd | 14.101 | 0,06 | | 767 | BHP Group Ltd | 23.142 | 0,10 | | 1.089 | Brambles Ltd | 8.416 | 0,04 | | 463 | Coles Group Ltd | 6.039 | 0,03 | | 111 | Commonwealth Bank of Australia | 8.151 | 0,04 | | 87 | Magellan Financial Group Ltd | 1.344 | 0,01 | | 1.572 | Medibank Pvt Ltd | 3.829 | 0,02 | | 843 | National Australia Bank Ltd | 17.676 | 0,08 | | 848 | Origin Energy Ltd | 3.231 | 0,01 | | 313 | Sonic Healthcare Ltd | 10.612 | 0,05 | | 2.657 | South32 Ltd | 7.746 | 0,03 | | 809 | Suncorp Group Ltd | 6.511 | 0,03 | | 175 | Wesfarmers Ltd | 7.545 | 0,03 | | 152 | Westpac Banking Corp | 2.360 | 0,01 | | | Total dólar australiano | 133.180 | 0,59 | | | | | | | | Real brasileño | | | | 2.889 | Equatorial Energia SA | 11.715 | 0,05 | | 3.132 | JBS SA | 21.370 | 0,10 | | 5.162 | TIM SA | 12.227 | 0,05 | | 3.082 | Vibra Energia SA | 11.817 | 0,05 | | | Total real brasileño | 57.129 | 0,25 | | | | | | | | Dólar canadiense | | | | 148 | Enbridge Inc | 5.789 | 0,03 | | | Total dólar canadiense | 5.789 | 0,03 | | | | | | | | Corona danesa | | | | 2 | AP Moller - Maersk A/S Class B | 7.130 | 0,03 | | | Total corona danesa | 7.130 | 0,03 | | | | | | | | Euro | | | | 91 | Allianz SE | 21.489 | 0,09 | | 29 | Arkema SA | 4.084 | 0,02 | | 757 | Assicurazioni Generali SpA | 15.981 | 0,07 | | 828 | AXA SA | 24.656 | 0,11 | INFORME ANUAL 2021 357 CUENTAS CARTERA DE INVERSIONES
# Multi-Asset Income – Schedule of Investments ### Financial Assets at Fair Value through Profit or Loss | Number of Shares | Security Description | Fair Value US$ | % of Net Assets | | --- | --- | --- | --- | | | Equities 27.38% (31 December 2020: 19.29%) | | | | | Australian Dollar | | | | 160 | Ampol Ltd | 3,450 | 0.01 | | 921 | APA Group | 6,736 | 0.03 | | 903 | Aurizon Holdings Ltd | 2,291 | 0.01 | | 705 | Australia & New Zealand Banking Group Ltd | 14,101 | 0.06 | | 767 | BHP Group Ltd | 23,142 | 0.10 | | 1,089 | Brambles Ltd | 8,416 | 0.04 | | 463 | Coles Group Ltd | 6,039 | 0.03 | | 111 | Commonwealth Bank of Australia | 8,151 | 0.04 | | 87 | Magellan Financial Group Ltd | 1,344 | 0.01 | | 1,572 | Medibank Pvt Ltd | 3,829 | 0.02 | | 843 | National Australia Bank Ltd | 17,676 | 0.08 | | 848 | Origin Energy Ltd | 3,231 | 0.01 | | 313 | Sonic Healthcare Ltd | 10,612 | 0.05 | | 2,657 | South32 Ltd | 7,746 | 0.03 | | 809 | Suncorp Group Ltd | 6,511 | 0.03 | | 175 | Wesfarmers Ltd | 7,545 | 0.03 | | 152 | Westpac Banking Corp | 2,360 | 0.01 | | | Total Australian Dollar | 133,180 | 0.59 | | | | | | | | Brazilian Real | | | | 2,889 | Equatorial Energia SA | 11,715 | 0.05 | | 3,132 | JBS SA | 21,370 | 0.10 | | 5,162 | TIM SA | 12,227 | 0.05 | | 3,082 | Vibra Energia SA | 11,817 | 0.05 | | | Total Brazilian Real | 57,129 | 0.25 | | | | | | | | Canadian Dollar | | | | 148 | Enbridge Inc | 5,789 | 0.03 | | | Total Canadian Dollar | 5,789 | 0.03 | | | | | | | | Danish Krone | | | | 2 | AP Moller - Maersk A/S Class B | 7,130 | 0.03 | | | Total Danish Krone | 7,130 | 0.03 | | | | | | | | Euro | | | | 91 | Allianz SE | 21,489 | 0.09 | | 29 | Arkema SA | 4,084 | 0.02 | | 757 | Assicurazioni Generali SpA | 15,981 | 0.07 | | 828 | AXA SA | 24,656 | 0.11 | ANNUAL REPORT 2021 357 FINANCIAL STATEMENTS SCHEDULE OF INVESTMENTS
en
es
DOLFIN3937
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S CHF Acc between 13/01/2022-31/01/2023. Unfavourable scenario What you might get back after costs Average return each year CHF 8,033 -19.7% CHF 9,085 -1.4%
# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S CHF Acc entre 13/01/2022-31/01/2023. Escenario desfavorable Lo que podría recibir una vez deducidos los costes Rendimiento promedio cada año 8 033 CHF -19,7% 9 085 CHF -1,4%
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Climate Transition Equity Fund S CHF Acc between 13/01/2022-31/01/2023. Unfavourable scenario What you might get back after costs Average return each year CHF 8,033 -19.7% CHF 9,085 -1.4%
en
es
DOLFIN3938
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and Investment Policy The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing. The Fund invests at least 70% of its total assets in fixed income securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities). At least 70% of the Fund’s total assets will include investments with a relatively low credit rating or which are unrated. The remainder may include investments which are investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The fixed income securities may be issued by: the United States (US) government and its government agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US. The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg US Corporate High Yield 2% Constrained Index (the “Index”) when constructing the Fund’s portfolio, and also for performance comparison and risk management purposes as further described in the prospectus. The IA is not bound by the components or weighting of the Index when selecting investments and may also use its discretion to invest in securities not included in the Index. However, the currency requirements of the investment objective and policy limit the extent to which the portfolio holdings will deviate from the Index. Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth. Your shares will be denominated in US Dollar, the Fund's base currency. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
# Objetivos y política de inversión El Fondo tiene por objetivo maximizar la rentabilidad de su inversión a través de una combinación de crecimiento del capital y rendimientos de los activos del Fondo, e invirtiendo de forma coherente con los principios medioambientales, sociales y de gobierno corporativo (ESG) aplicados a la inversión. El Fondo invierte al menos el 70% de sus activos totales en valores de renta fija denominados en dólares estadounidenses. Entre estos están los bonos y los instrumentos del mercado monetario (es decir, títulos de deuda con vencimientos a corto plazo). Al menos el 70% de los activos totales del Fondo tendrán una calificación de solvencia relativamente baja, o carecerán de calificación. El resto estará constituido por inversiones que tengan, en el momento de su adquisición, la calificación de solvencia de categoría de inversión (o sea, cumplirán un nivel específico de solvencia). Los valores de renta fija podrán ser emitidos por el gobierno de Estados Unidos, por sus agencias, por gobiernos y agencias gubernamentales no estadounidenses, y por empresas y organismos supranacionales (como el Banco Internacional de Reconstrucción y Desarrollo) domiciliados dentro o fuera de Estados Unidos. Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el folleto. Para obtener más información, consulte el folleto y el sitio web de BlackRock: https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf El asesor de inversiones (AI) podrá utilizar instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes) con fines de inversión para lograr el objetivo de inversión del Fondo o de reducir el riesgo en la cartera del Fondo, reducir los costes de inversión y generar ingresos adicionales. El Fondo podrá, a través de IFD, generar distintos niveles de apalancamiento de mercado (es decir, cuando el Fondo incurre en una exposición de mercado superior al valor de sus activos). El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI se referirá al Bloomberg US Corporate High Yield 2% Constrained Index (el «Índice») para conformar la cartera del Fondo, así como con fines de comparación de rentabilidades y gestión de riesgos, tal como se describe de un modo más detallado en el folleto. El AI no tiene la obligación de seguir ni la composición ni la ponderación del Índice a la hora de seleccionar las inversiones, y también podrá hacer uso de su potestad para invertir en valores no incluidos en el Índice. No obstante, los requisitos en materia de divisas del objetivo y la política de inversión limitan la medida en que los valores de la cartera se pueden desviar del Índice. Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo. Sus acciones serán distributivas. El importe de los ingresos por dividendos a pagar por las acciones será calculado por un comité designado al efecto por los Consejeros del Fondo, que tratará de pagar unos ingresos por dividendos estables cada mes, aunque eso no está garantizado. En caso de que los ingresos por dividendos se paguen del capital del Fondo, se producirá una reducción del capital, lo que podría limitar más el crecimiento del capital. Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo. Puede usted comprar y vender diariamente sus acciones. La inversión inicial mínima para esta clase de acciones es de 10 000 000 USD o su equivalente en otra moneda. Para más información sobre el Fondo, las clases de acciones/participaciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com.
# Objectives and Investment Policy The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets and invest in a manner consistent with the principles of environmental, social and governance (ESG) investing. The Fund invests at least 70% of its total assets in fixed income securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities). At least 70% of the Fund’s total assets will include investments with a relatively low credit rating or which are unrated. The remainder may include investments which are investment grade (i.e. meet a specified level of credit worthiness) at the time of purchase. The fixed income securities may be issued by: the United States (US) government and its government agencies, non-US governments and government agencies, and companies and supranationals (e.g. the International Bank for Reconstruction and Development) domiciled inside or outside of the US. The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the prospectus. For further details, please refer to the prospectus and the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Bloomberg US Corporate High Yield 2% Constrained Index (the “Index”) when constructing the Fund’s portfolio, and also for performance comparison and risk management purposes as further described in the prospectus. The IA is not bound by the components or weighting of the Index when selecting investments and may also use its discretion to invest in securities not included in the Index. However, the currency requirements of the investment objective and policy limit the extent to which the portfolio holdings will deviate from the Index. Recommendation: This Fund may not be appropriate for short-term investment. Your shares will be distributing. The amount of dividend income payable on the shares will be determined by a dedicated committee appointed by the Directors of the Fund, which will aim to pay stable dividend income monthly, although this is not guaranteed. In the event dividend income is paid from the capital of the Fund, it will result in capital erosion and may constrain further capital growth. Your shares will be denominated in US Dollar, the Fund's base currency. You can buy and sell your shares daily. The minimum initial investment for this share class is US$10,000,000 or other currency equivalent. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com
en
es
DOLFIN3939
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | KEY INFORMATION DOCUMENT | | | --- | --- | | Purpose | | | | This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. | | Swisscanto (LU) Equity Fund Sustainable Emerging Markets DT | | PRODUCT | | Product: | Swisscanto (LU) Equity Fund Sustainable Emerging Markets DT (hereinafter “Product”) is a unit class of the sub-fund Swisscanto (LU) Equity Fund Sustainable Emerging Markets (hereinafter “Fund”), a sub-fund of the umbrella fund Swisscanto (LU). | | Issuer name: | The Fund is managed by Swisscanto Asset Management International S.A., Luxembourg (management company), a company of the Zürcher Kantonalbank Group. | | Asset manager: | Zürcher Kantonalbank | | | ISIN: | LU0338548117 | | | Website: | www.swisscanto.com | | | Phone: | +352 27 843 592 | | | The fund and Swisscanto Asset Management International S.A., Luxembourg are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). | | Date of the document: | 01/01/2023 | |
| DOCUMENTO DE DATOS FUNDAMENTALES | | | --- | --- | | Finalidad | | | | Este documento le proporciona información fundamental que debe conocer sobre este producto de inversión. No se trata de material comercial. Es una información exigida por ley para ayudarle a comprender la naturaleza, los riesgos, los costes y los beneficios y pérdidas potenciales de este producto y para ayudarle a compararlo con otros productos. | | Swisscanto (LU) Equity Fund Sustainable Emerging Markets DT | | PRODUCTO | | Producto: | Swisscanto (LU) Equity Fund Sustainable Emerging Markets DT (en adelante el «Producto») es una clase de acción del fondo parcial Swisscanto (LU) Equity Fund Sustainable Emerging Markets (en adelante «Fondo»), un fondo parcial del fondo paraguas Swisscanto (LU). | | Productor: | El Fondo es gestionado por Swisscanto Asset Management International S.A., Luxemburgo (Sociedad de gestión), una empresa del Grupo Zürcher Kantonalbank. | | Gestor de la cartera: | Zürcher Kantonalbank | | | ISIN: | LU0338548117 | | | Página web: | www.swisscanto.com | | | Teléfono: | +352 27 843 592 | | | El Fondo y Swisscanto Asset Management International S.A., Luxemburgo están autorizados en Luxemburgo y son regulados por Commission de Surveillance du Secteur Financier (CSSF). | | Fecha del documento: | 01/01/2023 | |
| KEY INFORMATION DOCUMENT | | | --- | --- | | Purpose | | | | This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. | | Swisscanto (LU) Equity Fund Sustainable Emerging Markets DT | | PRODUCT | | Product: | Swisscanto (LU) Equity Fund Sustainable Emerging Markets DT (hereinafter “Product”) is a unit class of the sub-fund Swisscanto (LU) Equity Fund Sustainable Emerging Markets (hereinafter “Fund”), a sub-fund of the umbrella fund Swisscanto (LU). | | Issuer name: | The Fund is managed by Swisscanto Asset Management International S.A., Luxembourg (management company), a company of the Zürcher Kantonalbank Group. | | Asset manager: | Zürcher Kantonalbank | | | ISIN: | LU0338548117 | | | Website: | www.swisscanto.com | | | Phone: | +352 27 843 592 | | | The fund and Swisscanto Asset Management International S.A., Luxembourg are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). | | Date of the document: | 01/01/2023 | |
en
es
DOLFIN3940
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Performance Scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. Recommended holding period: 5 years Example Investment: EUR 10000 Scenarios If you exit after 1 year If you exit after 5 years Minimum There is no minimum guaranteed return. You could lose some or all of your investment. What you might get back after costs EUR 1670 EUR 1680 Stress Unfavourable Moderate Favourable Average return each year -83.33% -30.00% What you might get back after costs EUR 8380 EUR 7410 Average return each year -16.15% -5.81% What you might get back after costs EUR 11080 EUR 16490 Average return each year 10.76% 10.52% What you might get back after costs EUR 16040 EUR 19920 Average return each year 60.38% 14.78% The stress scenario shows what you might get back in extreme market circumstances. This product cannot be easily cashed in. If you exit the investment earlier than the recommended holding period you do not have a guarantee. Unfavourable This type of scenario occurred for an investment between November 2021 and December 2022. Moderate This type of scenario occurred for an investment between March 2014 and March 2019. Favourable This type of scenario occurred for an investment between November 2016 and November 2021.
# Escenarios de rentabilidad Las cifras mostradas incluyen todos los costes del producto en sí, pero es posible que no incluyan todos los costes que usted pague a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. Lo que reciba de este producto dependerá del rendimiento futuro del mercado. La evolución del mercado en el futuro es incierta y no se puede predecir con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto durante los últimos 10 años. Los mercados podrían evolucionar de manera distinta en el futuro. Periodo de mantenimiento recomendado: 5 años Ejemplo de inversión: EUR 10000 Escenarios En caso de salida después de 1 año En caso de salida después de 5 años Mínimo No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. Lo que podría recibir tras deducir los costes EUR 1670 EUR 1680 Tensión Desfavorable Moderado Favorable Rendimiento medio cada año -83.33% -30.00% Lo que podría recibir tras deducir los costes EUR 8380 EUR 7410 Rendimiento medio cada año -16.15% -5.81% Lo que podría recibir tras deducir los costes EUR 11080 EUR 16490 Rendimiento medio cada año 10.76% 10.52% Lo que podría recibir tras deducir los costes EUR 16040 EUR 19920 Rendimiento medio cada año 60.38% 14.78% El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. Este producto no se puede canjear fácilmente. Si sale de la inversión antes del período de mantenimiento recomendado, no tendrá ninguna garantía. No favorable Este tipo de escenario se produjo para una inversión entre noviembre de 2021 y diciembre de 2022. Moderado Este tipo de escenario se produjo para una inversión entre marzo de 2014 y marzo de 2019. Favorable Este tipo de escenario se produjo para una inversión entre noviembre de 2016 y noviembre de 2021.
# Performance Scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. Recommended holding period: 5 years Example Investment: EUR 10000 Scenarios If you exit after 1 year If you exit after 5 years Minimum There is no minimum guaranteed return. You could lose some or all of your investment. What you might get back after costs EUR 1670 EUR 1680 Stress Unfavourable Moderate Favourable Average return each year -83.33% -30.00% What you might get back after costs EUR 8380 EUR 7410 Average return each year -16.15% -5.81% What you might get back after costs EUR 11080 EUR 16490 Average return each year 10.76% 10.52% What you might get back after costs EUR 16040 EUR 19920 Average return each year 60.38% 14.78% The stress scenario shows what you might get back in extreme market circumstances. This product cannot be easily cashed in. If you exit the investment earlier than the recommended holding period you do not have a guarantee. Unfavourable This type of scenario occurred for an investment between November 2021 and December 2022. Moderate This type of scenario occurred for an investment between March 2014 and March 2019. Favourable This type of scenario occurred for an investment between November 2016 and November 2021.
en
es
DOLFIN3941
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The related parties, in their capacity as brokers, may also carry out operations or invest in currencies or other financial products on behalf of each sub-fund for which the related parties act as broker or on their own behalf or as counterpart for their clients, including cases where the related parties or their clients are able to carry out transactions on their own behalf at the same time as on behalf of each sub-fund. The transactions as listed on the table have been entered into ordinary course of business and on normal commercial terms. The Fund considers that the commissions, premiums and reductions billed by related parties will be competitive, even though it is in the interest of the related parties to obtain favourable commission rates, together with premiums and reductions for each sub-fund. During the year, transactions for a total amount of EUR 35,567,732,330.28 i.e. 27.58% of the total transactions carried out over the period, were carried out by such related parties. During the year ended on 30 June 2017, Amundi Funds carried out transactions with related parties amounting to:
Las partes vinculadas, en su calidad de intermediarios, también podrán llevar a cabo operaciones o invertir en divisas u otros productos financieros en nombre de todo subfondo respecto del cual actúen como intermediarias o en su propio nombre o como contraparte para sus clientes, incluidos los casos en los que las partes vinculadas o sus clientes sean capaces de llevar a cabo operaciones en su propio nombre al mismo tiempo que en nombre de cada subfondo. Las operaciones enumeradas en la tabla se han formalizado en el transcurso habitual del negocio y en unas condiciones comerciales normales. El Fondo considera que las comisiones, primas y descuentos facturados por las partes vinculadas serán competitivos, a pesar de ser de su interés obtener unos porcentajes de comisión favorables, junto con primas y descuentos respecto de cada subfondo. Durante el ejercicio, las partes vinculadas llevaron a cabo operaciones por valor de 35,567,732,330.28 EUR, lo que supone un 27.58% de las operaciones totales del periodo. Durante el ejercicio cerrado a 30 de junio de 2017, Amundi Funds llevó a cabo operaciones con partes vinculadas por valor de:
The related parties, in their capacity as brokers, may also carry out operations or invest in currencies or other financial products on behalf of each sub-fund for which the related parties act as broker or on their own behalf or as counterpart for their clients, including cases where the related parties or their clients are able to carry out transactions on their own behalf at the same time as on behalf of each sub-fund. The transactions as listed on the table have been entered into ordinary course of business and on normal commercial terms. The Fund considers that the commissions, premiums and reductions billed by related parties will be competitive, even though it is in the interest of the related parties to obtain favourable commission rates, together with premiums and reductions for each sub-fund. During the year, transactions for a total amount of EUR 35,567,732,330.28 i.e. 27.58% of the total transactions carried out over the period, were carried out by such related parties. During the year ended on 30 June 2017, Amundi Funds carried out transactions with related parties amounting to:
en
es
DOLFIN3942
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: - deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a country which is an EU member state or, if the registered office of the credit institution is situated in a non-EU member state, provided that it is subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law; and/or - financial derivative instruments, including equivalent cash-settled instruments, dealt on a Regulated Market, and/or financial derivative instruments dealt over-the-counter, provided that: - the underlying consists of securities covered by this section 1(A), financial indices, interest rates, foreign exchange rates or currencies, in which the Funds may invest according to their investment objective; - the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the CSSF; - the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company's initiative; and/or
- depósitos en entidades de crédito que sean reembolsables a petición del inversor o que puedan retirarse, con un vencimiento no superior a 12 meses, siempre que dicha entidad de crédito tenga su domicilio social en un Estado miembro de la UE o, si el domicilio social de la entidad de crédito se encuentra fuera de la UE, siempre que esté sujeta a unas normas prudenciales que la CSSF considere equivalentes a las establecidas en el Derecho comunitario; y/o - instrumentos financieros derivados, incluidos instrumentos equivalentes liquidados en efectivo, negociados en un Mercado regulado y/o instrumentos financieros derivados negociados en mercados extrabursátiles, a condición de que: - los activos subyacentes sean valores citados en el presente apartado 1(A), índices financieros, tipos de interés, tipos de cambio o divisas, en que los Fondos puedan invertir de conformidad con su objetivo de inversión; - las contrapartes de las operaciones con derivados extrabursátiles (OTC) sean entidades sujetas a supervisión prudencial y pertenezcan a las categorías aprobadas por la CSSF; - los derivados extrabursátiles (OTC) estén sujetos a una valoración fiable y verificable con una periodicidad diaria y puedan ser vendidos, liquidados o cerrados mediante una operación de compensación en cualquier momento a su valor razonable, a iniciativa de la Sociedad; y/o
- deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a country which is an EU member state or, if the registered office of the credit institution is situated in a non-EU member state, provided that it is subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law; and/or - financial derivative instruments, including equivalent cash-settled instruments, dealt on a Regulated Market, and/or financial derivative instruments dealt over-the-counter, provided that: - the underlying consists of securities covered by this section 1(A), financial indices, interest rates, foreign exchange rates or currencies, in which the Funds may invest according to their investment objective; - the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the CSSF; - the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Company's initiative; and/or
en
es
DOLFIN3949
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The entry, exit and conversion charges shown are maximum figures applied on the primary market only. In some cases you might pay less - you can find this out from your financial adviser. The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes: Performance fees, Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking. * Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries. For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com. Past Performance 25 % . 20 15 10 A B The chart has a limited value as a guide to future performance. 23.4% 22.6% The annualised performances displayed in this diagram are calculated net of all charges taken by the Sub-Fund. The Sub-Fund was launched on March 10, 2020. The Share Class was launched on March 10, 2020. The reference currency is the Euro. The reference Index is : MSCI EMU SRI Filtered PAB Index
Los gastos de entrada, salida y conversión indicados son gastos máximos que solo se aplican en el mercado primario. En algunos casos los gastos pueden ser inferiores; puede obtener más información consultando a su asesor financiero. La cifra de gastos corrientes se basa en los gastos del año finalizado el 30 de septiembre de 2021. Dicha cifra puede variar de un año a otro. No incluye: Comisiones de rentabilidad, Costes de transacción de la cartera, excepto en caso de que el Compartimento pague gastos de entrada o de salida cuando compre o venda participaciones de otro organismo de inversión colectiva. * Los gastos de entrada y de salida únicamente serán aplicables cuando se suscriban o se reembolsen acciones directamente del Compartimento, y no se aplicarán cuando los inversores compren o vendan estas acciones en la bolsa de valores. Los inversores que negocien en bolsa pagarán las comisiones aplicada por sus intermediarios. Estos gastos se pueden obtener de los intermediarios. Para más información sobre los gastos, consulte el apartado de gastos del folleto del OICVM, que está disponible en: amundi.com o amundietf.com. Rentabilidad histórica 25 % . 20 15 10 A B El gráfico no sirve como guía para predecir la rentabilidad futura. 23,4% 22,6% La rentabilidad anual que se muestra en este diagrama se calcula tras restar todos los gastos detraídos por el Subfondo. El Compartimento se creó el 10 de marzo de 2020. La Clase de acciones se creó el 10 de marzo de 2020. La divisa de referencia es el EUR. El Índice de referencia es: Índice MSCI EMU SRI Filtered PAB
The entry, exit and conversion charges shown are maximum figures applied on the primary market only. In some cases you might pay less - you can find this out from your financial adviser. The ongoing charges figure is based on expenses for the year ending September 30, 2021. This figure may vary from year to year. It excludes: Performance fees, Portfolio transaction costs, except in the case of an entry/exit charge paid by the Sub-Fund when buying or selling units in another collective investment undertaking. * Entry and exit charges will only apply when shares are subscribed or redeemed directly from the Sub-Fund, and will not apply when investors buy or sell such shares on stock exchanges. Investors dealing on exchange will pay fees charged by their intermediaries. Such charges can be obtained from intermediaries. For more information about charges, please see charges paragraph of the prospectus of the UCITS, which is available at: amundi.com or amundietf.com. Past Performance 25 % . 20 15 10 A B The chart has a limited value as a guide to future performance. 23.4% 22.6% The annualised performances displayed in this diagram are calculated net of all charges taken by the Sub-Fund. The Sub-Fund was launched on March 10, 2020. The Share Class was launched on March 10, 2020. The reference currency is the Euro. The reference Index is : MSCI EMU SRI Filtered PAB Index
en
es
DOLFIN3956
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # General Investment Powers and Restrictions Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines, and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for risk monitoring and management. In case of any discrepancy, the law itself, in the original French, would prevail over the articles, and the articles over the prospectus. Promptly upon discovering a non-compliance with the applicable investment rules of the 2010 law, the investment manager must take steps to bring the affected fund(s) back into compliance. If the applicable investment rules are exceeded for reasons beyond the control of the SICAV or as a result of the exercise of subscription rights, the investment manager must make a return to compliance a priority, while also taking due account of the interests of shareholders. Except where noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of total net assets (including cash).
# Restricciones y facultades generales en materia de inversión Cada fondo, así como la SICAV, deben cumplir con la legislación y normativas aplicables de la UE y de Luxemburgo, así como determinadas circulares, directrices y otros requisitos. En esta sección, se recogen en una tabla los requisitos de gestión de fondos previstos en la ley de 2010 (la ley principal que rige el funcionamiento de un OICVM), así como los requisitos establecidos por la Autoridad Europea de Valores y Mercados (ESMA) relativos a la supervisión y la gestión de riesgos. En caso de que exista alguna discrepancia, la ley, en su versión original en francés, prevalecerá sobre los estatutos y los estatutos sobre el folleto. Inmediatamente después de descubrir un incumplimiento de las normas de inversión aplicables con arreglo a la ley de 2010, el gestor de inversiones debe adoptar medidas para revertir la situación en el fondo o los fondos pertinentes. Si las normas de inversión aplicables se exceden por motivos ajenos al control de la SICAV o como resultado del ejercicio de los derechos de suscripción, el gestor de inversiones debe priorizar el restablecimiento del cumplimiento, además de considerar los intereses de los accionistas. Excepto en los casos en que se indique específicamente, todos los porcentajes y las restricciones se aplican a cada fondo individualmente, y todos los porcentajes de activos se miden como un porcentaje del patrimonio neto total (incluido el efectivo).
# General Investment Powers and Restrictions Each fund, and the SICAV itself, must comply with all applicable EU and Luxembourg laws and regulations, as well as certain circulars, guidelines, and other requirements. This section presents, in tabular form, the fund management requirements of the 2010 law (the main law governing the operation of a UCITS) as well as the requirements set by the European Securities and Markets Authority (ESMA) for risk monitoring and management. In case of any discrepancy, the law itself, in the original French, would prevail over the articles, and the articles over the prospectus. Promptly upon discovering a non-compliance with the applicable investment rules of the 2010 law, the investment manager must take steps to bring the affected fund(s) back into compliance. If the applicable investment rules are exceeded for reasons beyond the control of the SICAV or as a result of the exercise of subscription rights, the investment manager must make a return to compliance a priority, while also taking due account of the interests of shareholders. Except where noted, all percentages and restrictions apply to each fund individually, and all asset percentages are measured as a percentage of total net assets (including cash).
en
es
DOLFIN3965
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: - On or before the issue of a class or series of Participating Shares the Directors shall determine that Subscription monies representing less than the Subscription Price for that class or series of Participating Share:- - will not be returned to the applicant but will be retained by the Company on behalf of the relevant Fund, for the account of the relevant Fund; or - will be returned to the applicant(at the applicants risk); or - where the amount is equal to or greater than .01 of the Subscription Price for a Participating Share, a fraction of a Participating Share will be allotted to the incoming member who shall be registered as the holder of such a fraction; and - where the amount received is less than .01 of the Subscription Price for a Participating Share, such amount will not be returned to the applicant but will be retained by the Company for its own account.
- Antes o en el momento de la emisión de una clase o serie de Acciones, los Consejeros determinarán si las cantidades abonadas por una suscripción por un importe inferior al Precio de Suscripción de esa clase o serie de Acciones: - no se devuelven al solicitante sino que serán retenidas por la Sociedad por cuenta y beneficio del Fondo en cuestión; - se devuelven al solicitante (por cuenta y riesgo de éste), o
- On or before the issue of a class or series of Participating Shares the Directors shall determine that Subscription monies representing less than the Subscription Price for that class or series of Participating Share:- - will not be returned to the applicant but will be retained by the Company on behalf of the relevant Fund, for the account of the relevant Fund; or - will be returned to the applicant(at the applicants risk); or - where the amount is equal to or greater than .01 of the Subscription Price for a Participating Share, a fraction of a Participating Share will be allotted to the incoming member who shall be registered as the holder of such a fraction; and - where the amount received is less than .01 of the Subscription Price for a Participating Share, such amount will not be returned to the applicant but will be retained by the Company for its own account.
en
es
DOLFIN3971
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 14, 2003. The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR. 20% 10% 0% -10%
### Fecha de lanzamiento y Moneda de referencia Fecha de lanzamiento del subfondo: 14 de marzo de 2003. La moneda de referencia del Subfondo es USD. La rentabilidad pasada se calculó en EUR. 20% 10% 0% -10%
### Launch Date and Currency Sub-Fund's launch date: March 14, 2003. The reference currency of the Sub-Fund is USD. Past performance was calculated in EUR. 20% 10% 0% -10%
en
es
DOLFIN3973
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ###### Schroder ISF Multi-Asset Growth and Income Schroder ISF Multi-Asset Growth and Income (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% index (USD), 12.5% Thomson Reuters Convertible Global Focus index (USD) and 37.5% Barclays Global Aggregate Bond Index (USD) based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% index (USD), 12.5% Thomson Reuters Convertible Global Focus index (USD) and 37.5% Barclays Global Aggregate Bond Index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% index (USD), 12.5% Thomson Reuters Convertible Global Focus index (USD) and 37.5% Barclays Global Aggregate Bond Index (USD) based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021. SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools.
###### Schroder ISF Multi-Asset Growth and Income Schroder ISF Multi-Asset Growth and Income (el “Fondo”) presenta características medioambientales o sociales en el sentido que se les atribuye en el Artículo 8 del Reglamento (UE) 2019/2088 sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (“SFDR”, por sus siglas en inglés). En particular, el Fondo promueve la siguiente característica: mantener una puntuación general de sostenibilidad superior al 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% Index (USD), 12,5% Thomson Reuters Convertible Global Focus Index (USD) y 37,5% Barclays Global Aggregate Bond Index (USD), según el sistema de calificación de la Gestora de inversiones. La puntuación de sostenibilidad es medida por SustainEx™, la herramienta propia de Schroders que ofrece una estimación del impacto social y/o ambiental potencial de un emisor. Para ello utiliza determinadas métricas con respecto a ese emisor y cuantifica los impactos positivos (por ejemplo, pagando “salarios justos”) y negativos (por ejemplo, el carbono que emite un emisor) de cada una de esas métricas para producir una medida agregada expresada como un porcentaje teórico de ventas del emisor subyacente relevante. La Gestora de inversiones supervisa el cumplimiento de esta característica en referencia a la puntuación media ponderada de sostenibilidad del fondo en SustainEx™ en comparación con la puntuación media ponderada de sostenibilidad del 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% Index (USD), 12,5% Thomson Reuters Convertible Global Focus Index (USD) y 37,5% Barclays Global Aggregate Bond Index (USD) en SustainEx™ durante el período de seis meses anterior. El Fondo ha mantenido una puntuación general de sostenibilidad más alta que el 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% Index (USD), 12,5% Thomson Reuters Convertible Global Focus Index (USD) y 37,5% Barclays Global Aggregate Bond Index (USD), según la metodología explicada anteriormente, ya que el Fondo introdujo características medioambientales o sociales en el sentido del Artículo 8 a partir del 29 de octubre de 2021. Ocasionalmente, SustainEx™ puede no cubrir todas las participaciones del Fondo, en cuyo caso la Gestora de inversiones puede utilizar métodos alternativos para evaluar las participaciones relevantes en el Fondo. Asimismo, algunos tipos de activos (por ejemplo, el efectivo y otros valores equivalentes) se consideran neutrales y, por tanto, nuestras herramientas propias no los contemplan.
###### Schroder ISF Multi-Asset Growth and Income Schroder ISF Multi-Asset Growth and Income (the “Fund”) has environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 introduced by the European Union (the Sustainability Finance Disclosures Regulation (“SFDR”)). In particular, the Fund promotes the following characteristic: it maintains a higher overall sustainability score than the 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% index (USD), 12.5% Thomson Reuters Convertible Global Focus index (USD) and 37.5% Barclays Global Aggregate Bond Index (USD) based on the investment manager’s rating system. The sustainability score is measured by SustainEx™, Schroders’ proprietary tool that provides an estimate of the potential societal and/or environmental impact that an issuer may create. It does this by using certain metrics with respect to that issuer, and quantifying the positive (for example by paying ‘fair wages’) and negative (for example the carbon an issuer emits) impacts of each of those metrics to produce an aggregate measure expressed as a notional percentage of sales of the relevant underlying issuer. The investment manager monitors compliance with this characteristic by reference to the weighted average sustainability score of the Fund in SustainEx™ compared against the weighted average sustainability score of 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% index (USD), 12.5% Thomson Reuters Convertible Global Focus index (USD) and 37.5% Barclays Global Aggregate Bond Index (USD) in SustainEx™ over the previous six month period. The Fund has maintained a higher overall sustainability score than the 25% MSCI AC World Index (USD), 25% Barclays Global High Yield excl CMBS & EMG 2% index (USD), 12.5% Thomson Reuters Convertible Global Focus index (USD) and 37.5% Barclays Global Aggregate Bond Index (USD) based on the methodology explained above since the Fund introduced environmental and/or social characteristics within the meaning of Article 8 with an effective date of 29 October 2021. SustainEx™ may not cover all of the Fund’s holdings from time to time, in which case the investment manager may use alternative methods to assess relevant holdings in the Fund. In addition, certain types of assets (such as cash and certain equivalent securities) are treated as neutral and are therefore not considered by our proprietary tools.
en
es
DOLFIN3975
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Performance scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and a suitable benchmark over the last 10 years. Markets could develop very differently in the future. | Recommended holding period: 5 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 5 years | | --- | --- | --- | | Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | | Stress | What you might get back after costs | 7 470 EUR | 7 180 EUR | | Average return each year | -25,3 % | -6,4 % | | Unfavourable | What you might get back after costs | 9 100 EUR | 7 180 EUR | | Average return each year | -9,0 % | -6,4 % | | Moderate | What you might get back after costs | 10 110 EUR | 10 720 EUR | | Average return each year | 1,1 % | 1,4 % | | Favourable | What you might get back after costs | 13 050 EUR | 14 360 EUR | | Average return each year | 30,5 % | 7,5 % | The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between 09/2021 and 11/2022. The moderate scenario occurred for an investment between 01/2016 and 01/2021. The favourable scenario occurred for an investment between 01/2016 and 01/2021.
# Escenarios de rentabilidad Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto y de un valor de referencia adecuado durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro. | Período de mantenimiento recomendado: 5 años Ejemplo de inversión : EUR 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 5 años | | --- | --- | --- | | Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | | Tensión | Lo que puede recibir una vez deducidos los costes | 7 470 EUR | 7 180 EUR | | Rendimento medio cada año | -25,3 % | -6,4 % | | Desfavorable | Lo que puede recibir una vez deducidos los costes | 9 100 EUR | 7 180 EUR | | Rendimento medio cada año | -9,0 % | -6,4 % | | Moderado | Lo que puede recibir una vez deducidos los costes | 10 110 EUR | 10 720 EUR | | Rendimento medio cada año | 1,1 % | 1,4 % | | Favorable | Lo que puede recibir una vez deducidos los costes | 13 050 EUR | 14 360 EUR | | Rendimento medio cada año | 30,5 % | 7,5 % | El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. El escenario desfavorable se produjo para una inversión entre 09/2021 y 11/2022. El escenario moderado se produjo para una inversión entre 01/2016 y 01/2021. El escenario favorable se produjo para una inversión entre 01/2013 y 01/2018.
# Performance scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and a suitable benchmark over the last 10 years. Markets could develop very differently in the future. | Recommended holding period: 5 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 5 years | | --- | --- | --- | | Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | | Stress | What you might get back after costs | 7 470 EUR | 7 180 EUR | | Average return each year | -25,3 % | -6,4 % | | Unfavourable | What you might get back after costs | 9 100 EUR | 7 180 EUR | | Average return each year | -9,0 % | -6,4 % | | Moderate | What you might get back after costs | 10 110 EUR | 10 720 EUR | | Average return each year | 1,1 % | 1,4 % | | Favourable | What you might get back after costs | 13 050 EUR | 14 360 EUR | | Average return each year | 30,5 % | 7,5 % | The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between 09/2021 and 11/2022. The moderate scenario occurred for an investment between 01/2016 and 01/2021. The favourable scenario occurred for an investment between 01/2016 and 01/2021.
en
es
DOLFIN3982
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 | | --- | --- | | Stress scenario | What you might get back after costs | EUR 5,590 | | | Average return each year % | -44.10% | | Unfavourable scenario | What you might get back after costs | EUR 8,840 | | | Average return each year % | -11.60% | | Moderate scenario | What you might get back after costs | EUR 10,070 | | | Average return each year % | 0.70% | | Favourable scenario | What you might get back after costs | EUR 11,160 | | | Average return each year % | 11.60% |
| | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | | --- | --- | | Escenario de tensión | Lo que podría recibir tras deducir los costes | EUR 5.590 | | | Rendimiento medio cada año | -44,10% | | Escenario desfavorable | Lo que podría recibir tras deducir los costes | EUR 8.840 | | | Rendimiento medio cada año | -11,60% | | Escenario moderado | Lo que podría recibir tras deducir los costes | EUR 10.070 | | | Rendimiento medio cada año | 0,70% | | Escenario favorable | Lo que podría recibir tras deducir los costes | EUR 11.160 | | | Rendimiento medio cada año | 11,60% |
| | IF YOU EXIT AFTER 1 YEAR | | --- | --- | | Stress scenario | What you might get back after costs | EUR 5,590 | | | Average return each year % | -44.10% | | Unfavourable scenario | What you might get back after costs | EUR 8,840 | | | Average return each year % | -11.60% | | Moderate scenario | What you might get back after costs | EUR 10,070 | | | Average return each year % | 0.70% | | Favourable scenario | What you might get back after costs | EUR 11,160 | | | Average return each year % | 11.60% |
en
es
DOLFIN3990
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off charges taken before or after you invest | | --- | | Entry charge | up to 5.00% | | Exit charge | None | | This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. | | Charges taken from the fund over a year | | Ongoing charges | 2.78% | | Charges taken from the fund under certain specific conditions | | Performance fee | 20.00% of New Net Appreciation. Actual performance fee charged last year: 0.00%. |
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | | --- | | Gastos de entrada | hasta 5,00% | | Gastos de salida | No aplicable | | Este es el máximo que puede detraerse del capital del inversor antes de proceder a la inversión o de abonar el producto de esta. | | Gastos detraídos del fondo a lo largo de un año | | Gastos corrientes | 2,78% | | Gastos detraídos del fondo en determinadas condiciones específicas | | Comisión de rentabilidad | 20,00% de la Nueva Apreciación Neta. Comisión de rentabilidad real percibida el pasado ejercicio: 0,00%. |
| One-off charges taken before or after you invest | | --- | | Entry charge | up to 5.00% | | Exit charge | None | | This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. | | Charges taken from the fund over a year | | Ongoing charges | 2.78% | | Charges taken from the fund under certain specific conditions | | Performance fee | 20.00% of New Net Appreciation. Actual performance fee charged last year: 0.00%. |
en
es
DOLFIN3991
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ## Past performance has been calculated in CHF and is expressed as a percentage change of the Fund's Net Asset Value at each year end. -10 -20
## La rentabilidad pasada se ha calculado en CHF y se expresa como variación porcentual del valor liquidativo del fondo al cierre de cada año. -10 -20
## Past performance has been calculated in CHF and is expressed as a percentage change of the Fund's Net Asset Value at each year end. -10 -20
en
es
DOLFIN3994
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Performance scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and a suitable benchmark over the last 10 years. Markets could develop very differently in the future. | Recommended holding period: 4 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years | | --- | --- | --- | | Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | | Stress | What you might get back after costs | 1.250 EUR | 1.760 EUR | | Average return each year | -87,5% | -35,3% | | Unfavourable | What you might get back after costs | 8.290 EUR | 6.370 EUR | | Average return each year | -17,1% | -10,7% | | Moderate | What you might get back after costs | 10.970 EUR | 14.630 EUR | | Average return each year | 9,7% | 10,0% | | Favourable | What you might get back after costs | 14.910 EUR | 18.020 EUR | | Average return each year | 49,1% | 15,9% | The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between 10/2021 and 11/2022. The moderate scenario occurred for an investment between 03/2013 and 03/2017. The favourable scenario occurred for an investment between 03/2013 and 03/2017.
# Escenarios de rentabilidad Las cifras presentadas incluyen todos los costes del producto propiamente dicho, pero es posible que no incluyan todos los costes que usted deba pagar a su asesor o distribuidor. Las cifras no tienen en cuenta su situación fiscal personal, que también puede influir en la cantidad que reciba. Lo que obtenga de este producto dependerá de la evolución futura del mercado, la cual es incierta y no puede predecirse con exactitud. Los escenarios desfavorable, moderado y favorable que se muestran son ilustraciones basadas en la rentabilidad más baja, media y más alta del producto y de un valor de referencia adecuado durante los últimos 10 años. Los mercados podrían evolucionar de manera muy distinta en el futuro. | Período de mantenimiento recomendado: 4 años Ejemplo de inversión : EUR 10.000 Escenarios | En caso de salida después de 1 año | En caso de salida después de 4 años | | --- | --- | --- | | Mínimo | No hay un rendimiento mínimo garantizado. Podría perder parte o la totalidad de su inversión. | | Tensión | Lo que puede recibir una vez deducidos los costes | 1 250 EUR | 1 760 EUR | | Rendimento medio cada año | -87,5 % | -35,3 % | | Desfavorable | Lo que puede recibir una vez deducidos los costes | 8 290 EUR | 6 370 EUR | | Rendimento medio cada año | -17,1 % | -10,7 % | | Moderado | Lo que puede recibir una vez deducidos los costes | 10 970 EUR | 14 630 EUR | | Rendimento medio cada año | 9,7 % | 10,0 % | | Favorable | Lo que puede recibir una vez deducidos los costes | 14 910 EUR | 18 020 EUR | | Rendimento medio cada año | 49,1 % | 15,9 % | El escenario de tensión muestra lo que usted podría recibir en circunstancias extremas de los mercados. El escenario desfavorable se produjo para una inversión entre 10/2021 y 11/2022. El escenario moderado se produjo para una inversión entre 03/2013 y 03/2017. El escenario favorable se produjo para una inversión entre 08/2017 y 08/2021.
# Performance scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product and a suitable benchmark over the last 10 years. Markets could develop very differently in the future. | Recommended holding period: 4 years Example investment : EUR 10,000 Scenarios | If you exit after 1 year | If you exit after 4 years | | --- | --- | --- | | Minimum | There is no minimum guaranteed return. You could lose some or all of your investment. | | Stress | What you might get back after costs | 1.250 EUR | 1.760 EUR | | Average return each year | -87,5% | -35,3% | | Unfavourable | What you might get back after costs | 8.290 EUR | 6.370 EUR | | Average return each year | -17,1% | -10,7% | | Moderate | What you might get back after costs | 10.970 EUR | 14.630 EUR | | Average return each year | 9,7% | 10,0% | | Favourable | What you might get back after costs | 14.910 EUR | 18.020 EUR | | Average return each year | 49,1% | 15,9% | The stress scenario shows what you might get back in extreme market circumstances. The unfavourable scenario occurred for an investment between 10/2021 and 11/2022. The moderate scenario occurred for an investment between 03/2013 and 03/2017. The favourable scenario occurred for an investment between 03/2013 and 03/2017.
en
es
DOLFIN3997
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # The bottom up approach (bottom up approach) consists in a research of the company fundamentals. Thus, the stockselection process will be implemented through the analysis: - the quality of the financial structure (study of traditional financial analysis ratios, capacity to pay dividends, envisaged growth perspective, etc.) - competitive positioning and competitive advantages of the company (positioning the company into its sector, quality of management teams and employee expertise) - future prospects (likely evolution of the shareholding, possibility of restructuring, etc.)This analysis will allow the manager to adapt the composition of the portfolio to changes in the equity markets of the eurozone countries. Top down analysis will complement the active stock selection to allow for adjustments. To do this, the manager willcomprehensively identify his benchmark market to seize sector and/or geographic opportunities through analysis: - The general economic situation at the national and international levels (declining interest rates, increasing corporate profits, etc.), - A review of a particular sector (study of trends, purchasing behaviours, etc.), - Analysis of a company within this sector (positioning the company in its sector, quality of management teams and employee expertise, etc.). In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics. The ESG data used in the investment process is based on ESG methodologies which, in part, rely on data provided by third parties, and in some cases developed in house. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. For example, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare. Strategies that integrate ESG criteria and those that integrate sustainable development criteria may use ESG data which appear similar but which need to be distinguished because their calculation method may be different. 3/Portfolioconstruction: Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance. In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues. This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors. The manager systematically takes into account financial and extra financial analysis when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis. Furthermore, the manager may use techniques and instruments relating to transferable securities that he believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, use of forward financial instruments aimed at exposing and/or hedging the portfolio to/against the risks associated with equity, interest rate, currency and credit markets).
# El enfoque ascendente (bottom-up) consiste en un estudio de los fundamentales de la empresa. De este modo, el procesode selección de títulos se llevará a cabo mediante el análisis: - de la calidad de la estructura financiera (estudio de los ratios tradicionales de análisis financiero, capacidad de distribución de dividendos, perspectiva de crecimiento prevista, etc.); - el posicionamiento competitivo y los avances competitivos de la empresa (posicionamiento de la empresa en su sector, calidad de los equipos de gestión y de la experiencia de los empleados); - perspectivas futuras (evolución probable del accionariado, posibilidad de reestructuración, etc.)Este análisis permitirá al gestor adaptar la composición de la cartera a la evolución de los mercados de acciones de los países de la zona euro. La revisión descendente (top down) complementará la selección activa de valores para permitir ajustes. Para lograr esteobjetivo, el gestor capturará de forma global su mercado de referencia para aprovechar las oportunidades sectoriales y/ogeográficas mediante el análisis: - La coyuntura económica general a escala nacional e internacional (disminución de los tipos de interés, aumento de los beneficios empresariales, etc.), - El examen de un sector en particular (estudio de las tendencias, los comportamientos de compra, etc.), - El análisis de una empresa dentro de este sector (posicionamiento de la empresa en su sector, calidad de los equipos de gestión y de la experiencia de los empleados, etc.). Además, el Gestor de inversiones utiliza los datos ESG como parte de la construcción del universo de selección. Las notas ESG permiten también orientar la construcción de la cartera hacia valores que demuestren características ESG superiores. Los datos ASG utilizados en el proceso de inversión se basan en metodologías ASG que se basan en parte en datos proporcionados por terceros, y en algunos casos desarrollados internamente. Son subjetivas y pueden cambiar con el tiempo. A pesar de varias iniciativas, la falta de definiciones armonizadas puede hacer que los criterios ESG sean heterogéneos. Por ejemplo, las diferentes estrategias de inversión que utilizan los criterios ASG y el reporting ESG son difíciles de comparar. Las estrategias que incorporan criterios ASG y las que incorporan criterios de desarrollo sostenible pueden utilizar datos ASG que aparecen similares pero que deben distinguirse debido a que su método de cálculo puede ser diferente. 3/Construccióndecarteras: El análisis cuantitativo y cualitativo de los factores ESG contribuye a los criterios que tiene en cuenta el gestor para determinar la ponderación de un valor en la cartera. Dicha ponderación dependerá de las cualidades de la sociedad en lo que respecta a la gestión, la estrategia de crecimiento de la empresa y su gobernanza. Al elegir la ponderación del título en la cartera, el gestor también podrá tener en cuenta las medidas adoptadas por la sociedad para reducir los riesgos ESG existentes, la capacidad de la sociedad para orientar su crecimiento hacia oportunidades medioambientales y también la calidad de la comunicación de la sociedad sobre las cuestiones ESG. Este proceso está diseñado para tener en cuenta la exposición a los factores de cada título como complemento a la calificación ESG. Naturalmente, orienta la cartera de estos OIC hacia títulos con mejores puntuaciones ESG al tiempo que mantiene la exposición a los factores deseada. De este modo, el gestor tiene en cuenta sistemáticamente el análisis financiero y extrafinanciero a la hora de determinar la ponderación de un título en la cartera. Sin embargo, la decisión de mantener, comprar o vender un valor no se basa automática y exclusivamente en sus criterios de calificación ESG y se basa en un análisis interno del gestor. Además, el gestor podrá utilizar técnicas e instrumentos relacionados con los valores mobiliarios que considere que contribuirán económicamente a la gestión óptima de la cartera (compras/ventas de instrumentos financieros, suscripciones/reembolsos de participaciones o acciones de OIC franceses o extranjeros, fondos de inversión del Grupo AXA o no, utilización de instrumentos financieros a plazo destinados a exponer y/o cubrir la cartera a/contra los riesgos vinculados a los mercados de renta variable, tipos de interés, cambio y crédito).
# The bottom up approach (bottom up approach) consists in a research of the company fundamentals. Thus, the stockselection process will be implemented through the analysis: - the quality of the financial structure (study of traditional financial analysis ratios, capacity to pay dividends, envisaged growth perspective, etc.) - competitive positioning and competitive advantages of the company (positioning the company into its sector, quality of management teams and employee expertise) - future prospects (likely evolution of the shareholding, possibility of restructuring, etc.)This analysis will allow the manager to adapt the composition of the portfolio to changes in the equity markets of the eurozone countries. Top down analysis will complement the active stock selection to allow for adjustments. To do this, the manager willcomprehensively identify his benchmark market to seize sector and/or geographic opportunities through analysis: - The general economic situation at the national and international levels (declining interest rates, increasing corporate profits, etc.), - A review of a particular sector (study of trends, purchasing behaviours, etc.), - Analysis of a company within this sector (positioning the company in its sector, quality of management teams and employee expertise, etc.). In addition, the Investment Manager uses ESG data in the construction of the selection universe. ESG scores can also be used to target portfolio construction towards stocks with superior ESG characteristics. The ESG data used in the investment process is based on ESG methodologies which, in part, rely on data provided by third parties, and in some cases developed in house. They are subjective and may change over time. Despite several initiatives, the lack of harmonised definitions may make ESG criteria heterogeneous. For example, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare. Strategies that integrate ESG criteria and those that integrate sustainable development criteria may use ESG data which appear similar but which need to be distinguished because their calculation method may be different. 3/Portfolioconstruction: Quantitative and qualitative analysis of ESG factors contributes to the criteria taken into account by the manager when determining the weighting of a security in the portfolio. The weight will depend on the company's management qualities, its growth strategy and its governance. In choosing the security's weighting in the portfolio, the manager may also take into account the measures taken by the company to reduce existing ESG risks, the company's ability to focus its growth on environmental opportunities and also the quality of the company's communication on ESG issues. This process is designed to take into account the factor exposure of each security in addition to ESG scoring. He naturally orients the portfolio of these UCIs to securities with higher ESG scores while maintaining exposure to the desired factors. The manager systematically takes into account financial and extra financial analysis when determining the weighting of a security in the portfolio. However, the decision to hold, buy or sell a security does not automatically and exclusively rely on its ESG rating criteria and is based on the manager's internal analysis. Furthermore, the manager may use techniques and instruments relating to transferable securities that he believes will contribute economically to the optimal management of the portfolio (purchases/sales of financial instruments, subscriptions/redemptions of units or shares in French or foreign UCIs, AXA Group investment funds or not, use of forward financial instruments aimed at exposing and/or hedging the portfolio to/against the risks associated with equity, interest rate, currency and credit markets).
en
es
DOLFIN4005
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off charges taken before or after you invest | | --- | | Entry charge | 4.00% | | Exit charge | 0.00% | | This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. | | Charges taken from the fund over a year | | Ongoing charges | 2.81% | | Charges taken from the fund under certain specific conditions | | Performance fee There are no performance fees for this Fund. |
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | | --- | | Gastos de entrada | 4.00% | | Gastos de salida | 0.00% | | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión / antes de abonar el producto de la inversión. | | Gastos detraídos del fondo a lo largo de un año | | Gastos corrientes | 2.81% | | Gastos detraídos del fondo en determinadas condiciones específicas | | Comisión de rentabilidad En este fondo no se aplican comisiones de rentabilidad. |
| One-off charges taken before or after you invest | | --- | | Entry charge | 4.00% | | Exit charge | 0.00% | | This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. | | Charges taken from the fund over a year | | Ongoing charges | 2.81% | | Charges taken from the fund under certain specific conditions | | Performance fee There are no performance fees for this Fund. |
en
es
DOLFIN4009
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 SI1-JSS EUR Acc between 01/2018-01/2023. Unfavourable scenario What you might get back after costs Average return each year EUR 9,518 -4.8% EUR 10,783 1.5%
# Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI1-JSS EUR Acc entre 01/2018-01/2023. Escenario desfavorable Lo que podría recibir una vez deducidos los costes Rendimiento promedio cada año 9 518 EUR -4,8% 10 783 EUR 1,5%
# This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund SI1-JSS EUR Acc between 01/2018-01/2023. Unfavourable scenario What you might get back after costs Average return each year EUR 9,518 -4.8% EUR 10,783 1.5%
en
es
DOLFIN4013
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Composition of costs | | --- | | One-off costs upon entry or exit | If you exit after 1 year | | Entry costs | 2.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 200 CHF | | Exit costs | We do not charge an exit fee for this product. | 0 CHF | | Ongoing costs | | | Management fees and other administrative or operating costs | 0.11 % of the value of your investment per year. | 16 CHF | | Portfolio transaction costs | 0.11 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 CHF | | Incidental costs taken under specific conditions | | | Performance fees | We do not charge a performance fee for this product. | 0 CHF |
| Composición de los costes | | --- | | Costes únicos de entrada o salida | Si vende su inversión después de 1 año | | Costes de entrada | 2,00 % de la cantidad que ingresa al ingresar esta inversión. Esto es lo máximo que se le cobrará. La persona que le vende el producto le informará del cargo real. | 200 CHF | | Costes de salida | No cobramos una comisión de salida por este producto. | 0 CHF | | Costes corrientes | | | Comisiones de gestión y otros costes administrativos o de funcionamiento | 0,11 % del valor de su inversión al año. | 16 CHF | | Costes de operación de la cartera | 0,11 % 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. | 11 CHF | | Costes accesorios detraídos en condiciones específicas | | | Comisiones de rendimiento | No cobramos una comisión de rendimiento por este producto. | 0 CHF |
| Composition of costs | | --- | | One-off costs upon entry or exit | If you exit after 1 year | | Entry costs | 2.00 % of the amount you pay in when entering this investment. This is the most you will be charged. The person selling you the product will inform you of the actual charge. | 200 CHF | | Exit costs | We do not charge an exit fee for this product. | 0 CHF | | Ongoing costs | | | Management fees and other administrative or operating costs | 0.11 % of the value of your investment per year. | 16 CHF | | Portfolio transaction costs | 0.11 % of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 11 CHF | | Incidental costs taken under specific conditions | | | Performance fees | We do not charge a performance fee for this product. | 0 CHF |
en
es
DOLFIN4014
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: ## Investment Policy: The Index is a subset of the Nasdaq Global Index (Parent Index) and measures the performance of the 80 largest global semiconductor companies. The Index is a modified market capitalisation-weighted index and applies issuer exposure capping. Only one security issued by a company can be included in the Index. In order for a company to be included in the Index, the following eligibility criteria apply: a company must be a member of the Parent Index, with its assigned country classified under the Region of Asia Pacific, Europe, or United States; a company must be classified under the Semiconductors Subsector or Production Technology Equipment Subsector according to the Industry Classification Benchmark (as defined by FTSE International Limited); and have a minimum market capitalisation of $150 million. The index provider selects constituents semi-annually using these criteria. An 8% weighting cap is maintained for the index components with the five largest market capitalisations, with the weight of all other securities being capped at 4%. The above issuer caps are implemented quarterly, in line with the Index rebalance. The Fund is passively managed and aims to invest in the shares of the companies in generally the same proportion as in the Index. There may be circumstances when it is not possible or practical for the Fund to invest in all constituents of the Index. If the Fund cannot invest directly in the companies that constitute the Index, it may gain exposure by using other investments such as depositary receipts, funds or derivatives.
## Política de inversión: El Índice es un subconjunto del Nasdaq Global Index (el «Índice matriz») y mide la rentabilidad de las 80 sociedades más importantes a nivel mundial en el sector de los semiconductores. El Índice es un índice ponderado por capitalización bursátil modificado, y aplica límites en función de la exposición a los emisores. Solo se puede incluir un valor por sociedad en el Índice. Para incluir a una sociedad en el Índice, es necesario que cumpla los siguientes requisitos: una sociedad debe formar parte del Índice matriz, y el país al que corresponda debe clasificarse en las regiones de Asia-Pacífico, Europa o Estados Unidos; debe estar clasificada en el subsector de los semiconductores o en el subsector de equipos de tecnología de producción, con arreglo al índice ICB de clasificación industrial (como define FTSE International Limited); por último, debe tener una capitalización bursátil de 150 millones de USD como mínimo. El proveedor del Índice se basa en estos criterios para seleccionar los componentes semestralmente. La ponderación de los componentes del Índice con las cinco mayores capitalizaciones bursátiles se limita al 8 %, mientras que se aplica un límite del 4 % a la ponderación de todos los demás valores. Los límites susodichos para los emisores se aplican trimestralmente, de conformidad con el reajuste del Índice. El Fondo se gestiona de forma pasiva y tiene como objetivo invertir en las acciones de las sociedades, en general, en la misma proporción que en el Índice. Puede haber circunstancias en las que el Fondo no pueda, o no le resulte conveniente, invertir en todos los componentes del Índice. Si el Fondo no puede invertir directamente en las sociedades que componen el Índice, podrá obtener exposición utilizando otras inversiones, como recibos de depósito, fondos o derivados.
## Investment Policy: The Index is a subset of the Nasdaq Global Index (Parent Index) and measures the performance of the 80 largest global semiconductor companies. The Index is a modified market capitalisation-weighted index and applies issuer exposure capping. Only one security issued by a company can be included in the Index. In order for a company to be included in the Index, the following eligibility criteria apply: a company must be a member of the Parent Index, with its assigned country classified under the Region of Asia Pacific, Europe, or United States; a company must be classified under the Semiconductors Subsector or Production Technology Equipment Subsector according to the Industry Classification Benchmark (as defined by FTSE International Limited); and have a minimum market capitalisation of $150 million. The index provider selects constituents semi-annually using these criteria. An 8% weighting cap is maintained for the index components with the five largest market capitalisations, with the weight of all other securities being capped at 4%. The above issuer caps are implemented quarterly, in line with the Index rebalance. The Fund is passively managed and aims to invest in the shares of the companies in generally the same proportion as in the Index. There may be circumstances when it is not possible or practical for the Fund to invest in all constituents of the Index. If the Fund cannot invest directly in the companies that constitute the Index, it may gain exposure by using other investments such as depositary receipts, funds or derivatives.
en
es
DOLFIN4022
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Fund manager's report Global stocks suffered a steep sell-off at the end of the month as recession fears weighed on markets due to the ongoing interest rate rises from the US Federal Reserve (Fed) and its continued hawkish commentary. The UK government sent stock and currency markets into a tailspin when the government, under new prime minister Liz Truss, sought to implement deep tax cuts, the like of which had not been seen for half a century, fuelling inflation fears. The Bank of England, in a bid to lower the cost of living, increased interest rates again, alongside other major developed countries, including the US, while Europe’s central bank confirmed it will push rates higher as the energy crisis continues its stranglehold on economies, businesses, and consumers. With little resolution in sight for the war in Ukraine, markets have become increasingly worried about prospects for the global economy, with many countries warning they are heading into recession. All sectors were in the red for September, with the worst returns coming from the real estate segment as interest rates rose sharply. In an environment where value again outperformed growth, technology stocks were also laggards. Better returns, albeit still negative, came from traditional defensive sectors such as healthcare and consumer staples. From a factor perspective, momentum aligned with the continued demand for stocks with higher levels of quality and dividend yield, with low volatility stocks also outperforming. Size as a factor underperformed in September. Portfolio Comments The portfolio outperformed its benchmark index in September (before fees and expenses) as the strategy’s defensive profile proved beneficial in the context of increasing market uncertainty. The portfolio’s focus on companies with lower volatility was rewarded while holding companies with high quality earnings also helped as investors recognised the rising risk to corporate earnings and therefore looked for those most likely to deliver earnings growth on a consistent basis. With earnings keenly in focus, the overweight to high quality company Archer Daniels Midland proved beneficial as the food processing group beat expectations for the second quarter. Positions in other high quality consumer staples stocks including General Mills also featured among the top contributors to performance over the month. Additionally, the portfolio’s positioning among IT stocks was well rewarded. Not holding Nvidia proved to be the top contributor at individual stock level, shares in the chipmaker fell after the US government banned it from exporting certain products to China and Russia. The top stock detractor was the nil weight in Johnson & Johnson as more broadly the portfolio’s underweight to the healthcare sector weighed on returns this month. Source(s): AXA Investment Managers - MSCI as at 30/09/2022 Editor: AXA Investment Managers Paris
# Informe del gestor La renta variable mundial sufrió una fuerte oleada de ventas a finales de mes, ya que los temores a una recesión lastraron los mercados debido a las subidas de los tipos de interés por parte de la Reserva Federal estadounidense (Fed) y su continuo discurso de endurecimiento monetario. El gobierno británico hizo caer en picado a los mercados de valores y divisas cuando, bajo la nueva primera ministra Liz Truss, intentó implementar unos profundos recortes fiscales, que no se habían visto desde hacía 50 años, lo que alimentó los temores inflacionistas. El Banco de Inglaterra, en un intento por reducir el coste de la vida, volvió a subir los tipos de interés, junto con otros grandes países desarrollados, entre ellos EE. UU., mientras que el BCE confirmó que subirá los tipos, ya que la crisis energética sigue dominando a las economías, las empresas y los consumidores. Con pocos signos de resolución a corto plazo de la guerra en Ucrania, los mercados se han mostrado cada vez más preocupados por las perspectivas de la economía mundial, y muchos países advierten de que están entrando en recesión. Todos los sectores cerraron en rojo en septiembre y las peores rentabilidades provinieron del segmento inmobiliario, ya que los tipos de interés subieron con fuerza. En un entorno en el que las acciones de valor volvieron a superar a las de crecimiento, los valores tecnológicos también quedaron rezagados. Las mejores rentabilidades, aunque siguen siendo negativas, provinieron de los sectores tradicionalmente defensivos, como atención sanitaria y consumo básico. Por factores, el dinamismo se alineó con la demanda continuada de valores con mayores niveles de calidad y rendimiento por dividendo, y las acciones de baja volatilidad también destacaron. El factor tamaño se rezagó en septiembre. Comentarios de la cartera La cartera superó a su índice de referencia en septiembre (antes de comisiones y gastos), ya que el perfil defensivo de la estrategia resultó favorable en un contexto de creciente incertidumbre en el mercado. El énfasis de la cartera en empresas con menor volatilidad se vio recompensado, mientras que la tenencia de empresas con beneficios de alta calidad también ayudó, ya que los inversores reconocieron el riesgo creciente para los beneficios empresariales y, por tanto, buscaron a las más propensas a generar un crecimiento de los beneficios de forma coherente. Con unos beneficios muy enfocados, la sobreponderación en la empresa de alta calidad Archer Daniels Midland resultó beneficiosa, ya que el grupo de procesamiento de alimentos superó las expectativas para el segundo trimestre. Las posiciones en otros valores de consumo básico de alta calidad, como General Mills, también se situaron entre las mayores contribuciones a la rentabilidad durante el mes. Además, el posicionamiento de la cartera en valores informáticos obtuvo buenas recompensas. La ausencia en cartera de Nvidia resultó ser la mayor contribución individual, ya que las acciones del fabricante de chips cayeron después de que el gobierno estadounidense le prohibiera exportar determinados productos a China y Rusia. El mayor lastre fue la ausencia en cartera de Johnson & Johnson, ya que, de forma más general, la infraponderación de la cartera en el sector sanitario lastró las rentabilidades este mes. Fuente(s) : AXA Investment Managers - MSCI a 30/09/2022 Redactor: AXA Investment Managers Paris.
# Fund manager's report Global stocks suffered a steep sell-off at the end of the month as recession fears weighed on markets due to the ongoing interest rate rises from the US Federal Reserve (Fed) and its continued hawkish commentary. The UK government sent stock and currency markets into a tailspin when the government, under new prime minister Liz Truss, sought to implement deep tax cuts, the like of which had not been seen for half a century, fuelling inflation fears. The Bank of England, in a bid to lower the cost of living, increased interest rates again, alongside other major developed countries, including the US, while Europe’s central bank confirmed it will push rates higher as the energy crisis continues its stranglehold on economies, businesses, and consumers. With little resolution in sight for the war in Ukraine, markets have become increasingly worried about prospects for the global economy, with many countries warning they are heading into recession. All sectors were in the red for September, with the worst returns coming from the real estate segment as interest rates rose sharply. In an environment where value again outperformed growth, technology stocks were also laggards. Better returns, albeit still negative, came from traditional defensive sectors such as healthcare and consumer staples. From a factor perspective, momentum aligned with the continued demand for stocks with higher levels of quality and dividend yield, with low volatility stocks also outperforming. Size as a factor underperformed in September. Portfolio Comments The portfolio outperformed its benchmark index in September (before fees and expenses) as the strategy’s defensive profile proved beneficial in the context of increasing market uncertainty. The portfolio’s focus on companies with lower volatility was rewarded while holding companies with high quality earnings also helped as investors recognised the rising risk to corporate earnings and therefore looked for those most likely to deliver earnings growth on a consistent basis. With earnings keenly in focus, the overweight to high quality company Archer Daniels Midland proved beneficial as the food processing group beat expectations for the second quarter. Positions in other high quality consumer staples stocks including General Mills also featured among the top contributors to performance over the month. Additionally, the portfolio’s positioning among IT stocks was well rewarded. Not holding Nvidia proved to be the top contributor at individual stock level, shares in the chipmaker fell after the US government banned it from exporting certain products to China and Russia. The top stock detractor was the nil weight in Johnson & Johnson as more broadly the portfolio’s underweight to the healthcare sector weighed on returns this month. Source(s): AXA Investment Managers - MSCI as at 30/09/2022 Editor: AXA Investment Managers Paris
en
es
DOLFIN4024
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Transactions on regulated markets - Futures transactions: these transactions are valued according to the markets on the basis of the settlement price. The commitment is calculated as follows: price of futures contract x nominal value of contract x quantities. - Options transactions: these contracts are valued according to the markets on the basis of the opening price or the settlement price. The commitment is equal to the conversion of the option into the underlying equivalent. It is calculated as follows: delta x quantity x ratio or nominal value of the contract x price of the underlying equivalent. ### Transactions on over-the-counter markets - Interest rate transactions: valuation at the market price on the basis of information feeds sourced from a financial information vendor (Bloomberg, Reuters, etc.) and, if necessary, by applying an actuarial method. - Interest rate swap transactions:For those with a residual maturity greater than three months: valuation at the market price on the basis of information feeds sourced from a financial information vendor (Bloomberg, Reuters, etc.) and by applying an actuarial method. - Backed or non-backed transactions: - Fixed rate/Variable rate: nominal value of the contract. - Variable rate/Fixed rate: nominal value of the contract. - For those with a residual maturity of three months or less: valued on a straight-line basis. - In the case of an interest rate swap transaction valued at the market price whose residual maturity is less than or equal to three months, the last rate used shall be frozen until the final repayment date, except in the case of modified duration requiring valuation at the market price (see the previous paragraph). - The commitment is calculated as follows: - Backed transactions: nominal value of the contract. - Non-backed transactions: nominal value of the contract. - Other transactions on over-the-counter markets - Interest rate, foreign exchange or credit transactions: valuation at the market price on the basis of information feeds sourced from a financial information vendor (Bloomberg, Reuters, etc.) and, if necessary, by applying an actuarial method.
# Operaciones en mercados organizados - Operaciones a plazo firme: estas operaciones se valoran, dependiendo del mercado, sobre la base de la cotización de compensación. El pasivo se calcula del siguiente modo: cotización del contrato futuro x nominal del contrato x cantidades. - Operaciones a plazo condicional: estas operaciones se valoran, dependiendo del mercado, sobre la base de la primera cotización o de la cotización de compensación. El pasivo es igual a la conversión de la opción a equivalente subyacente. Se calcula del siguiente modo: delta x cantidad x porcentaje o nominal del contrato x cotización del subyacente. ### Operaciones en los mercados OTC - Operaciones de tipos de interés: valoración según el precio de mercado sobre la base de los datos obtenidos de un servidor de información financiera (Bloomberg, Reuters, etc.) y, si fuese necesario, utilizando un método actuarial. - Operaciones de permuta financiera:Para aquellas con un vencimiento residual superior a 3 meses: valoración según el precio de mercado sobre la base de los datos obtenidos de un servidor de información financiera (Bloomberg, Reuters, etc.) y mediante la aplicación de un método actuarial. - Operaciones respaldadas o no respaldadas: - Tipo fijo/Tipo variable: valor nominal del contrato - Tipo variable/Tipo fijo: valor nominal del contrato - Para aquellas con un vencimiento residual inferior o igual a 3 meses: valoración de forma lineal. - En el caso de una operación de permuta financiera valorada según el precio de mercado y con un vencimiento residual inferior o igual a 3 meses, se congelará el último tipo aplicado hasta la fecha del reembolso final, salvo en caso de sensibilidad particular que requiera una valoración a precio de mercado (véase el párrafo anterior). - El pasivo se calcula del siguiente modo: - Operaciones respaldadas: valor nominal del contrato - Operaciones no respaldadas: valor nominal del contrato - Otras operaciones en los mercados OTC - Operaciones de tipos de interés, de cambio o de crédito: valoración según el precio de mercado sobre la base de los datos obtenidos de un servidor de información financiera (Bloomberg, Reuters, etc.) y, si fuese necesario, utilizando un método actuarial.
# Transactions on regulated markets - Futures transactions: these transactions are valued according to the markets on the basis of the settlement price. The commitment is calculated as follows: price of futures contract x nominal value of contract x quantities. - Options transactions: these contracts are valued according to the markets on the basis of the opening price or the settlement price. The commitment is equal to the conversion of the option into the underlying equivalent. It is calculated as follows: delta x quantity x ratio or nominal value of the contract x price of the underlying equivalent. ### Transactions on over-the-counter markets - Interest rate transactions: valuation at the market price on the basis of information feeds sourced from a financial information vendor (Bloomberg, Reuters, etc.) and, if necessary, by applying an actuarial method. - Interest rate swap transactions:For those with a residual maturity greater than three months: valuation at the market price on the basis of information feeds sourced from a financial information vendor (Bloomberg, Reuters, etc.) and by applying an actuarial method. - Backed or non-backed transactions: - Fixed rate/Variable rate: nominal value of the contract. - Variable rate/Fixed rate: nominal value of the contract. - For those with a residual maturity of three months or less: valued on a straight-line basis. - In the case of an interest rate swap transaction valued at the market price whose residual maturity is less than or equal to three months, the last rate used shall be frozen until the final repayment date, except in the case of modified duration requiring valuation at the market price (see the previous paragraph). - The commitment is calculated as follows: - Backed transactions: nominal value of the contract. - Non-backed transactions: nominal value of the contract. - Other transactions on over-the-counter markets - Interest rate, foreign exchange or credit transactions: valuation at the market price on the basis of information feeds sourced from a financial information vendor (Bloomberg, Reuters, etc.) and, if necessary, by applying an actuarial method.
en
es
DOLFIN4026
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # OBJECTIVES AND INVESTMENT POLICY The Fund’s investment objective is to outperform the MSCI Europe Small Cap Net Return EUR index over a minimum investment horizon of five years. Between 75% and 100% of the Fund’s net assets will be invested, across all sectors, in shares issued by companies of any capitalisation that have their registered office in Europe (i.e. in the European Economic Area or any European OECD member). At least 75% of the Fund’s investments shall be in small and mid-cap companies. The management strategy implemented is a discretionary investment strategy based on stock-picking and a rigorous procedure for selecting European growth stocks. It favours companies whose income growth is above the market average and is careful not to pay too much for these growth stocks (Growth at a Reasonable Price). The Fund may invest: - between 75% and 100% in shares of companies of all market capitalisations, with at least 75% in small and mid-cap companies that have their registered office in Europe (i.e. in the European Economic Area or any European OECD member). No business sector will be targeted in particular. - up to 25% of the Fund’s net assets may be exposed to (i) shares of companies headquartered outside of Europe, including in emerging countries (up to 10% of net assets), and (ii) the currencies of countries not in Europe in connection with investments in the securities of companies headquartered outside of Europe, including in emerging countries (up to 10% of net assets). - between 0% and 25% of its net assets in money market instruments as part of cash management. This portfolio component shall consist of debt securities such as transferable debt securities, money market instruments and short-term bonds rated Investment Grade, i.e. between AAA and BBB- (by Standard & Poor’s or deemed equivalent by the Management Company or using the Management Company’s internal rating), which are denominated in euro and from issuers headquartered in the European Union or United Kingdom. The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits. - up to 10% of its net assets in (i) units or shares of UCITS under European Directive 2009/65/EC, (ii) European Union AIFs and/or foreign investment fundsmentioned in R.214-25 that meet the criteria of Article R.214-13 of the French Monetary and Financial Code. These funds may be managed by ODDO BHF Asset Management SAS, ODDO BHF Asset Management GmbH and ODDO BHF Asset Management Lux, and will be compatible with the Fund’s investment strategy. The Fund may invest in forwards or options traded on regulated or organised markets or over-the-counter in France and other countries to hedge the portfolio against or expose the portfolio to equity risks (futures, options on equities or indices). These instruments shall be held subject to the limit of 100% of the Fund’s net assets. The Fund shall not use total return swaps. The Fund may hold warrants or subscription certificates subject to the limit of 10% of its net assets and may use callable bonds (bonds that the issuer may redeem prior to maturity but that have no other optional elements or sources of complexity) and puttable bonds (bonds that allow the holder to force the issuer to repurchase the security but that have no other optional elements or sources of complexity) subject to the limit of 25% of its net assets. The Fund may, for cash management purposes, to invest guarantees obtained in the context of securities lending or to maximise Fund income, use reverse repurchase agreements, up to a maximum of 20% of its net assets, or securities lending, also up to a maximum of 20% of its net assets. Other information: The management team takes into account environmental, social and governance (ESG) criteria in its investment decisions but they are not the dominant factor. The investment decisions taken may therefore not be consistent with ESG criteria. The Management Company may make use of a gate provision to cap redemptions. For more details on this provision, please refer to the “Gate provision for capping redemptions” section of the prospectus, available at http://am.oddo-bhf.com. Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day. CN-EUR units accumulate their income. Recommended investment horizon: 5 years
# OBJETIVOS Y POLÍTICA DE INVERSIÓN El objetivo de gestión del Fondo consiste en lograr una rentabilidad superior a la del índice MSCI Europe Small Cap Net Return, en EUR, en un horizonte mínimo de inversión de 5 años. El Fondo invertirá entre un 75% y un 100% de su patrimonio neto en acciones de cualquier sector y capitalización, emitidas por empresas que tengan su domicilio social en Europa, ya sea en el Espacio Económico Europeo o en un país europeo miembro de la OCDE. El Fondo invertirá un 75% como mínimo en valores de pequeña y mediana capitalización. La estrategia de gestión implementada es una estrategia de inversión discrecional basada en un enfoque de selección de valores (stock-picking) y en una metodología rigurosa de selección de valores de crecimiento europeos. Esta estrategia privilegia las sociedades que registran un crecimiento de los resultados superior al crecimiento medio del mercado, y procura no comprar a precios demasiado caros estos valores en pleno crecimiento (Growth at Reasonable Price). El Fondo puede invertir: - del 75% al 100% en acciones de cualquier capitalización, con un mínimo del 75% en valores de pequeña y mediana capitalización, emitidos por empresas que tengan su domicilio social en Europa, ya sea en el Espacio Económico Europeo o en un país europeo miembro de la OCDE. No se centrará en ningún sector de actividad en particular. - un 25% del patrimonio neto del Fondo en (i) acciones de empresas cuyo domicilio social se encuentre fuera de Europa, incluidos los países emergentes (hasta un máximo del 10% del patrimonio neto); y (ii) divisas de países que no pertenecen a Europa relacionadas con inversiones en títulos de empresas de fuera de Europa, incluidos los países emergentes (hasta un máximo del 10%). - entre el 0% y el 25 % en productos de gestión monetaria en el marco de la gestión de su tesorería. Este componente de gestión estará constituido por títulos de crédito, tales como títulos de crédito negociables, instrumentos del mercado monetario y obligaciones a corto plazo con calificación investment grade, es decir, con una calificación de entre AAA y BBB- (otorgada por Standard & Poor’s u equivalente en opinión de la Sociedad gestora, o concedida de manera interna por parte de la Sociedad gestora), denominados en euros y cuyo emisor tenga su domicilio social en la Unión Europea o en el Reino Unido. La Sociedad gestora no recurre de forma exclusiva y mecánica a las calificaciones emitidas por las agencias de calificación y lleva a cabo su propio análisis interno. En el supuesto de rebajarse la calificación crediticia, se tendrá en cuenta en la evaluación de los límites de calificación el interés de los partícipes, la coyuntura del mercado y el análisis interno de la Sociedad gestora sobre la calificación de estos instrumentos de renta fija. - hasta el 10% de su patrimonio neto en (i) participaciones o acciones de OICVM conformes a la Directiva europea 2009/65/CE; (ii) fondos de inversión alternativos constituidos en un Estado miembro de la Unión Europea y/o en fondos de inversión de derecho extranjero descritos en el artículo R.214-25 y que reúnan los requisitos previstos en el artículo R.214-13 del Código Monetario y Financiero francés. Dichos OIC podrán estar gestionados por ODDO BHF Asset Management SAS, ODDO BHF Asset Management GmbH y ODDO BHF Asset Management Lux y serán compatibles con la estrategia de inversión del Fondo. El Fondo podrá utilizar los instrumentos financieros a plazo firme o condicional, negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros, con fines de cobertura o de exposición de la cartera al riesgo de renta variable (futuros, opciones sobre acciones o índices). Estos instrumentos se mantendrán dentro del límite del 100% del patrimonio neto del Fondo. El Fondo no recurrirá a las permutas de rentabilidad total (total return swaps). El Fondo podrá mantener warrants o bonos de suscripción hasta un máximo del 10% del patrimonio neto del Fondo y podrá recurrir a los bonos «callable» (bonos con opción de recompra o amortización anticipada, sin ningún otro elemento de opción o complejidad adicional) y a los bonos «puttable» (bonos con opción de reventa, sin ningún otro elemento de opción o complejidad adicional), hasta un máximo del 25% del patrimonio neto del Fondo. El Fondo puede recurrir, con el fin de gestionar la tesorería, invertir las garantías obtenidas en relación con préstamos de valores u optimizar los ingresos del Fondo, a las operaciones con pacto de retroventa en un máximo del 20% del patrimonio neto y a los préstamos de valores en un 20% como máximo del patrimonio neto. Otra información: El equipo de gestión tiene en cuenta los criterios ambientales, sociales y de gobierno corporativo (ESG) en el proceso de toma decisiones de inversión, aunque de forma no preponderante. Por consiguiente, las decisiones de inversión adoptadas podrían no ajustarse a los criterios ESG. La Sociedad gestora podrá adoptar un mecanismo de limitación de las solicitudes de reembolso (conocido como «gate» en inglés). Si desea obtener más información sobre este mecanismo, consulte el apartado «Dispositivo de limitación de los reembolsos» del folleto, disponible en http://am.oddo-bhf.com. Las solicitudes de suscripción y de reembolso se centralizan en las oficinas del depositario cada día hábil para la Bolsa de París hasta las 11:15 horas (hora de París, CET/CEST) y se ejecutan aplicando el valor liquidativo del mismo día. La participación CN-EUR capitaliza sus ingresos. Horizonte de inversión recomendado: 5 años
# OBJECTIVES AND INVESTMENT POLICY The Fund’s investment objective is to outperform the MSCI Europe Small Cap Net Return EUR index over a minimum investment horizon of five years. Between 75% and 100% of the Fund’s net assets will be invested, across all sectors, in shares issued by companies of any capitalisation that have their registered office in Europe (i.e. in the European Economic Area or any European OECD member). At least 75% of the Fund’s investments shall be in small and mid-cap companies. The management strategy implemented is a discretionary investment strategy based on stock-picking and a rigorous procedure for selecting European growth stocks. It favours companies whose income growth is above the market average and is careful not to pay too much for these growth stocks (Growth at a Reasonable Price). The Fund may invest: - between 75% and 100% in shares of companies of all market capitalisations, with at least 75% in small and mid-cap companies that have their registered office in Europe (i.e. in the European Economic Area or any European OECD member). No business sector will be targeted in particular. - up to 25% of the Fund’s net assets may be exposed to (i) shares of companies headquartered outside of Europe, including in emerging countries (up to 10% of net assets), and (ii) the currencies of countries not in Europe in connection with investments in the securities of companies headquartered outside of Europe, including in emerging countries (up to 10% of net assets). - between 0% and 25% of its net assets in money market instruments as part of cash management. This portfolio component shall consist of debt securities such as transferable debt securities, money market instruments and short-term bonds rated Investment Grade, i.e. between AAA and BBB- (by Standard & Poor’s or deemed equivalent by the Management Company or using the Management Company’s internal rating), which are denominated in euro and from issuers headquartered in the European Union or United Kingdom. The Management Company does not use the ratings issued by ratings agencies automatically or in isolation, as it also applies its own internal analysis. In the event of a downgrade, the Management Company will take the interests of unitholders, market conditions and its own analysis of these fixed income products into account when respecting rating limits. - up to 10% of its net assets in (i) units or shares of UCITS under European Directive 2009/65/EC, (ii) European Union AIFs and/or foreign investment fundsmentioned in R.214-25 that meet the criteria of Article R.214-13 of the French Monetary and Financial Code. These funds may be managed by ODDO BHF Asset Management SAS, ODDO BHF Asset Management GmbH and ODDO BHF Asset Management Lux, and will be compatible with the Fund’s investment strategy. The Fund may invest in forwards or options traded on regulated or organised markets or over-the-counter in France and other countries to hedge the portfolio against or expose the portfolio to equity risks (futures, options on equities or indices). These instruments shall be held subject to the limit of 100% of the Fund’s net assets. The Fund shall not use total return swaps. The Fund may hold warrants or subscription certificates subject to the limit of 10% of its net assets and may use callable bonds (bonds that the issuer may redeem prior to maturity but that have no other optional elements or sources of complexity) and puttable bonds (bonds that allow the holder to force the issuer to repurchase the security but that have no other optional elements or sources of complexity) subject to the limit of 25% of its net assets. The Fund may, for cash management purposes, to invest guarantees obtained in the context of securities lending or to maximise Fund income, use reverse repurchase agreements, up to a maximum of 20% of its net assets, or securities lending, also up to a maximum of 20% of its net assets. Other information: The management team takes into account environmental, social and governance (ESG) criteria in its investment decisions but they are not the dominant factor. The investment decisions taken may therefore not be consistent with ESG criteria. The Management Company may make use of a gate provision to cap redemptions. For more details on this provision, please refer to the “Gate provision for capping redemptions” section of the prospectus, available at http://am.oddo-bhf.com. Subscription and redemption requests are centralised by the depositary every Paris stock exchange trading day until 11:15 (Paris time, CET/CEST) and executed on the basis of the net asset value of the same day. CN-EUR units accumulate their income. Recommended investment horizon: 5 years
en
es
DOLFIN4027
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 | | | | -5.1 | 3.6 | 39.7 | -19.8 | 19.3 | 26.1 | -8.2 | | Benchmark † | | | | -4.5 | 3.9 | 40.6 | -19.5 | 19.9 | 26.8 | -7.9 | 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 V 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 V 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 V 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 V 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 V 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 V 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 15 March 2022
# Información Práctica Rentabilidad histórica hasta el 31 de diciembre de 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fondo | | | | -5,1 | 3,6 | 39,7 | -19,8 | 19,3 | 26,1 | -8,2 | | Índice † | | | | -4,5 | 3,9 | 40,6 | -19,5 | 19,9 | 26,8 | -7,9 | 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 V 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 V 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 V 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 V 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 V 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 V 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 15 marzo 2022
# Practical Information Historic performance to 31 December 2021 | | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Fund | | | | -5.1 | 3.6 | 39.7 | -19.8 | 19.3 | 26.1 | -8.2 | | Benchmark † | | | | -4.5 | 3.9 | 40.6 | -19.5 | 19.9 | 26.8 | -7.9 | 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 V 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 V 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 V 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 V 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 V 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 V 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 15 March 2022
en
es
DOLFIN4042
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Introduction How data is calculated and presented This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund’s objectives. The Equity Exposure table below provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts). The Long and Short Equity figures are included to show how the manager is achieving the Net Equity amount. The definitions section at the foot of the page provides a more comprehensive explanation of the individual elements in the table. The history chart shows how Net Equity (and its constituent parts) has changed over time. The exposure and positioning tables on page 4 break the fund down into a number of different views, each providing a different perspective on the fund’s investments. Portfolio composition data has been calculated and presented according to several general principles, which are listed below. - Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated. - Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area. - Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return. - “Basket” securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as sector) whenever possible. Otherwise they are included in the “Other Index / Unclassified” category.
# Introducción Cómo se calculan y se presentan los datos Esta ficha mensual contiene información acerca de la composición del fondo en un momento determinado. Su objetivo es ayudarle a entender de qué modo pretende el gestor del fondo lograr los objetivos del mismo. La siguiente tabla de exposición a la renta variable ofrece una visión general del fondo. La renta variable neta representa, en términos porcentuales, la medida en la que el fondo está invertido en el mercado. Cuanto más alta sea la cifra, más participará el fondo en cualquier subida (o bajada) del mercado. Es importante tener en cuenta que la renta variable neta puede ser superior al 100% (por ejemplo, si el gestor utiliza contratos de derivados). Las cifras de posiciones largas y cortas de renta variable se incluyen para ilustrar el modo en que el gestor logra la cantidad de renta variable neta. La sección de definiciones a pie de página ofrece una explicación más exhaustiva de los elementos individuales de la tabla. El gráfico histórico muestra cómo la renta variable neta (y sus partes constituyentes) ha cambiado con el tiempo. Las tablas de exposición y posicionamiento de la página 4 desglosan el fondo en diferentes visiones, cada una de las cuales ofrece una perspectiva distinta sobre sus inversiones. Los datos sobre la composición de la cartera han sido calculados y presentados de acuerdo con varios principios generales, que se enumeran a continuación. - Conjunto: todas las inversiones, incluidos los derivados, vinculadas a una empresa emisora concreta han sido combinadas para formar un porcentaje total de participación para cada empresa. En esta ficha se hace referencia a la participación conjunta como una posición. En el caso de que una empresa cotice en dos países distintos, cada cotización se clasificará como una empresa emisora independiente. Los Fondos cotizados en bolsa (ETF, por sus siglas en inglés) y sus derivados son tratados como valores individuales, es decir, no conjuntos. - Categorización: para inversiones que tienen valores subyacentes, utilizamos los atributos de la empresa emisora o participación común subyacente para determinar el sector apropiado, la franja de capitalización bursátil y la zona geográfica. - Derivados: todos los derivados se incluyen en base a la exposición y, en caso de que sea necesario, están ajustados al delta. El ajuste al delta expresa los derivados en términos del número de acciones equivalente que se necesitaría para generar el mismo rendimiento. - Valores «cesta»: los títulos que representan varias acciones de empresas, tales como futuros u opciones sobre índices, se asignan a categorías (por ejemplo, a un sector) cuando es posible. Si no lo es, se incluyen en la categoría«Otro índice / Sin clasificación».
# Introduction How data is calculated and presented This factsheet contains information about the composition of the fund at a particular point in time. It aims to help you understand how the fund manager is positioned to achieve the fund’s objectives. The Equity Exposure table below provides an overall view of the fund. Net Equity represents - in percentage terms - how much of the fund is invested in the market. The higher the figure, the more the fund will take part in any market rises (or falls). It is important to note that Net Equity can be greater than 100% (for example if the manager is using derivative contracts). The Long and Short Equity figures are included to show how the manager is achieving the Net Equity amount. The definitions section at the foot of the page provides a more comprehensive explanation of the individual elements in the table. The history chart shows how Net Equity (and its constituent parts) has changed over time. The exposure and positioning tables on page 4 break the fund down into a number of different views, each providing a different perspective on the fund’s investments. Portfolio composition data has been calculated and presented according to several general principles, which are listed below. - Aggregation: all investments, including derivatives, linked to a particular issuing company have been combined to form a total percentage holding for each company. The aggregate holding is referred to in this factsheet as a position. Where a company is listed in two separate countries, each listing may be classified as a separate issuing company. Exchange Traded Funds (ETFs) and derivatives on ETFs are treated as individual securities – ie not aggregated. - Categorisation: for investments that have underlying securities we use the attributes of the underlying issuing company or common share to determine the appropriate sector, market capitalisation band and geographic area. - Derivatives: all derivatives are included on an exposure basis and, where necessary, are delta-adjusted. Delta-adjusting expresses derivatives in terms of the equivalent number of shares that would be needed to generate the same return. - “Basket” securities: securities that represent a number of company shares – like index futures or options – are allocated to categories (such as sector) whenever possible. Otherwise they are included in the “Other Index / Unclassified” category.
en
es
DOLFIN4043
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: As of the date hereof, owing to the current QFII/RQFII regulations and that the Funds themselves are not QFIIs/ RQFIIs, the relevant Funds may invest in QFII/RQFII Eligible Securities indirectly through equity linked products, including but not limited to equity linked notes and participatory notes issued by institutions that have obtained QFII/RQFII status (collectively referred to as "CAAPs"). The relevant Funds may also invest directly in QFII/RQFII Eligible Securities via the QFII/RQFII status of the Investment Manager. There are rules and restrictions under current QFII/RQFII regulations including rules on investment restrictions, which are applicable to the QFII/RQFII as a whole and not only to the investments made by the relevant Funds. Investments in QFII /RQFII Eligible Securities made through institutions with QFII/RQFII status are generally subject to compliance with investment and market access restrictions applicable to each QFII/RQFII. Such rules and restrictions imposed by the Chinese government on QFIIs/RQFIIs may have an adverse effect on the Funds’ liquidity and performance. Investors should be aware that violations of the QFII/RQFII regulations on investments arising out of activities of the QFII/RQFII could result in the revocation of or other regulatory actions, including investment in QFII/RQFII Eligible Securities or through CAAPs issued by the said QFII/RQFII made in the benefit of the relevant Funds. - Limits on RedemptionWhere the relevant Funds are invested in China’s securities market by investing through the Investment Manager's QFII/ RQFII status, repatriation of funds from China may be subject to the QFII/RQFII regulations in effect from time to time.
A la fecha del presente documento, en virtud de la normativa vigente sobre QFII/RQFII y teniendo en cuenta que los Fondos no son QFII/RQFII, los Fondos pertinentes pueden invertir en Valores aptos a efectos de QFII/RQFII indirectamente a través de productos vinculados a la renta variable, incluyendo, entre otros, pagarés vinculados a la renta variable y pagarés de participación emitidos por entidades que hayan obtenido la condición de QFII/RQFII (denominados colectivamente “CAAP”). Los Fondos pertinentes también podrán invertir directamente en Valores aptos a efectos de QFII/RQFII en virtud de la condición de QFII/RQFII del Gestor de inversiones. En virtud de la normativa vigente sobre QFII/RQFII, existen normas y restricciones, incluidas las normas sobre restricciones a las inversiones, que se aplican a los QFII/RQFII en su conjunto y no solo a las inversiones realizadas por los Fondos pertinentes. Las inversiones en Valores aptos a efectos de QFII/RQFII realizadas a través de entidades con condición de QFII/RQFII están generalmente sujetas al cumplimiento de las restricciones de inversión y acceso al mercado aplicables a cada QFII/RQFII. Dichas normas y restricciones impuestas por el gobierno chino a los QFII/ RQFII pueden tener un efecto adverso sobre la liquidez y la rentabilidad de los Fondos. Los inversores deben ser conscientes de que el incumplimiento de la normativa sobre QFII/RQFII relativa a las inversiones derivadas de las actividades de los QFII/RQFII podría dar lugar a la revocación u otras acciones reguladoras, incluidas las inversiones en Valores aptos a efectos de QFII/ RQFII o a través de los CAAP emitidos por dichos QFII/RQFII realizadas en beneficio de los Fondos pertinentes. - Límites de reembolsoCuando los Fondos pertinentes invierten en el mercado de valores de China en virtud de la condición de QFII/RQFII del Gestor de inversiones, la repatriación de los fondos desde China puede estar sujeta a la normativa sobre QFII/RQFII vigente en cada momento.
As of the date hereof, owing to the current QFII/RQFII regulations and that the Funds themselves are not QFIIs/ RQFIIs, the relevant Funds may invest in QFII/RQFII Eligible Securities indirectly through equity linked products, including but not limited to equity linked notes and participatory notes issued by institutions that have obtained QFII/RQFII status (collectively referred to as "CAAPs"). The relevant Funds may also invest directly in QFII/RQFII Eligible Securities via the QFII/RQFII status of the Investment Manager. There are rules and restrictions under current QFII/RQFII regulations including rules on investment restrictions, which are applicable to the QFII/RQFII as a whole and not only to the investments made by the relevant Funds. Investments in QFII /RQFII Eligible Securities made through institutions with QFII/RQFII status are generally subject to compliance with investment and market access restrictions applicable to each QFII/RQFII. Such rules and restrictions imposed by the Chinese government on QFIIs/RQFIIs may have an adverse effect on the Funds’ liquidity and performance. Investors should be aware that violations of the QFII/RQFII regulations on investments arising out of activities of the QFII/RQFII could result in the revocation of or other regulatory actions, including investment in QFII/RQFII Eligible Securities or through CAAPs issued by the said QFII/RQFII made in the benefit of the relevant Funds. - Limits on RedemptionWhere the relevant Funds are invested in China’s securities market by investing through the Investment Manager's QFII/ RQFII status, repatriation of funds from China may be subject to the QFII/RQFII regulations in effect from time to time.
en
es
DOLFIN4047
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Fund Exposure (%) ## Bonds Currencies In the last column of the tables above, positive weights indicate overweight exposures, while negative weights indicate underweight exposures. These position weights are ordered by their absolute value versus the benchmark in descending order. The ‘Bonds’ exposure under the ‘Country’ heading is classified by the currency of denomination of the bond rather than the country of domicile of the issuer and cash is excluded from the calculation.
# Exposición del Fondo (%) ## Bonos Monedas En la última columna de las tablas de arriba, los pesos positivos indican una sobre ponderación, mientras que los pesos negativos indican una infra ponderación. Los pesos están ordenados por su valor absoluto frente al índice de referencia en orden descendiente. La exposición a 'bonos' bajo el título de 'País' se clasifica por la moneda de denominación del bono y no por el país de domicilio del emisor. El efectivo se excluye de la exposición a bonos.
# Fund Exposure (%) ## Bonds Currencies In the last column of the tables above, positive weights indicate overweight exposures, while negative weights indicate underweight exposures. These position weights are ordered by their absolute value versus the benchmark in descending order. The ‘Bonds’ exposure under the ‘Country’ heading is classified by the currency of denomination of the bond rather than the country of domicile of the issuer and cash is excluded from the calculation.
en
es
DOLFIN4055
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Investment USD 10,000 | If you exit If you exit after 5 years [the recommended holding period] after 1 year | | --- | --- | | Total costs | USD 720 | USD 3,500 | | Impact on yield (yield reduction) per year | 7.7% | 4.9% |
| Inversión de 10.000 USD | En caso de salida En caso de salida después de 5 años (período de mantenimiento después de 1 año recomendado) | | --- | --- | | Costes totales | 720 USD | 3.500 USD | | Impacto en el rendimiento (reducción del rendimiento) por año | 7,7% | 4,9% |
| Investment USD 10,000 | If you exit If you exit after 5 years [the recommended holding period] after 1 year | | --- | --- | | Total costs | USD 720 | USD 3,500 | | Impact on yield (yield reduction) per year | 7.7% | 4.9% |
en
es
DOLFIN4057
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off charges taken before or after you invest | | --- | | Entry charge | 5.00% | | Exit charge | 3.00% | | This is the maximum that might be taken of your money before it is invested or before proceeds of your investments are paid out. | | Charges taken from the fund over a year | | Ongoing charges | 0.90% | | Charges taken from the fund under certain specific conditions | | Performance fee | 0.00% |
| Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión | | --- | | Gastos de entrada | 5,00% | | Gastos de salida | 3,00% | | Este es el máximo que puede detraerse de su capital antes de proceder a la inversión o antes de abonar el producto de la inversión. | | Gastos detraídos del fondo a lo largo de un año | | Gastos corrientes | 0,90% | | Gastos detraídos del fondo en determinadas condiciones específicas | | Comisión de rentabilidad | 0,00% |
| One-off charges taken before or after you invest | | --- | | Entry charge | 5.00% | | Exit charge | 3.00% | | This is the maximum that might be taken of your money before it is invested or before proceeds of your investments are paid out. | | Charges taken from the fund over a year | | Ongoing charges | 0.90% | | Charges taken from the fund under certain specific conditions | | Performance fee | 0.00% |
en
es
DOLFIN4062
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Recommended Holding Period: 3 years Investment: CHF 10,000 | | --- | | Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years | If you exit after 1 year | If you exit after 3 years (recommended holding period) | | Stress | What you might get back after costs Average return each year | 6,590 CHF -34.10% | 7,580 CHF -8.82% | | Unfavourable | What you might get back after costs Average return each year | 8,600 CHF -14.04% | 8,720 CHF¹ -4.46%¹ | | Moderate | What you might get back after costs Average return each year | 9,510 CHF -4.91% | 9,470 CHF² -1.80%² | | Favourable | What you might get back after costs Average return each year | 10,260 CHF 2.63% | 9,980 CHF³ -0.08%³ |
| Período de mantenimiento recomendado: 3 años Inversión: 10.000 CHF | | --- | | Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años | En caso de salida después de 1 año | En caso de salida después de 3 años (período de mantenimiento recomendado) | | Tensión | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 6.590 CHF -34,10% | 7.580 CHF -8,82% | | Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.600 CHF -14,04% | 8.720 CHF¹ -4,46%¹ | | Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.510 CHF -4,91% | 9.470 CHF² -1,80%² | | Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.260 CHF 2,63% | 9.980 CHF³ -0,08%³ |
| Recommended Holding Period: 3 years Investment: CHF 10,000 | | --- | | Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years | If you exit after 1 year | If you exit after 3 years (recommended holding period) | | Stress | What you might get back after costs Average return each year | 6,590 CHF -34.10% | 7,580 CHF -8.82% | | Unfavourable | What you might get back after costs Average return each year | 8,600 CHF -14.04% | 8,720 CHF¹ -4.46%¹ | | Moderate | What you might get back after costs Average return each year | 9,510 CHF -4.91% | 9,470 CHF² -1.80%² | | Favourable | What you might get back after costs Average return each year | 10,260 CHF 2.63% | 9,980 CHF³ -0.08%³ |
en
es
DOLFIN4063
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and investment policy 1 The Fund's objective is to provide medium to long term capital growth. 1 The Fund will typically hold between 25-35 positions. 1 The Fund is a concentrated long-only fund which invests in shares of European companies (or companies which derive a predominant part of their revenues from activities in Europe). The Investment Manager, through the application of detailed screening criteria, seeks to invest in companies which are either established market leaders in their industries or which demonstrate a competitive advantage in new and underdeveloped markets with the majority of the portfolio invested in the former. 1 The Fund will have a Pan-European focus including the UK and will not focus on any industry or sector. 1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (''FDI'')) to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset. 1 The Portfolio will seek to outperform the MSCI Europe Index. 1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI Europe Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The investment manager will manage global exposure of the Fund {Portfolio] to within 200% of the Benchmark's value-at-risk ("VaR”). The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1 day period. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes.
# Objetivos y política de inversión 1 El Fondo tiene como objetivo lograr la revalorización del capital a medio y largo plazo. 1 Normalmente, el Fondo mantendrá entre 25 y 35 posiciones. 1 El Fondo es un fondo long-only concentrado que invierte en acciones de empresas europeas (o empresas que obtengan una parte predominante de sus ingresos de actividades desarrolladas en Europa). La Gestora de inversiones, mediante la aplicación de criterios de selección pormenorizados, tratará de invertir en empresas que sean líderes consolidados del mercado en sus sectores de actividad o que presenten una ventaja competitiva en mercados nuevos y subdesarrollados, invirtiendo la mayor parte de la cartera en las primeras. 1 El Fondo tendrá un enfoque paneuropeo, incluido el Reino Unido, y no se centrará en ninguna industria o sector. 1 El Fondo puede utilizar de forma activa instrumentos financieros derivados («IFD», es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) para lograr el objetivo de inversión, cubrirse ante movimientos previstos en un mercado o valor, o cuando resulte económicamente más eficaz que mantener directamente el activo subyacente. 1 La Cartera pretende obtener una rentabilidad superior a la del índice MSCI Europe. 1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice MSCI Europe y no está limitado por él. El Fondo utiliza el índice de referencia a efectos de gestión de riesgos para garantizar que el Fondo se gestione de manera acorde con su objetivo de inversión y su perfil de riesgo. El Gestor de Inversiones gestionará la exposición global del Fondo hasta el 200% del valor en riesgo («VaR») del Índice de referencia. El VaR de una cartera es una estimación diaria de la pérdida máxima en que puede incurrir un fondo en un periodo de un día. En el marco de su función de gestión de riesgos, el Gestor de inversiones realizará una supervisión adicional de las posiciones del fondo en relación con las ponderaciones del índice de referencia. Las ponderaciones relativas se evaluarán con referencia a un umbral que podrá actualizarse periódicamente. En otros controles de riesgo se encuentran el error de seguimiento en relación con el índice de referencia, así como las ponderaciones relativas de los sectores y/o países en relación con el Índice de referencia. Si bien el Fondo se centrará en emisores individuales que pueden o no pertenecer al Índice de referencia, dicha inversión puede tener
# Objectives and investment policy 1 The Fund's objective is to provide medium to long term capital growth. 1 The Fund will typically hold between 25-35 positions. 1 The Fund is a concentrated long-only fund which invests in shares of European companies (or companies which derive a predominant part of their revenues from activities in Europe). The Investment Manager, through the application of detailed screening criteria, seeks to invest in companies which are either established market leaders in their industries or which demonstrate a competitive advantage in new and underdeveloped markets with the majority of the portfolio invested in the former. 1 The Fund will have a Pan-European focus including the UK and will not focus on any industry or sector. 1 The Fund may actively use financial derivative instruments (ie instruments whose prices are dependent on one or more underlying assets (''FDI'')) to achieve the investment objective, for hedging against anticipated movements in a market or a security, or where it is more economically effective than directly holding the underlying asset. 1 The Portfolio will seek to outperform the MSCI Europe Index. 1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI Europe Index and is not constrained by it. The Benchmark is being used by the Fund for risk management purposes to ensure that the Fund is managed in a manner consistent with its investment objective and risk profile. The investment manager will manage global exposure of the Fund {Portfolio] to within 200% of the Benchmark's value-at-risk ("VaR”). The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1 day period. The risk management function of the Investment Manager will perform additional monitoring of positions in the fund relative to weights in the benchmark. Relative weights will be assessed with reference to a threshold which may be updated from time to time. Other risk monitoring may include tracking error versus the Benchmark as well as relative sector and/or country weights versus the Benchmark. While the Fund will focus on individual issuers that may or may not belong to the Benchmark, such investment may be in different weights than those used by the Benchmark. The above factors, considered together, may influence the extent to which the Portfolio deviates from the Benchmark and such deviation may be significant. The Benchmark is also used for performance comparison purposes.
en
es
DOLFIN4071
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # How long should I hold it and can I take money out early? ### Recommended minimum holding period: 5 years This product is designed for long term investments; you should be prepared to stay invested for at least 5 years. However, you can redeem your investment without penalty incurred for disinvestment prior to the end of the recommended holding period, or hold the investment longer. Redemptions must be received by the registrar and transfer agent no later than 11am (Irish time) 1 Business Day prior to the relevant Dealing Day to be dealt with on the basis of the net asset value per share applicable on that valuation date. Redemptions received by the registrar and transfer agent after that cut-off time will be dealt with on the next valuation date. Redemptions may be made in a number of shares and/or a cash amount. Redemption payments will be affected three (3) Bank business days, which are also days when the relevant foreign exchange market is open, after the redemption of the shares. Any cashing-in before the end of the recommended holding period may have a negative consequence on your investment.
# ¿Cuánto tiempo debo mantener la inversión, y puedo retirar dinero de manera anticipada? ### Período de mantenimiento mínimo recomendado: 5 años Este producto ha sido diseñado para inversiones a largo plazo; debería estar preparado para mantener su inversión durante al menos 5años. No obstante, puede reembolsar su inversión sin incurrir en penalizaciones por la desinversión antes de que finalice el periodo de mantenimiento recomendado o mantener la inversión durante más tiempo. Las solicitudes de reembolso recibidas por el agente de registro y transferencia antes de las 11:00 horas (hora de Irlanda) un (1) Día hábil antes del Díade negociación pertinente se tramitarán sobre la base del valor liquidativo por acción aplicable en ese día de valoración. Las solicitudes de reembolso recibidas por el agente de registro y transferencia después de esa hora límite se tramitarán el siguiente día de valoración. Los reembolsos pueden efectuarse en un número de acciones y/o un importe en efectivo. El producto del reembolso se abonará tres (3) Días hábiles bancarios, que sean también días en los que el mercado de divisas pertinente esté abierto, después del reembolso de las acciones. La salida antes de que concluya el periodo de mantenimiento recomendado podría tener consecuencias negativas para su inversión.
# How long should I hold it and can I take money out early? ### Recommended minimum holding period: 5 years This product is designed for long term investments; you should be prepared to stay invested for at least 5 years. However, you can redeem your investment without penalty incurred for disinvestment prior to the end of the recommended holding period, or hold the investment longer. Redemptions must be received by the registrar and transfer agent no later than 11am (Irish time) 1 Business Day prior to the relevant Dealing Day to be dealt with on the basis of the net asset value per share applicable on that valuation date. Redemptions received by the registrar and transfer agent after that cut-off time will be dealt with on the next valuation date. Redemptions may be made in a number of shares and/or a cash amount. Redemption payments will be affected three (3) Bank business days, which are also days when the relevant foreign exchange market is open, after the redemption of the shares. Any cashing-in before the end of the recommended holding period may have a negative consequence on your investment.
en
es
DOLFIN4076
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # Objectives and Investment Policy - The fund aims to provide income and capital growth. - The fund will invest at least 70% in global emerging-market government and corporate bonds, including those denominated in local and globally traded major currencies (‘‘hard currencies’’) and nominal and inflation linked bonds. - The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China. - Investments will be made in, but not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. - The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR. - The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms. - Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos. - The fund can invest in bonds issued by governments, companies and other bodies. - The fund may make use of derivatives or use complex derivatives to meet its investment objectives in line with the fund's risk profile. The fund can use derivatives, including but not limited to, futures, options, forwards, swaps, credit linked instruments, and other fixed income, currency and credit derivatives, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction. - The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes. - The fund is unconstrained in the amount that it may invest in sub investment grade and/or high yield securities or issuers. - The fund ’s exposure to Distressed Securities is limited to 10% of its assets. - The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis. - The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class. - The fund is actively managed and references 25% J.P. Morgan EMBI Global Diversified + 25% J.P. Morgan CEMBI Broad Diversified + 50%J.P. Morgan GBI-EM Global Diversified Index Hedged to EUR for portfolio level risk measurement only as its global exposure is measured using the relative VaR approach. For the avoidance of doubt, the Investment Manager is not constrained by the Index and there are no restrictions on the extent to which the fund’s performance may deviate from that of the Index. - Income earned by the fund is accumulated in the share price. - Shares can usually be bought and sold each business day of the fund.
# Objetivos y política de inversión - El fondo tiene como objetivo generar ingresos y crecimiento del capital. - El fondo invertirá al menos un 70 % en bonos del Estado y de empresas de mercados emergentes de todo el mundo, incluidos los denominados en las principales divisas locales y negociadas globalmente («monedas fuertes») y los bonos nominales y vinculados a la inflación. - El fondo podrá invertir hasta un 10 % directamente en bonos del mercado interior chino que coticen o se negocien en cualquier mercado autorizado de China. - Las inversiones se realizarán, entre otros, en América Latina, Sudeste Asiático, África, Europa del Este (Rusia incluida) y Oriente Medio. - El Subfondo invertirá al menos un 50 % de su patrimonio en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR. - El Subfondo se ciñe a una lista de exclusión de firmas de todos los sectores (que incluyen la fabricación de bombas de racimo o minas antipersona), así como los emisores que no realizan su actividad conforme a unas normas aceptadas internacionalmente. - Menos del 30 % de su patrimonio neto se invertirá en híbridos y CoCos, invirtiéndose menos del 20 % del patrimonio neto total en CoCos. - El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos. - El Subfondo podrá utilizar instrumentos derivados, también aquellos complejos, con el fin de lograr su objetivo de inversión atendiendo a su perfil de riesgo. El Subfondo podrá hacer uso de derivados, incluidos, entre otros, futuros, opciones, contratos a plazo, permutas, instrumentos vinculados a crédito y otros derivados de crédito, divisas y renta fija, para lograr exposición indirecta a los principales activos enumerados anteriormente, generar capital o ingresos adicionales en línea con el perfil de riesgo del Subfondo o con fines de reducción de riesgos o costes. - El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos. - El Subfondo no tiene restricciones en cuanto a la cantidad que puede invertir en valores o emisores calificados con grado especulativo o de alto rendimiento. - La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio. - El Subfondo invertirá menos del 30 % directa o indirectamente en valores de renta fija del mercado interior chino de forma conjunta. - La divisa de referencia del fondo se cubre con la divisa de referencia de la clase de acciones. El efecto de esta cobertura implica la conversión (o la «réplica») de la rentabilidad expresada en la divisa de referencia del fondo en la rentabilidad expresada en la divisa de referencia de la clase de acciones. - El Subfondo se gestiona de manera activa y utiliza como referencia el 25% J.P. Morgan EMBI Global Diversified + 25% J.P. Morgan CEMBI Broad Diversified + 50% J.P. Morgan GBI-EM Global Diversified Index Hedged to EUR para medir el riesgo a nivel de cartera únicamente en la medida en que su exposición global se mide con el método del VeR (valor en riesgo) relativo. Para evitar dudas, el Gestor de Inversiones no está limitado por el Índice y no hay restricciones sobre la medida en que la rentabilidad del Subfondo puede desviarse de la del Índice. - Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones. - Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
# Objectives and Investment Policy - The fund aims to provide income and capital growth. - The fund will invest at least 70% in global emerging-market government and corporate bonds, including those denominated in local and globally traded major currencies (‘‘hard currencies’’) and nominal and inflation linked bonds. - The fund may invest up to 10% directly in onshore China bonds listed or traded on any eligible market in China. - Investments will be made in, but not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. - The fund will invest at least 50% of its net assets in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR. - The fund adheres to the firm-wide exclusion list (which includes cluster munitions and anti-personnel landmines) and also excludes issuers which fail to conduct their business in accordance with accepted international norms. - Less than 30% of the fund’s total net assets will be invested in hybrids and Cocos, with less than 20% of the total net assets to be invested in Cocos. - The fund can invest in bonds issued by governments, companies and other bodies. - The fund may make use of derivatives or use complex derivatives to meet its investment objectives in line with the fund's risk profile. The fund can use derivatives, including but not limited to, futures, options, forwards, swaps, credit linked instruments, and other fixed income, currency and credit derivatives, to achieve indirect exposure to the main assets listed above, to generate additional capital or income in line with the fund's risk profile or with the aim of risk or cost reduction. - The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes. - The fund is unconstrained in the amount that it may invest in sub investment grade and/or high yield securities or issuers. - The fund ’s exposure to Distressed Securities is limited to 10% of its assets. - The fund will invest less than 30% directly and/or indirectly in onshore China fixed income securities on an aggregated basis. - The reference currency of the fund is hedged to the reference currency of the share class. This hedging has the effect of translating (or ‘‘replicating’’) the returns expressed in the fund’s reference currency into returns expressed in the reference currency of the share class. - The fund is actively managed and references 25% J.P. Morgan EMBI Global Diversified + 25% J.P. Morgan CEMBI Broad Diversified + 50%J.P. Morgan GBI-EM Global Diversified Index Hedged to EUR for portfolio level risk measurement only as its global exposure is measured using the relative VaR approach. For the avoidance of doubt, the Investment Manager is not constrained by the Index and there are no restrictions on the extent to which the fund’s performance may deviate from that of the Index. - Income earned by the fund is accumulated in the share price. - Shares can usually be bought and sold each business day of the fund.
en
es
DOLFIN4078
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: The different instruments mentioned here above are valued at the reference date or, if not, at the first previous date made available. Where the value of the assets cannot be valued following the Mark-to-Market or if the market data are of insufficient quality, or there are no significant amounts of transactions or for which the price is not available or clearly not representative of the fair market value, their value shall be determined conservatively using mark-to-model. The mark-to-model method is based on financial models to allocate a fair value to an asset, using either: - models developed internally by the Board of Directors and/or the Management Company or - existing models from external parties such as data vendors or - a combination of both (i) and (ii). - The liabilities of the SICAV will, in particular, be comprised of: - all borrowings, matured bills and accounts payable; - all accrued or payable administrative expenses (including but not limited to fees paid to the asset managers, custodians, representatives and agents of the SICAV); - all known liabilities, whether or not due, including all contractual obligations due and relating to payments in cash or in kind, including the amount of any unpaid dividends declared by the SICAV where the Valuation Date coincides with the record date for the determination of the persons entitled to such payment; - an appropriate reserve for future taxes on capital and on revenue, accrued up to the Valuation Date and determined periodically by the SICAV and, where necessary, other reserves authorized or approved by the Board of Directors; - any other liabilities of the SICAV regardless of their nature and type, with the exception of those represented by its own funds. When valuing these other liabilities, the SICAV will take into consideration all its expenses, in particular: incorporation costs, fees and commissions payable to counterparties providing a service to the SICAV including management fees, performance fees and consulting fees, fees payable to the depositary and correspondent agents, the administrative agent, the transfer agent, the paying agents, etc., including out-of-pocket expenses, legal fees and audit fees, promotional expenses, the cost of printing and publishing the share sales documents and any other document concerning the SICAV such as financial reports, the cost of calling and holding shareholders’ meetings and of any amendments to the Articles, the cost of calling and holding meetings of the Board of Directors, reasonable travel expenses incurred by the directors in carrying out their duties plus attendance allowances, share issue and redemption costs, dividend payment costs, taxes due tothe supervisory bodies in foreign countries where the SICAV is registered including fees and commissions payable to local permanent representatives, also the costs associated with maintaining registrations, taxes, charges and duties imposed by government authorities, stock exchange listing and follow-on costs, financial, banking or brokerage fees, the expenses and costs connected with subscription to an account or a license or any other request for paid information from financial index providers, ratings agencies or any other data suppliers, and all other operating expenses and all other administrative charges. When valuing the amount of all or some of these liabilities, the SICAV may estimate regular or periodic administrative and other expenses on the basis of one year or any other period, allocating the amount over that period on a pro rata basis, or may set a fee calculated and paid as described in the sales documents.
Los diferentes activos mencionados anteriormente se valoran en la fecha de referencia o, en su defecto, en la primera fecha disponible anterior. Si el valor de los activos no se puede determinar recurriendo a la valoración al precio de mercado, si la calidad de los datos de mercado es insuficiente, si los activos no son objeto de un número significativo de operaciones, o si el precio no está disponible o claramente no es representativo del valor justo de mercado, su valor se determinará de forma prudente por referencia a un modelo. El método de valoración mediante modelo se basa en modelos financieros destinados a atribuir un valor justo a un activo utilizando, o bien: - modelos desarrollados internamente por el Consejo de Administración y/o la Sociedad Gestora, o bien - modelos existentes procedentes de partes externas, como proveedores de datos, o bien - una combinación de lo mencionado en los puntos (i) y (ii). - Los pasivos de la SICAV estarán constituidos por lo siguiente: - todos los préstamos, letras vencidas y cuentas por pagar; - todos los gastos administrativos acumulados o pagaderos (lo que incluye, entre otras cosas, las comisiones pagadas a los gestores de activos, depositarios, representantes y agentes de la SICAV); - todos los pasivos conocidos, vencidos o no, incluidas todas las obligaciones contractuales debidas y asociadas a pagos en efectivo o en especie, incluida la cantidad de cualquier dividendo declarado por la SICAV que todavía no se haya pagado, en los casos en los que la Fecha de la valoración coincida con la fecha de registro para la determinación de las personas que tienen derecho a dicho pago; - una reserva apropiada para futuros impuestos que graven el capital y los ingresos, acumulada hasta la Fecha de Valoración y determinada periódicamente por la SICAV y, en caso necesario, otras reservas autorizadas o aprobadas por el Consejo de Administración; - cualquier otro pasivo de la SICAV con independencia de su naturaleza o tipo, exceptuando los representados por sus propios fondos. Al valor estos otros pasivos, laSICAV tendrá en cuenta todos sus gastos, en particular: gastos de constitución, honorarios y comisiones pagadas a contrapartes que presten servicios a la SICAV, incluidas comisiones de gestión, comisiones de rentabilidad y comisiones de consultoría, comisiones pagadas al depositario y los agentes corresponsales, al agente administrativo, al agente de transferencias, a los agentes de pagos, etc., incluidos los gastos ordinarios, honorarios de abogados y auditoría, gastos de promoción, el coste de impresión y publicación de los documentos de venta de acciones y otros documentos relacionados con la SICAV, como informes financieros, el coste de convocatoria de juntas de accionistas y de cambios en los Estatutos, el coste de convocatoria y celebración de juntas del Consejo de Administración, gastos de viajes razonables en que incurran los administradores en el desempeño de sus funciones más dietas de asistencia, costes de emisión y reembolso de acciones, costes de pago de dividendos, impuestos adeudados a los organismos de control de países extranjeros en los que esté registrada la SICAV, incluyendo honorarios y comisiones pagadas a representantes permanentes locales, además de los costes relacionados con el mantenimiento de registros, impuestos, cargos y tasas impuestos por las autoridades públicas, costes de cotización en bolsa y de seguimiento, comisiones financieras, bancarias o de corretaje, gastos y costes relacionados con la suscripción a una cuenta o una licencia, o cualquier otra solicitud de información a cambio de pago de proveedores de índices financieros, agencias de calificación crediticia o cualquier otro proveedor de datos, y todos los demás gastos operativos y administrativos. Al valorar el importe de parte o la totalidad de estos pasivos, la SICAV podrá calcular los gastos regulares o periódicos administrativos y de otra índole con carácter anual o cualquier otro periodo, asignando el importe de ese periodo de forma proporcional, o podrá determinar una comisión calculada y pagada según se describe en los documentos de venta.
The different instruments mentioned here above are valued at the reference date or, if not, at the first previous date made available. Where the value of the assets cannot be valued following the Mark-to-Market or if the market data are of insufficient quality, or there are no significant amounts of transactions or for which the price is not available or clearly not representative of the fair market value, their value shall be determined conservatively using mark-to-model. The mark-to-model method is based on financial models to allocate a fair value to an asset, using either: - models developed internally by the Board of Directors and/or the Management Company or - existing models from external parties such as data vendors or - a combination of both (i) and (ii). - The liabilities of the SICAV will, in particular, be comprised of: - all borrowings, matured bills and accounts payable; - all accrued or payable administrative expenses (including but not limited to fees paid to the asset managers, custodians, representatives and agents of the SICAV); - all known liabilities, whether or not due, including all contractual obligations due and relating to payments in cash or in kind, including the amount of any unpaid dividends declared by the SICAV where the Valuation Date coincides with the record date for the determination of the persons entitled to such payment; - an appropriate reserve for future taxes on capital and on revenue, accrued up to the Valuation Date and determined periodically by the SICAV and, where necessary, other reserves authorized or approved by the Board of Directors; - any other liabilities of the SICAV regardless of their nature and type, with the exception of those represented by its own funds. When valuing these other liabilities, the SICAV will take into consideration all its expenses, in particular: incorporation costs, fees and commissions payable to counterparties providing a service to the SICAV including management fees, performance fees and consulting fees, fees payable to the depositary and correspondent agents, the administrative agent, the transfer agent, the paying agents, etc., including out-of-pocket expenses, legal fees and audit fees, promotional expenses, the cost of printing and publishing the share sales documents and any other document concerning the SICAV such as financial reports, the cost of calling and holding shareholders’ meetings and of any amendments to the Articles, the cost of calling and holding meetings of the Board of Directors, reasonable travel expenses incurred by the directors in carrying out their duties plus attendance allowances, share issue and redemption costs, dividend payment costs, taxes due tothe supervisory bodies in foreign countries where the SICAV is registered including fees and commissions payable to local permanent representatives, also the costs associated with maintaining registrations, taxes, charges and duties imposed by government authorities, stock exchange listing and follow-on costs, financial, banking or brokerage fees, the expenses and costs connected with subscription to an account or a license or any other request for paid information from financial index providers, ratings agencies or any other data suppliers, and all other operating expenses and all other administrative charges. When valuing the amount of all or some of these liabilities, the SICAV may estimate regular or periodic administrative and other expenses on the basis of one year or any other period, allocating the amount over that period on a pro rata basis, or may set a fee calculated and paid as described in the sales documents.
en
es
DOLFIN4083
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: # RISK AND REWARD PROFILE Lower risk Higher risk Potentially lower return Potentially higher return - The risk level shown reflects the fund's historical volatility, completed where applicable by that of its reference framework. The volatility indicates the extent to which the value of the fund may fluctuate upwards or downwards. - The historical data may not be a reliable indication for the future. - The indicated category may vary over time. - The lowest category does not mean "risk-free". - There is no guarantee or mechanism to protect the capital. ### The investor needs to be aware of the following significant risks which are not necessarily adequately taken into account by the indicator: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | | --- | --- | --- | --- | --- | --- | --- | - Emerging countries risk: emerging countries may experience political, legal or fiscal uncertainties or other events that could impact negatively on the assets of the fund. The assets traded in these countries may be subject to market movements that are potentially more rapid than in the major international markets and listing differentials that may be considerably bigger under certain market conditions. These assets may prove to be less liquid and may not be able to be sold quickly and at reasonable prices. Exchange rate fluctuations involving the currencies of emerging countries may be sudden and substantial. - Liquidity risk: the fund may invest in securities and/or market segments that may be less liquid, in particular in certain market circumstances, with the result that securities cannot be liquidated quickly at reasonable prices.
# PERFIL DE RIESGO Y REMUNERACIÓN Riesgo más bajo Riesgo más alto Rentabilidad potencialmente más baja Rentabilidad potencialmente más alta - El nivel de riesgo mencionado refleja la volatilidad del historial del fondo y en su caso, se completa con el de su marco de referencia. La volatilidad indica la medida en la que el valor del fondo puede fluctuar tanto a la alza como a la baja. - Los datos históricos no suponen ninguna garantía en cuanto al perfil de riesgo futuro. - La categoría indicada podrá evolucionar con el tiempo. - La categoría de riesgo más bajo no significa que tenga "riesgo cero". - No existe ninguna garantía ni mecanismo de protección del capital. ### El inversor debe ser consciente de los siguientes riesgos importantes que no siempre son considerados adecuadamente por el indicador: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | | --- | --- | --- | --- | --- | --- | --- | - Riesgos vinculados con los países emergentes: los países emergentes pueden presentar incertidumbres políticas, legales y fiscales u otros acontecimientos que pueden impactar negativamente a los activos del fondo. Los activos tratados en dichos países presentan movimientos de mercado potencialmente más rápidos que los registrados en los principales mercados internacionales, así como diferencias de cotización que pueden aumentar considerablemente en determinadas circunstancias de mercado. Estos activos pueden resultar menos líquidos e incluso no poder ser vendidos rápidamente a precios razonables. Las variaciones de los cursos de las monedas de los países emergentes pueden ser bruscas e importantes. - Riesgo de liquidez: el fondo invierte en instrumentos financieros y/o segmentos de mercado que se consideran menos líquidos. Como resultado, estos instrumentos podrían no venderse rápidamente y/o a precios razonables. Este riesgo se acentúa en determinadas circunstancias del mercado y/o en caso de reembolsos masivos, que pueden afectar a la rentabilidad del fondo.
# RISK AND REWARD PROFILE Lower risk Higher risk Potentially lower return Potentially higher return - The risk level shown reflects the fund's historical volatility, completed where applicable by that of its reference framework. The volatility indicates the extent to which the value of the fund may fluctuate upwards or downwards. - The historical data may not be a reliable indication for the future. - The indicated category may vary over time. - The lowest category does not mean "risk-free". - There is no guarantee or mechanism to protect the capital. ### The investor needs to be aware of the following significant risks which are not necessarily adequately taken into account by the indicator: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | | --- | --- | --- | --- | --- | --- | --- | - Emerging countries risk: emerging countries may experience political, legal or fiscal uncertainties or other events that could impact negatively on the assets of the fund. The assets traded in these countries may be subject to market movements that are potentially more rapid than in the major international markets and listing differentials that may be considerably bigger under certain market conditions. These assets may prove to be less liquid and may not be able to be sold quickly and at reasonable prices. Exchange rate fluctuations involving the currencies of emerging countries may be sudden and substantial. - Liquidity risk: the fund may invest in securities and/or market segments that may be less liquid, in particular in certain market circumstances, with the result that securities cannot be liquidated quickly at reasonable prices.
en
es
DOLFIN4084
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: October 1, 2015. The reference currency of the Sub-Fund is USD. Past performance was calculated in USD. 6% 4% 2% 0% -2% -4% -6%
### Fecha de lanzamiento y Moneda de referencia Fecha de lanzamiento del subfondo: 1 de octubre de 2015. La moneda de referencia del Subfondo es USD. La rentabilidad pasada se calculó en USD. 6% 4% 2% 0% -2% -4% -6%
### Launch Date and Currency Sub-Fund's launch date: October 1, 2015. The reference currency of the Sub-Fund is USD. Past performance was calculated in USD. 6% 4% 2% 0% -2% -4% -6%
en
es
DOLFIN4088
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | ENERGY & METALS ENHANCED ROLL, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF RH EUR Capitalisation'' - ISIN code LU1547516291 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. | | --- | | Objectives and investment policy | | The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the BNP Paribas Energy & Metals Enhanced Roll (Hedged in EUR) (TR) (the «Index») by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket the performance is swapped with the performance of the index, generating counterparty risk. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. This share class aims at hedging the portfolio return from USD to EUR. | | Risk and reward profile | | Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk is associated with the ability of a counterparty in an Over The Counter financial transaction to fulfil its commitments like payment, delivery and reimbursement.
| ENERGY & METALS ENHANCED ROLL, un subfondo de la SICAV BNP PARIBAS EASY Clase «UCITS ETF RH EUR Capitalisation» - Código ISIN LU1547516291 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. | | --- | | Objetivos y política de inversión | | El Fondo es un fondo indexado que se gestiona de forma pasiva. El Fondo pretende replicar (con un error de seguimiento* máximo del 1 %) el rendimiento del BNP Paribas Energy & Metals Enhanced Roll (Hedged in EUR) (TR) (el «Índice») mediante la inversión en una cesta de reemplazo, compuesta, entre otras cosas, por acciones de empresas, valores de deuda o efectivo (replicación sintética). Al invertir en una cesta de valores denominada cesta de reemplazo, el rendimiento se intercambia con el rendimiento del índice, lo que genera riesgo de contraparte. * El error de seguimiento es un indicador de riesgo que mide hasta qué punto un fondo reproduce la rentabilidad de su índice de referencia. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. Esta clase de acciones tiene como objetivo cubrir la rentabilidad de la cartera de USD a EUR. | | Perfil de riesgo y de rentabilidad | | Menor riesgo Mayor riesgo Otros riesgos que revisten una importancia significativa para el Fondo y que el indicador no capta de manera adecuada: Rentabilidad potencialmente inferior Rentabilidad potencialmente más elevada - Este riesgo está relacionado con la capacidad de una contraparte de cumplir sus compromisos (como son el pago, la entrega y el reembolso) en una operación financiera extrabursátil.
| ENERGY & METALS ENHANCED ROLL, a subfund of the SICAV BNP PARIBAS EASY Class ''UCITS ETF RH EUR Capitalisation'' - ISIN code LU1547516291 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. | | --- | | Objectives and investment policy | | The Fund is an index-tracking passively managed fund. The Fund seeks to replicate (with a maximum tracking error* of 1%) the performance of the BNP Paribas Energy & Metals Enhanced Roll (Hedged in EUR) (TR) (the «Index») by investing in a substitute basket, composed of, inter alia, shares of companies, debt securities or cash (synthetic replication). When investing in a basket of securities called substitute basket the performance is swapped with the performance of the index, generating counterparty risk. *The tracking error is a risk indicator that measures how closely a fund tracks the performance of its reference index. Incomes are systematically reinvested. Investors are able to redeem on a daily basis (on Luxembourg bank business days) as described in the prospectus. This share class aims at hedging the portfolio return from USD to EUR. | | Risk and reward profile | | Lower risk Higher risk Other risks materially relevant to the Fund which are not adequately captured by the indicator are described below: Potentially lower rewards Potentially higher rewards - This risk is associated with the ability of a counterparty in an Over The Counter financial transaction to fulfil its commitments like payment, delivery and reimbursement.
en
es
DOLFIN4089
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 07/2016-07/2021. Moderate scenario What you might get back after costs Average return each year EUR 10,415 4.1% EUR 11,907 3.6%
# Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 07/2016-07/2021. Escenario moderado Lo que podría recibir una vez deducidos los costes Rendimiento promedio cada año 10 415 EUR 4,1% 11 907 EUR 3,6%
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 07/2016-07/2021. Moderate scenario What you might get back after costs Average return each year EUR 10,415 4.1% EUR 11,907 3.6%
en
es
DOLFIN4103
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 financial assets constituting guarantees with the objective of reducing its exposure to global counterparty risk. The financial guarantees received 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, they 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 government bonds or treasury bills and short-term money market funds.
### 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 los activos financieros que constituyan garantías financieras y que tengan como objetivo reducir su exposición al riesgo global de contraparte. Las garantías financieras recibidas 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 títulos de deuda pública o bonos del Tesoro de alta calidad e IIC monetarias a corto plazo.
### Contracts constituting financial guarantees Within the scope of OTC derivatives transactions and temporary purchases/sales of securities, the fund may receive financial assets constituting guarantees with the objective of reducing its exposure to global counterparty risk. The financial guarantees received 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, they 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 government bonds or treasury bills and short-term money market funds.
en
es
DOLFIN4105
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years | | --- | --- | --- | | Total costs | 596 EUR | 822 EUR | | Annual cost impact (*) | 6.0% | 2.7% |
| Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 3 años | | --- | --- | --- | | Costes totales | 596 EUR | 822 EUR | | Incidencia anual de los costes (*) | 6,0% | 2,7% |
| Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years | | --- | --- | --- | | Total costs | 596 EUR | 822 EUR | | Annual cost impact (*) | 6.0% | 2.7% |
en
es
DOLFIN4107
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: | One-off costs upon entry or exit | If you exit after 1 year | | --- | --- | | Entry costs | 5.3% of the amount you pay in when entering this investment. | 511 EUR | | Exit costs | We do not charge an exit fee for this product. | 0 EUR | | Ongoing costs taken each year | | Management fees and other administrative or operating costs | 1.7% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 168 EUR | | Transaction costs | 0.6% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 61 EUR | | Incidental costs taken under specific conditions | | Performance fees | There is no performance fee for this product. | 0 EUR |
| Costes únicos de entrada o salida | En caso de salida después de 1 año | | --- | --- | | Costes de entrada | 5,3 % del importe que pagará usted al realizar esta inversión. | 511 EUR | | Costes de salida | No cobramos una comisión de salida por este producto. | 0 EUR | | Costes corrientes detraídos cada año | | Comisiones de gestión y otros costes administrativos o de funcionamiento | 1,7 % del valor de su inversión al año. Se trata de una estimación basada en los costes reales del último año. | 168 EUR | | Costes de operación | 0,6 % 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. | 61 EUR | | Costes accesorios detraídos en condiciones específicas | | Comisiones de rendimiento | No se aplica ninguna comisión de rendimiento a este producto. | 0 EUR |
| One-off costs upon entry or exit | If you exit after 1 year | | --- | --- | | Entry costs | 5.3% of the amount you pay in when entering this investment. | 511 EUR | | Exit costs | We do not charge an exit fee for this product. | 0 EUR | | Ongoing costs taken each year | | Management fees and other administrative or operating costs | 1.7% of the value of your investment per year. This is an estimate based on actual costs over the last year. | 168 EUR | | Transaction costs | 0.6% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the underlying investments for the product. The actual amount will vary depending on how much we buy and sell. | 61 EUR | | Incidental costs taken under specific conditions | | Performance fees | There is no performance fee for this product. | 0 EUR |
en
es
DOLFIN4110
Translate the following text in en into es. Only provide the translation without any other text. The text to translate: With the amendment of the sales prospectus, the Articles of Association are included as an integral part of the sales prospectus. The Articles of Association are also to be amended as follows at an extraordinary general meeting: - # Amendment to Article 2 of the Articles of Association
Con la modificación del folleto informativo, los estatutos se incluirán como parte integrante del mismo. Además, los estatutos se modificarán como sigue en una junta general extraordinaria: - # Modificación del artículo 2 de los estatutos
With the amendment of the sales prospectus, the Articles of Association are included as an integral part of the sales prospectus. The Articles of Association are also to be amended as follows at an extraordinary general meeting: - # Amendment to Article 2 of the Articles of Association
en
es
DOLFIN4112
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 accumulated in the share price. - Shares can usually be bought and sold each business day of the fund.
# Objetivos y política de inversión - El fondo tiene como objetivo generar ingresos y crecimiento del capital 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 acumulan en el precio de sus acciones. - Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
# Objectives and Investment Policy - The fund aims to provide income and 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 accumulated in the share price. - Shares can usually be bought and sold each business day of the fund.
en
es
DOLFIN4113
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 If you exit after 1 If you exit after 5 Example investment: EUR 10,000 year years | | --- | | Scenarios | | Minimum This Product does not include any guarantee so you could lose some or all of your investment. | | Stress | What you might get back after costs | 1,140 EUR | 1,000 EUR | | Average return each year | -88.6% | -36.9% | | Unfavourable (*) | What you might get back after costs | 8,260 EUR | 9,220 EUR | | Average return each year | -17.4% | -1.6% | | Moderate (*) | What you might get back after costs | 11,300 EUR | 20,130 EUR | | Average return each year | 13.0% | 15.0% | | Favourable (*) | What you might get back after costs | 13,890 EUR | 23,380 EUR | | Average return each year | 38.9% | 18.5% |
| Período de mantenimiento recomendado: 5 años En caso de salida En caso de salida Ejemplo de inversión: 10.000 EUR después de 1 año después de 5 años | | --- | | Escenarios | | Mínimo Este Producto no incluye ninguna garantía, por lo que podría perder parte o la totalidad de su inversión. | | Tensión | Lo que podría recibir tras deducir los costes | 1.140 EUR | 1.000 EUR | | Rendimiento medio cada año | -88,6 % | -36,9 % | | Desfavorable (*) | Lo que podría recibir tras deducir los costes | 8.260 EUR | 9.220 EUR | | Rendimiento medio cada año | -17,4 % | -1,6 % | | Moderado (*) | Lo que podría recibir tras deducir los costes | 11.300 EUR | 20.130 EUR | | Rendimiento medio cada año | 13,0 % | 15,0 % | | Favorable (*) | Lo que podría recibir tras deducir los costes | 13.890 EUR | 23.380 EUR | | Rendimiento medio cada año | 38,9 % | 18,5 % |
| Recommended holding period: 5 years If you exit after 1 If you exit after 5 Example investment: EUR 10,000 year years | | --- | | Scenarios | | Minimum This Product does not include any guarantee so you could lose some or all of your investment. | | Stress | What you might get back after costs | 1,140 EUR | 1,000 EUR | | Average return each year | -88.6% | -36.9% | | Unfavourable (*) | What you might get back after costs | 8,260 EUR | 9,220 EUR | | Average return each year | -17.4% | -1.6% | | Moderate (*) | What you might get back after costs | 11,300 EUR | 20,130 EUR | | Average return each year | 13.0% | 15.0% | | Favourable (*) | What you might get back after costs | 13,890 EUR | 23,380 EUR | | Average return each year | 38.9% | 18.5% |
en
es