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DOLFIN1070 | 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 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
30%
20%
10%
0%
-10%
-20% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 31 de octubre de 2011. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en CHF.
30%
20%
10%
0%
-10%
-20% | ### Launch Date and Currency
Sub-Fund's launch date: October 31, 2011.
The reference currency of the Sub-Fund is USD. Past performance was calculated in CHF.
30%
20%
10%
0%
-10%
-20% | en | es |
DOLFIN1072 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in equity securities that the Investment Manager believes are China Net Zero Solutions. The issuers of China Net Zero Solutions are organised or have substantial business activities in China and may be of any market capitalisation and industry.
The Investment Manager invests in equity securities that it believes align with and are positively exposed to China's policies to transition towards a net zero carbon economy, these equity securities being "China Net Zero Solutions".
The Investment Manager uses fundamental research to build a comparatively concentrated, high conviction portfolio of securities of issuers (typically 30-50 companies) that the Investment Manager believes are of high quality and have superior long-term growth characteristics.
The Fund may invest in all markets on which these equity securities are traded, such as China Connect Scheme markets for China A-shares and offshore markets for H-shares, as well as other offshore equity markets.
The Fund may also invest in China through any Renminbi Qualified Foreign Institutional Investor (RQFII) programs that may be held by the Management Company or an affiliate.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes. | ## Política de inversión
En condiciones normales de mercado, el Fondo suele invertir, como mínimo, un 80% de sus activos en títulos de renta variable de emisores que la Sociedad Gestora considere que venden u ofrecen soluciones de cero emisiones netas de carbono en China (China Net Zero Solutions). Los emisores de soluciones de cero emisiones netas de carbono en China (China Net Zero Solutions) son empresas constituidas en China, o que tienen una importante actividad en el país, y pueden ser de cualquier capitalización de mercado o sector.
La Sociedad Gestora invierte en títulos de renta variable que cree que se ajustan a las políticas Chinas, o bien tienen una exposición positiva a ellas, en materia de transición hacia una economía de cero emisiones netas de carbono, valores que se denominan "soluciones de cero emisiones netas de carbono en China" ("China Net Zero Solutions").
La Sociedad Gestora emplea un análisis cuantitativo para desarrollar una cartera relativamente concentrada y de alta confianza con títulos de emisores (normalmente, entre 30 y 50 empresas) que considera que son de alta calidad y presentan unas excelentes características de crecimiento a largo plazo.
El Fondo puede invertir en todos los mercados en los que coticen estos títulos de renta variable, como los mercados del sistema China Connect para acciones de tipo A de China y mercados offshore para acciones H, así como otros mercados de acciones offshore.
El Fondo también puede invertir en China a través del programa para inversores institucionales extranjeros cualificados en renminbi (RQFII), en el que puede participar la Sociedad Gestora o una de sus empresas vinculadas.
El Fondo puede tener exposición a cualquier divisa.
El Fondo hace uso de derivados con fines de cobertura (reducción de riesgos), gestión eficaz de la cartera y otros fines de inversión. | ## Investment policy
Under normal market conditions, the Fund typically invests at least 80% of its assets in equity securities that the Investment Manager believes are China Net Zero Solutions. The issuers of China Net Zero Solutions are organised or have substantial business activities in China and may be of any market capitalisation and industry.
The Investment Manager invests in equity securities that it believes align with and are positively exposed to China's policies to transition towards a net zero carbon economy, these equity securities being "China Net Zero Solutions".
The Investment Manager uses fundamental research to build a comparatively concentrated, high conviction portfolio of securities of issuers (typically 30-50 companies) that the Investment Manager believes are of high quality and have superior long-term growth characteristics.
The Fund may invest in all markets on which these equity securities are traded, such as China Connect Scheme markets for China A-shares and offshore markets for H-shares, as well as other offshore equity markets.
The Fund may also invest in China through any Renminbi Qualified Foreign Institutional Investor (RQFII) programs that may be held by the Management Company or an affiliate.
The Fund may be exposed to any currency.
The Fund uses derivatives for hedging (reducing risks), efficient portfolio management and other investment purposes. | en | es |
DOLFIN1083 | 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 | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | USD 0 | USD 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | USD 0 | USD 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | USD 149 | USD 959 |
| Transaction costs | This is the amount you will pay based on 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. Additional fees linked to investment into underlying funds may also be charged. | USD 72 | USD 463 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | USD 0 | USD 0 | | | COMPOSICIÓN DE LOS COSTES | |
| --- | --- |
| Costes únicos de entrada o salida | | En caso de salida después de 1 año | En caso de salida después de 5 años |
| Costes de entrada | Este es el importe que pagará usted al realizar esta inversión. | USD 0 | USD 0 |
| Costes de salida | Este es el importe de su inversión que se deduce antes de que se le pague. | USD 0 | USD 0 |
| Costes corrientes detraídos cada año | | | |
| Comisiones de gestión y otros costes administrativos o de funcionamiento | Este es el importe que pagará con base en una estimación de todas las comisiones de gestión y costes de funcionamiento (aparte de los costes de operación). | USD 149 | USD 959 |
| Costes de operación | Este es el importe que pagará con base en 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. También se podrán cargar comisiones adicionales vinculadas a la inversión en fondos subyacentes. | USD 72 | USD 463 |
| Costes accesorios | | | |
| Comisiones de rendimiento | El importe real variará en función de lo buenos que sean los resultados de su inversión. | USD 0 | USD 0 | | | COMPOSITION OF COSTS | |
| --- | --- |
| One-off costs upon entry or exit | | If you exit after 1 year | If you exit after 5 years |
| Entry costs | This is the amount you pay in when entering this investment. | USD 0 | USD 0 |
| Exit costs | This is the amount of your investment that is taken before it is paid out to you. | USD 0 | USD 0 |
| Ongoing costs taken each year | | | |
| Management fees and other administrative or operating costs | This is the amount you will pay based on an estimate of all the management and operational costs (besides transaction cost). | USD 149 | USD 959 |
| Transaction costs | This is the amount you will pay based on 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. Additional fees linked to investment into underlying funds may also be charged. | USD 72 | USD 463 |
| Incidental costs | | | |
| Performance fees | The actual amount charged will vary depending on how well your investment performs. | USD 0 | USD 0 | | en | es |
DOLFIN1086 | 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 4 years |
| --- | --- |
| Total costs EUR | 740 EUR | 1.534 EUR |
| Annual cost impact (*) | 7,4% | 3,8% each year | | | En caso de salida después de 1 año | En caso de salida después de 4 años |
| --- | --- |
| Costes totales EUR | 740 EUR | 1 533 EUR |
| Incidencia anual de los costes (*) | 7,4 % | 3,8 % por año | | | If you exit after 1 year | If you exit after 4 years |
| --- | --- |
| Total costs EUR | 740 EUR | 1.534 EUR |
| Annual cost impact (*) | 7,4% | 3,8% each year | | en | es |
DOLFIN1092 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment in Europe- European Sovereign Debt Crisis
Some of the Funds may invest substantially in Europe. In light of the fiscal conditions and concerns on sovereign debt of certain European countries, the Eurozone crisis continues to raise uncertainty with some or no clarity on an enduring solution. Any adverse events, such as the downgrading of the credit rating of a European country, the default or bankruptcy of one or more sovereigns within the Eurozone, the departure of some, or all, relevant EU Member States from the Eurozone, or any combination of the above or other economic or political events may have a negative impact on the value of the Funds. In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, a Fund’s investments in the region may be subject to higher volatility, liquidity, currency and default risks associated with investments in Europe.
If certain countries cease to use Euro as their local currency, the transition by an EU Member State away from the Euro or the dissolution of the Euro may require the redenomination of some, or all, Euro-denominated sovereign debt, corporate debt and securities (including equity securities). This may have an adverse impact on the liquidity of a Fund’s Euro-denominated assets and on the performance of the Fund which hold such assets. A Eurozone break-up or exit from the Euro might also lead to additional performance, legal and operational risks to the Fund and may cause uncertainty as to the operation of certain terms of agreements that are governed by the law of an exiting EU Member State.
While the governments of many European countries, the European Commission, the European Central Bank, the International Monetary Fund and other authorities are taking measures (such as undertaking economic reforms and imposing austerity measures on citizens) to address the current fiscal conditions, there are concerns that these measures may not have the desired effect and the future stability and growth of Europe remains uncertain. If a crisis occurs, economic recovery may take some time and future growth will be affected. The performance and value of the Funds may potentially be adversely affected by any or all of the above factors, or there may be unintended consequences in addition to the above arising from the potential European crisis that may adversely affect the performance and value of the Funds. It is also possible that a large number of investors could decide to redeem their investments in the Fund at the same time. Investors also need to bear in mind that the events in Europe may spread to other parts of the world, affecting the global financial system and other local economies, and ultimately adversely affecting the performance and value of a Fund. | ## Inversión en Europa: Crisis de la deuda soberana europea
Algunos Fondos pueden invertir esencialmente en Europa. A la luz de la coyuntura fiscal y la preocupación en torno a la deuda soberana de algunos países europeos, la crisis de la zona euro sigue azuzando la incertidumbre con una solución duradera que es poco o nada clara. Los posibles acontecimientos adversos, como la rebaja de la calificación crediticia de un país europeo, el incumplimiento o la quiebra de uno o más estados soberanos de la zona euro, la salida de algunos, o todos, los Estados miembros de la UE de la zona euro, o cualquier combinación de estos acontecimientos económicos o políticos o de otros, pueden perjudicar el valor de los Fondos. En vista de las constantes preocupaciones sobre el riesgo de deuda soberana en algunos países de la zona euro, las inversiones de un Fondo en la región pueden estar sujetas a mayores riesgos de volatilidad, liquidez, divisas e incumplimiento en relación con las inversiones en Europa.
En el caso de que determinados países dejaran de utilizar el euro como moneda nacional, la salida de un Estado miembro de la UE fuera del euro o la disolución del euro podrán exigir el cambio de denominación de la totalidad o parte de la deuda soberana denominada en euros, la deuda corporativa y los valores (incluidos los valores de renta variable). Ello podría tener un efecto adverso en la liquidez de los activos denominados en euros de un Fondo y en la rentabilidad del Fondo que invierta en dichos activos. Una ruptura de la zona euro o la salida del euro también podrían dar lugar a una rentabilidad adicional o riesgos legales y operativos para el Fondo, y crear incertidumbre sobre el funcionamiento de algunos de los términos de los acuerdos que se rigen por la legislación de un Estado miembro de la UE que abandone el euro.
Aunque los gobiernos de muchos países europeos, la Comisión Europea, el Banco Central Europeo, el Fondo Monetario Internacional y otras autoridades están adoptando medidas (como la realización de reformas económicas y la imposición de medidas de austeridad a los ciudadanos) para hacer frente a las actuales condiciones fiscales, existe la preocupación de que dichas medidas no tengan el efecto deseado y que la estabilidad y el crecimiento futuros de Europa sigan siendo inciertos. En caso de producirse una crisis, la recuperación económica podría llevar algún tiempo y el crecimiento futuro se vería afectado. La rentabilidad y el valor de los Fondos podrían verse afectados negativamente por cualquiera o todos los factores anteriores, o pueden darse consecuencias no deseadas, además de las anteriormente expuestas que se deriven de la posible crisis europea y que podrían perjudicar a la rentabilidad y el valor de los Fondos. Asimismo, cabe la posibilidad de que un gran número de inversores decida proceder a la amortización de sus inversiones en el Fondo al mismo tiempo. Los inversores también deben tener en cuenta que los acontecimientos en Europa pueden propagarse a otras partes del mundo, afectando al sistema financiero mundial y otras economías locales y, en última instancia, influir negativamente en la rentabilidad y el valor del Fondo. | ## Investment in Europe- European Sovereign Debt Crisis
Some of the Funds may invest substantially in Europe. In light of the fiscal conditions and concerns on sovereign debt of certain European countries, the Eurozone crisis continues to raise uncertainty with some or no clarity on an enduring solution. Any adverse events, such as the downgrading of the credit rating of a European country, the default or bankruptcy of one or more sovereigns within the Eurozone, the departure of some, or all, relevant EU Member States from the Eurozone, or any combination of the above or other economic or political events may have a negative impact on the value of the Funds. In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, a Fund’s investments in the region may be subject to higher volatility, liquidity, currency and default risks associated with investments in Europe.
If certain countries cease to use Euro as their local currency, the transition by an EU Member State away from the Euro or the dissolution of the Euro may require the redenomination of some, or all, Euro-denominated sovereign debt, corporate debt and securities (including equity securities). This may have an adverse impact on the liquidity of a Fund’s Euro-denominated assets and on the performance of the Fund which hold such assets. A Eurozone break-up or exit from the Euro might also lead to additional performance, legal and operational risks to the Fund and may cause uncertainty as to the operation of certain terms of agreements that are governed by the law of an exiting EU Member State.
While the governments of many European countries, the European Commission, the European Central Bank, the International Monetary Fund and other authorities are taking measures (such as undertaking economic reforms and imposing austerity measures on citizens) to address the current fiscal conditions, there are concerns that these measures may not have the desired effect and the future stability and growth of Europe remains uncertain. If a crisis occurs, economic recovery may take some time and future growth will be affected. The performance and value of the Funds may potentially be adversely affected by any or all of the above factors, or there may be unintended consequences in addition to the above arising from the potential European crisis that may adversely affect the performance and value of the Funds. It is also possible that a large number of investors could decide to redeem their investments in the Fund at the same time. Investors also need to bear in mind that the events in Europe may spread to other parts of the world, affecting the global financial system and other local economies, and ultimately adversely affecting the performance and value of a Fund. | en | es |
DOLFIN1095 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Company, on behalf of a Sub-Fund, may also enter into transactions and invest in currencies and other instruments for which affiliated companies act as broker or acts on its own account or for account of the customers. This also applies for cases in which affiliated companies, or their customers execute transactions in line with those of the Company. The Company may also enter into mutual transactions, on behalf of a Sub-Fund, in which affiliated companies act both in the name of the Company and simultaneously in the name of the participating counterparty. In such cases, the affiliated companies have a special responsibility towards both parties. The affiliated companies may also develop or issue derivative instruments for which the underlying securities, currencies or instruments can be the investments in which the Company invests or that are based on the performance of a Sub-Fund. The Company may acquire investments that were either issued by affiliated companies or that are the object of an offer for subscription or other sale of these shares. The commissions and sales charges charged by the affiliated companies should be appropriate.
The Board may impose additional investment restrictions if these are necessary to comply with the legal and administrative provisions in countries in which the Shares of the Company are offered for sale or sold.
-
## Securities pursuant to Rule 144A of the United States Securities Act of 1933 | La Sociedad, en nombre de un Compartimento, también podrá ejecutar transacciones e invertir en divisas y otros instrumentos en los que el intermediario sea una empresa vinculada o que se ejecuten por propia cuenta o por cuenta de sus clientes. Esto mismo se aplicará en aquellos casos en los que las empresas vinculadas o sus clientes actúen de forma correspondiente con las transacciones de la Sociedad. La Sociedad también podrá ejecutar a favor de un Compartimento transacciones en las que empresas vinculadas actúen en nombre de la Sociedad y, al mismo tiempo, en nombre de la contraparte. En dichos casos, la empresa vinculada adquiere una responsabilidad especial respecto a ambas partes. Las empresas vinculadas también podrán emitir o desarrollar instrumentos derivados en los que los títulos-valores, las divisas o los instrumentos subyacentes puedan ser inversiones en las que la Sociedad invierta o en las que se base la rentabilidad de un Compartimento. La Sociedad podrá adquirir inversiones que hayan sido emitidas por empresas vinculadas o sean objeto de una oferta de suscripción u otro tipo de venta de estas acciones. Las comisiones generales y comisiones de venta cobradas por las empresas vinculadas deberán ser razonables.
El Consejo podrá imponer limitaciones adicionales a la inversión, siempre y cuando estas sean necesarias para cumplir con las disposiciones legales o administrativas de los países en los que se vendan o se ofrezcan las Acciones de la Sociedad.
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## Títulos-valores de conformidad con el Artículo 144A de la United States Securities Act de 1933 | The Company, on behalf of a Sub-Fund, may also enter into transactions and invest in currencies and other instruments for which affiliated companies act as broker or acts on its own account or for account of the customers. This also applies for cases in which affiliated companies, or their customers execute transactions in line with those of the Company. The Company may also enter into mutual transactions, on behalf of a Sub-Fund, in which affiliated companies act both in the name of the Company and simultaneously in the name of the participating counterparty. In such cases, the affiliated companies have a special responsibility towards both parties. The affiliated companies may also develop or issue derivative instruments for which the underlying securities, currencies or instruments can be the investments in which the Company invests or that are based on the performance of a Sub-Fund. The Company may acquire investments that were either issued by affiliated companies or that are the object of an offer for subscription or other sale of these shares. The commissions and sales charges charged by the affiliated companies should be appropriate.
The Board may impose additional investment restrictions if these are necessary to comply with the legal and administrative provisions in countries in which the Shares of the Company are offered for sale or sold.
-
## Securities pursuant to Rule 144A of the United States Securities Act of 1933 | en | es |
DOLFIN1100 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund is not limited in its exposure to equities or debt securities but expects higher exposure to equities than to debt securities.
The Fund may invest in, or be exposed up to (i) 20% in below Investment Grade debt securities rated above Caa1/CCC+/ CCC and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager invests in securities or issuers that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management and other investment purposes. | ## Política de inversión
En condiciones normales de mercado, el Fondo normalmente invierte en títulos de renta fija y variable de emisores de cualquier parte del mundo, incluidos los países de mercados emergentes. El Fondo no tiene limitada su exposición a renta variable o renta fija, pero se espera que tenga una mayor exposición a títulos de renta variable que a títulos de renta fija.
El Fondo puede invertir o tener una exposición de hasta el (i) 20% en títulos de renta fija que no tengan un grado de inversión con una calificación crediticia superior a Caa1, CCC+ o CCC y el (ii) 20% en productos estructurados como bonos respaldados por activos y bonos de titulización hipotecaria.
El Gestor de Inversiones invierte en títulos o emisores expuestos de manera favorable a temas de inversión sostenible relacionados con el medioambiente o la sociedad , derivados de los Objetivos de Desarrollo Sostenible de las Naciones Unidas ("ODS").
El Gestor de Inversiones hace hincapié en criterios de selección positiva, en particular mediante el análisis de la exposición a factores medioambientales, sociales y de gobernanza ("ASG") de cada título o emisor, frente a los amplios procesos de evaluación negativos, cuando evalúa la exposición de un emisor a dichos factores ASG.
El Fondo puede tener exposición a cualquier divisa.
El Fondo utiliza derivados de forma significativa para la cobertura (reducción de riesgos), la gestión eficaz de la cartera y otros objetivos de inversión. | ## Investment policy
Under normal market conditions, the Fund typically invests in equity and debt securities from issuers anywhere in the world, including emerging market countries. The Fund is not limited in its exposure to equities or debt securities but expects higher exposure to equities than to debt securities.
The Fund may invest in, or be exposed up to (i) 20% in below Investment Grade debt securities rated above Caa1/CCC+/ CCC and (ii) 20% in structured products such as asset-backed and mortgage-back securities.
The Investment Manager invests in securities or issuers that it believes are positively exposed to environmentally- or socially-oriented sustainable investment themes derived from the UN Sustainable Development Goals (UNSDGs).
The Investment Manager emphasizes positive selection criteria, in particular by analyzing the exposure to environmental, social and governance (ESG) factors of each security or issuer, over broad-based negative screens in assessing an issuer's exposure to such ESG factors.
The Fund may be exposed to any currency.
The Fund uses derivatives to a significant extent for hedging (reducing risks), efficient portfolio management and other investment purposes. | en | es |
DOLFIN1104 | 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 | up to 2.73% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | up to 20.00% a year of any returns the Fund achieves above the New Net Appreciation. | | | 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 | hasta 2,73% |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | hasta el 20,00% anual sobre los rendimientos que el Fondo obtenga por encima de la Nueva Apreciación Neta. | | | 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 | up to 2.73% |
| Charges taken from the fund under certain specific conditions |
| Performance fee | up to 20.00% a year of any returns the Fund achieves above the New Net Appreciation. | | en | es |
DOLFIN1107 | 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 | 681 EUR | 1,084 EUR |
| Annual cost impact (*) | 6.8% | 3.6% | | | Inversión: 10.000 EUR | En caso de salida después de 1 año | En caso de salida después de 3 años |
| --- | --- | --- |
| Costes totales | 681 EUR | 1.084 EUR |
| Incidencia anual de los costes (*) | 6,8% | 3,6% | | | Investment: EUR 10,000 | If you exit after 1 year | If you exit after 3 years |
| --- | --- | --- |
| Total costs | 681 EUR | 1,084 EUR |
| Annual cost impact (*) | 6.8% | 3.6% | | en | es |
DOLFIN1108 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide a positive absolute return with low correlation to traditional asset classes over the medium to long term.
- The fund will achieve this through long and short positions in shares of companies and in related instruments providing exposure to companies throughout the world as well as cash, cash equivalents, and Money Market Instruments.
- The fund will gain exposure to those companies deemed attractive while maintaining short exposure to those companies deemed unattractive using a variety of instruments.
- Instruments related to shares of companies may include warrants, preference shares, rights issues, convertible bonds, depositary receipts such as American Depositary Receipts and Global Depositary Receipts, equity linked or participation notes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets (including Russia).
- 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 China A and B Shares on an aggregated basis.
- The fund may use derivatives to create market exposures through equity, currency, volatility or index related financial derivative instruments and include over-the-counter and/or exchange traded options, futures, contracts for difference (CFDs), equity linked notes, warrants, forward contracts, swaps, and/or combination of the above.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed and references the SOFR Index (the ‘‘cash index’’) by seeking to outperform it. The Investment Manager has full discretion over the composition of the fund’s portfolio and is not constrained in any way by the cash index. There are no restrictions on the extent to which the fund’s performance may deviate from that of the cash 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 Subfondo tiene como objetivo proporcionar un rendimiento absoluto positivo con baja correlación con las clases de activos tradicionales de medio a largo plazo.
- El Subfondo lo alcanzará a través de posiciones largas y cortas en acciones de empresas de todo el mundo e instrumentos relacionados que ofrezcan exposición a esas empresas, así como de efectivo, equivalentes al efectivo e instrumentos del mercado monetario.
- El Subfondo ganará exposición a aquellas empresas consideradas atractivas y mantendrá una exposición corta a las consideradas poco atractivas mediante diversos instrumentos.
- Los instrumentos relacionados con las acciones de empresas pueden incluir garantías, acciones preferentes, emisiones de derechos, bonos convertibles, recibos de depósitos tanto estadounidenses como de todo el mundo, y notas vinculadas a acciones o de participación.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes (Rusia incluida).
- 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 acciones A y B de China de forma conjunta.
- Podrá utilizar derivados para lograr la exposición a mercados a través de instrumentos financieros derivados sobre renta variable, divisas, volatilidad o índices, e incluyen opciones, futuros, contratos por diferencias (CFD), pagarés vinculados a renta variable, warrants, contratos a plazo, permutas, o una combinación de todos los anteriores, que pueden ser extrabursátiles o cotizar en un mercado de valores.
- Puede que las posiciones activas en divisas, tanto si son largas como cortas, no estén correlacionadas con sus posiciones en valores subyacentes.
- El Subfondo se gestiona de manera activa y utiliza como referencia el SOFR Index (en adelante, el «Índice de efectivo») para intentar superarlo. El Gestor de Inversiones dispone de total discreción con respecto a la composición de la cartera del Subfondo y no está limitado en modo alguno por el Índice de efectivo. No existen restricciones relativas a la medida en que la rentabilidad del Subfondo puede desviarse del Índice de efectivo.
- 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 a positive absolute return with low correlation to traditional asset classes over the medium to long term.
- The fund will achieve this through long and short positions in shares of companies and in related instruments providing exposure to companies throughout the world as well as cash, cash equivalents, and Money Market Instruments.
- The fund will gain exposure to those companies deemed attractive while maintaining short exposure to those companies deemed unattractive using a variety of instruments.
- Instruments related to shares of companies may include warrants, preference shares, rights issues, convertible bonds, depositary receipts such as American Depositary Receipts and Global Depositary Receipts, equity linked or participation notes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets (including Russia).
- 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 China A and B Shares on an aggregated basis.
- The fund may use derivatives to create market exposures through equity, currency, volatility or index related financial derivative instruments and include over-the-counter and/or exchange traded options, futures, contracts for difference (CFDs), equity linked notes, warrants, forward contracts, swaps, and/or combination of the above.
- The long and short active currency positions may not be correlated with the underlying securities positions held by the fund.
- The fund is actively managed and references the SOFR Index (the ‘‘cash index’’) by seeking to outperform it. The Investment Manager has full discretion over the composition of the fund’s portfolio and is not constrained in any way by the cash index. There are no restrictions on the extent to which the fund’s performance may deviate from that of the cash 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 |
DOLFIN1109 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Should the fund be obliged to pay a withholding tax or to submit reports or should it suffer other damage as a result of an investor not being FATCA-compliant, the fund reserves the right, notwithstanding other rights, to assert claims for compensation against the investor concerned.
The Management Company will use the personal data required for confirmation of FATCA compliance exclusively for the purpose intended according to the FATCA Law. For this reason, personal data may be reported to the Luxembourg tax authorities (“Administration des Contributions Directes”). Investors are entitled to access the data reported and to demand the correction of data where necessary.
The provision of information required for verifying FATCA compliance is mandatory. Orders with missing information or information not in accordance the law or IGA may be rejected by the Management Company. | Si debido a la falta de conformidad con la FATCA de un inversor el fondo se ve obligado al pago de una retención en origen o la presentación de un informe, o bien sufre otro tipo de perjuicio, el fondo se reserva el derecho, sin perjuicio de cualquier otro derecho, a reclamar daños y perjuicios al inversor en cuestión.
La Sociedad Gestora utilizará los datos personales requeridos para la confirmación de la conformidad con la FATCA únicamente para los propósitos establecidos en esta ley. Por este motivo, se pueden transmitir los datos personales a la autoridad tributaria luxemburguesa (Administration des Contributions Directes). El inversor tiene derecho a acceder a los datos transmitidos y, si fuera necesario, solicitar la corrección de dichos datos.
La respuesta a la información solicitada para verificar la conformidad con la FATCA es obligatoria. La Sociedad Gestora podrá rechazar las peticiones con información incompleta o que no estén de conformidad con la ley, es decir, el IGA. | Should the fund be obliged to pay a withholding tax or to submit reports or should it suffer other damage as a result of an investor not being FATCA-compliant, the fund reserves the right, notwithstanding other rights, to assert claims for compensation against the investor concerned.
The Management Company will use the personal data required for confirmation of FATCA compliance exclusively for the purpose intended according to the FATCA Law. For this reason, personal data may be reported to the Luxembourg tax authorities (“Administration des Contributions Directes”). Investors are entitled to access the data reported and to demand the correction of data where necessary.
The provision of information required for verifying FATCA compliance is mandatory. Orders with missing information or information not in accordance the law or IGA may be rejected by the Management Company. | en | es |
DOLFIN1113 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A maximum of 20% of the net outperformance of the Russell 2000 Net Total Return Index (RU20N30U). Please note that performance fees may be charged in the event of absolute negative performance of the Fund.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous year, ended 31 December 2021. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Fund and the workings of the performance fee mechanism respectively, please see the chapter entitled "Charges borne by the company" and the section entitled "Performance fee" in the prospectus, available on request at www.fundsquare.net and www.ca-indosuez-am.com. | un porcentaje máximo del 20% sobre la rentabilidad superior neta del índice Russel 2000 Net Total Return Index (RU20N30U). Tenga en cuenta que pueden cobrarse comisiones de rentabilidad en caso de que la rentabilidad absoluta del Fondo sea negativa.
Los gastos de entrada y salida indicados representan las tarifas máximas. En ciertos casos, los gastos pagados pueden ser inferiores.
La cifra de gastos corrientes se basa en los gastos del ejercicio anterior, cerrado a 31 de diciembre de 2021. Este porcentaje puede variar de un ejercicio a otro. Quedan excluidas las comisiones de rentabilidad superior y los gastos de intermediarios, excepto los gastos de entrada y de salida abonados por el Fondo cuando se adquieren o venden acciones de otro Fondo.
Para obtener más información acerca de los gastos del fondo, consulte la sección titulada “Gastos a cargo de la sociedad” y respecto al funcionamiento del mecanismo de la comisión de rentabilidad, consulte la sección “Comisión de rentabilidad” del folleto, que se encuentra disponible previa solicitud en www.fundsquare.net y en www.ca-indosuez-am.com. | A maximum of 20% of the net outperformance of the Russell 2000 Net Total Return Index (RU20N30U). Please note that performance fees may be charged in the event of absolute negative performance of the Fund.
The entry and exit charges shown are maximum rates. In certain cases, the charges paid may be lower.
The ongoing charges figure is based on charges for the previous year, ended 31 December 2021. This percentage may vary from year to year. It excludes outperformance charges and intermediation charges, with the exception of entry and exit charges paid by the Fund when it buys or sells shares of another Fund.
For more information on the charges taken by the Fund and the workings of the performance fee mechanism respectively, please see the chapter entitled "Charges borne by the company" and the section entitled "Performance fee" in the prospectus, available on request at www.fundsquare.net and www.ca-indosuez-am.com. | en | es |
DOLFIN1116 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
All mandatory principal adverse impact indicators [per Table 1 of Annex I] are taken into account where possible when identifying SFDR Sustainable Investments for the Sub-Fund, as well as a subset of voluntary indicators [from Tables 2 and 3 of Annex I]. It should also be noted that while each indicator in Table 1 of Annex I of the Commission Delegated Regulations is considered, it is currently not possible to calculate the carbon footprint of each potential sustainable investment as envisaged in Annex I.
The relevance of voluntary indicators is based on the Investment Manager’s view as to the materiality of the indicator to the sector or region.
The following voluntary indicators are taken into account for all investments:
- Investments in companies without carbon emission reduction initiatives
- Lack of a human rights policy
- Number of convictions and amount of fines for violation of anti-corruption and anti-bribery lawsIndicators for adverse impacts on sustainability factors are taken into account by using quantitative data and internal qualitative assessment to determine, for each prospective company, whether there are any PAI metrics that are deemed by the Investment Manager to do significant harm. Principal adverse impact metrics are assessed on an ongoing basis to ensure that investments that are classified by the Investment Manager as SFDR Sustainable Investments do no significant harm to any environmental or social objectives. The levels at which PAI metrics are deemed to do significant harm varies depending on, among other factors, asset class, sector, region and country. | Todos los indicadores de principales incidencias adversas obligatorios [según el Cuadro 1 del Anexo I] se tienen en cuenta, cuando resulta posible, al identificar Inversiones sostenibles con arreglo al SFDR para el Subfondo, así como el subconjunto de indicadores voluntarios [tomados de los Cuadros 2 y 3 del Anexo I]. También conviene señalar que aunque se examina cada indicador del Cuadro 1 del Anexo I del Reglamento Delegado de la Comisión, actualmente no es posible calcular la huella de carbono de cada inversión sostenible potencial, según lo previsto en el Anexo I.
La relevancia de los indicadores voluntarios se basa en la opinión de la Gestora de inversiones sobre la importancia del indicador para ese sector o región.
Los siguientes indicadores voluntarios se tienen en cuenta para todas las inversiones:
- Inversiones en empresas sin iniciativas de reducción de las emisiones de carbono
- Ausencia de una política de derechos humanos
- Número de condenas e importe de las multas por infringir las leyes de lucha contra la corrupción y el sobornoLos indicadores de incidencias adversas sobre los factores de sostenibilidad se tienen en cuenta mediante el empleo de datos cuantitativos y el análisis cualitativo interno para determinar, con respecto a cada empresa potencial, si existen parámetros PAI que la Gestora de inversiones considere que producen un perjuicio significativo. Los parámetros de principales incidencias adversas (PAI) se evalúan de forma periódica para garantizar que las inversiones que la Gestora clasifica como sostenibles con arreglo al SFDR no perjudican de manera significativa ninguno de los objetivos medioambientales o sociales. Los niveles a partir de los cuales se considera que los parámetros PAI causan un perjuicio significativo varían en función, entre otros factores, de la clase de activos, el sector, la región y el país. | All mandatory principal adverse impact indicators [per Table 1 of Annex I] are taken into account where possible when identifying SFDR Sustainable Investments for the Sub-Fund, as well as a subset of voluntary indicators [from Tables 2 and 3 of Annex I]. It should also be noted that while each indicator in Table 1 of Annex I of the Commission Delegated Regulations is considered, it is currently not possible to calculate the carbon footprint of each potential sustainable investment as envisaged in Annex I.
The relevance of voluntary indicators is based on the Investment Manager’s view as to the materiality of the indicator to the sector or region.
The following voluntary indicators are taken into account for all investments:
- Investments in companies without carbon emission reduction initiatives
- Lack of a human rights policy
- Number of convictions and amount of fines for violation of anti-corruption and anti-bribery lawsIndicators for adverse impacts on sustainability factors are taken into account by using quantitative data and internal qualitative assessment to determine, for each prospective company, whether there are any PAI metrics that are deemed by the Investment Manager to do significant harm. Principal adverse impact metrics are assessed on an ongoing basis to ensure that investments that are classified by the Investment Manager as SFDR Sustainable Investments do no significant harm to any environmental or social objectives. The levels at which PAI metrics are deemed to do significant harm varies depending on, among other factors, asset class, sector, region and country. | en | es |
DOLFIN1118 | 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 | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.50 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee is equal to 25% of the amount by which the performance exceeds that of the NASDAQ Biotech Index, but in total it shall not exceed 4% of the average value of the investment fund. Negative amounts carried forward from the past 5 accounting periods are taken into consideration when calculating the performance-based fee. Details can be found in the "Costs" section of the sales prospectus. |
| Securities lending fees | 0.03 % | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 5,00 % |
| Gastos de salida | Ninguno |
| Este es el máximo que puede deducirse de su capital antes de ser invertido (cargo de entrada) y antes de abonarse los rendimientos de su inversión (cargo de salida). |
| Gastos detraídos del fondo a lo largo de un año |
| Gastos corrientes | 1,50 % |
| Gastos detraídos del fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 0,00 % |
| La comisión de rendimiento se corresponde con el 25% del importe en que la evolución del valor exceda la evolución del índice NASDAQ Biotech, con un máximo del 4% del valor medio del fondo. A la hora de calcular la comisión de rendimiento se tienen en cuenta los remanentes negativos de los últimos cinco periodos de liquidación. El apartado “Costes” del folleto de venta contiene más información al respecto. |
| Comisión por préstamo de valores | 0,03 % | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 5.00 % |
| Exit charge | None |
| This is the maximum that might be taken out of your money before it is invested (entry charge) and before the proceeds of your investment are paid out (exit charge). |
| Charges taken from the fund over a year |
| Ongoing charges | 1.50 % |
| Charges taken from the fund under certain specific conditions |
| Performance fee | 0.00 % |
| The performance-based fee is equal to 25% of the amount by which the performance exceeds that of the NASDAQ Biotech Index, but in total it shall not exceed 4% of the average value of the investment fund. Negative amounts carried forward from the past 5 accounting periods are taken into consideration when calculating the performance-based fee. Details can be found in the "Costs" section of the sales prospectus. |
| Securities lending fees | 0.03 % | | en | es |
DOLFIN1121 | 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: JPY 1000000
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 JPY 134570 JPY 118480
Stress
Unfavourable
Moderate
Favourable
Average return each year -86.54% -34.73%
What you might get back after costs JPY 709660 JPY 318010
Average return each year -29.03% -20.48%
What you might get back after costs JPY 1113680 JPY 1493230
Average return each year 11.37% 8.35%
What you might get back after costs JPY 1734410 JPY 2491340
Average return each year 73.44% 20.03%
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 December 2013 and November 2018.
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: JPY 1000000
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 JPY 134570 JPY 118480
Tensión
Desfavorable
Moderado
Favorable
Rendimiento medio cada año -86.54% -34.73%
Lo que podría recibir tras deducir los costes JPY 709660 JPY 318010
Rendimiento medio cada año -29.03% -20.48%
Lo que podría recibir tras deducir los costes JPY 1113680 JPY 1493230
Rendimiento medio cada año 11.37% 8.35%
Lo que podría recibir tras deducir los costes JPY 1734410 JPY 2491340
Rendimiento medio cada año 73.44% 20.03%
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 diciembre de 2013 y noviembre de 2018.
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: JPY 1000000
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 JPY 134570 JPY 118480
Stress
Unfavourable
Moderate
Favourable
Average return each year -86.54% -34.73%
What you might get back after costs JPY 709660 JPY 318010
Average return each year -29.03% -20.48%
What you might get back after costs JPY 1113680 JPY 1493230
Average return each year 11.37% 8.35%
What you might get back after costs JPY 1734410 JPY 2491340
Average return each year 73.44% 20.03%
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 December 2013 and November 2018.
Favourable This type of scenario occurred for an investment between November 2016 and November 2021. | en | es |
DOLFIN1132 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
- Types of transactions, all transactions being limited to achieving the investment objective:hedgingexposurearbitrageother
- Types of instruments used:futures: on currencies, interest rates,options: currency, interest rate,swaps: currency, interest rate,forward exchange: forward purchase and sale of currenciescredit derivatives: credit default swaps (CDS)other
- Strategy for using derivatives to achieve the investment objective:hedging exchange riskreconstitution of a synthetics exposure to particular assets
- increasing exposure to interest rate risk
-
###### Description of securities with embedded derivatives | - Operaciones elegibles, que deben todas limitarse a la realización del objetivo de gestión:coberturaexposiciónarbitrajeotro tipo
- Instrumentos elegibles:futuros: sobre divisas, sobre tipos,opciones: sobre divisas, sobre tipos,swaps [permutas financieras]: sobre divisas, sobre tipos,contratos a plazo sobre divisas: compra a plazo de divisas, venta a plazo de divisas,derivados de crédito: Credit Default Swaps (CDS) [seguros de impago de deuda]otro tipo
- Estrategia de utilización de los derivados para alcanzar el objetivo de gestión:cobertura del riesgo de cambioconstitución de una exposición sintética a determinados activos
- aumento de la exposición al riesgo de tipos
-
##### Descripción de los títulos que incorporan derivados | - Types of transactions, all transactions being limited to achieving the investment objective:hedgingexposurearbitrageother
- Types of instruments used:futures: on currencies, interest rates,options: currency, interest rate,swaps: currency, interest rate,forward exchange: forward purchase and sale of currenciescredit derivatives: credit default swaps (CDS)other
- Strategy for using derivatives to achieve the investment objective:hedging exchange riskreconstitution of a synthetics exposure to particular assets
- increasing exposure to interest rate risk
-
###### Description of securities with embedded derivatives | en | es |
DOLFIN1141 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach and seeks to achieve the performance of the Bloomberg EUR Non-Government Float Adjusted Bond Index (the “Index”).
2 The Index is a market-weighted index of euro denominated investment- grade fixed-income securities excluding euro zone government debt and government related bonds, with maturities greater than one year. The euro zone is all countries in the European Union that have adopted the euro as their currency. Investment-grade bonds are generally bonds with a relatively low risk of default. The Fund may also invest in fixed income securities with less than one year to maturity, for liquidity purposes.
2 The Fund promotes environmental and social characteristics by excluding fixed income securities from its portfolio based on the impact of the issuer's conduct or products on society and / or the environment. This is met by not holding fixed income securities in the Index of issuers that do not meet specific “socially responsible” criteria, as described below.
2 The Fund attempts to:
- Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude component securities that violate United Nations Global Compact principles and securities of issuers involved in making controversial weapons and tobacco products.
- Remain fully invested except in extraordinary market, political or similar conditions.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose
value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Where the Fund uses derivatives, derivatives on an index (e.g. swaps, futures) may contain some underlying constituents which may not meet the relevant SRI ratings/criteria applied to the Index constituents.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. In this regard, the Fund may receive collateral which may not meet the relevant SRI ratings/ criteria applied to the Index constituents.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) on our website at https://global.vanguard.com | # Objetivos y política de inversión
2 El Fondo utiliza un enfoque de inversión de gestión pasiva o indexación, y su objetivo es alcanzar la rentabilidad del Bloomberg EUR Non- Government Float Adjusted Bond Index (el «Índice»).
2 El Índice es un índice ponderado por el mercado compuesto por valores de renta fija con grado de inversión denominados en euros, salvo deuda pública de la zona euro y bonos relacionados con el Estado, con vencimientos superiores a un año. La zona euro está compuesta por todos los países de la Unión Europea que han adoptado el euro como divisa propia. Los bonos calificados con grado de inversión son aquellos que por lo general entrañan un riesgo de impago relativamente bajo. El Fondo también podrá invertir en valores de renta fija con un vencimiento inferior a un año, a efectos de liquidez.
2 El Fondo promueve características medioambientales y sociales al excluir valores de renta fija de su cartera en función del impacto de la conducta o los productos del emisor en la sociedad y/o el medio ambiente. Esto se consigue al rechazar valores de renta fija en el Índice de emisores que no cumplan criterios específicos de «responsabilidad social», como se describe a continuación.
2 El Fondo trata de:
- Igualar las exposiciones a los factores de riesgo del Índice invirtiendo en una muestra representativa de los valores que componen el Índice, sin incluir los valores que no reúnan las condiciones de inversión socialmente responsable. Los criterios tienen en cuenta factores medioambientales, sociales y éticos, a juicio del proveedor del Índice, y se excluyen aquellos valores que vulneren los Principios del Pacto Mundial de las Naciones Unidas y los de emisores involucrados en la fabricación de armas controvertidas y productos de tabaco.
- Invertir la totalidad de sus activos, excepto en condiciones extraordinarias de mercado, políticas o similares.
2 El Fondo puede utilizar derivados con el objetivo de reducir el riesgo o
los costes, o bien a fin de generar ingresos extraordinarios o posibilitar un mayor crecimiento. El uso de derivados podría aumentar o reducir la exposición a activos subyacentes y originar mayores fluctuaciones en el valor liquidativo del Fondo. Se entiende por «derivado» un contrato financiero cuyo valor se basa en el valor de un activo financiero (como una acción, un bono o una divisa) o un índice de mercado. Si el Fondo utiliza derivados, es posible que los derivados de un índice (por ejemplo, swaps o futuros) contengan componentes subyacentes que no cumplan las calificaciones/criterios SRI pertinentes aplicados a los componentes del Índice.
2 La divisa base del Fondo es EUR.
2 El Fondo invierte en valores denominados en divisas diferentes a la divisa de la clase de acciones. Las fluctuaciones de los tipos de cambio pueden afectar a la rentabilidad de las inversiones.
2 El Fondo podrá participar en préstamos garantizados de sus inversiones a corto plazo a terceros cualificados. Esto se utiliza como medio de generar ingresos adicionales y para compensar los costes del Fondo. A este respecto, el Fondo podrá recibir garantías que no cumplan las calificaciones/criterios SRI pertinentes aplicados a los componentes del Índice.
2 Es posible que el Fondo no resulte apropiado para inversiones a corto plazo.
2 Los ingresos procedentes del Fondo se reinvertirán y se reflejarán en el precio de la Acciones en el Fondo.
2 Los costes de transacción de la cartera tendrán un impacto en la rentabilidad.
2 Las acciones del Fondo pueden comprarse o venderse a diario (salvo en algunos días festivos y con sujeción a ciertas restricciones descritas en el Anexo 1 del Folleto) enviando una solicitud por escrito. La lista completa de los días en los que no se pueden vender acciones del Fondo puede obtenerse en https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
Para obtener más información sobre los objetivos y la política de inversión del Fondo, así como la relación limitada con el proveedor del Índice, consulte los Anexos 1 y 6 del Folleto de Vanguard Investment Series plc (el «Folleto») en nuestra página web https://global.vanguard.com. | # Objectives and investment policy
2 The Fund employs a passive management – or indexing – investment approach and seeks to achieve the performance of the Bloomberg EUR Non-Government Float Adjusted Bond Index (the “Index”).
2 The Index is a market-weighted index of euro denominated investment- grade fixed-income securities excluding euro zone government debt and government related bonds, with maturities greater than one year. The euro zone is all countries in the European Union that have adopted the euro as their currency. Investment-grade bonds are generally bonds with a relatively low risk of default. The Fund may also invest in fixed income securities with less than one year to maturity, for liquidity purposes.
2 The Fund promotes environmental and social characteristics by excluding fixed income securities from its portfolio based on the impact of the issuer's conduct or products on society and / or the environment. This is met by not holding fixed income securities in the Index of issuers that do not meet specific “socially responsible” criteria, as described below.
2 The Fund attempts to:
- Match the risk factor exposures of the Index by investing in a representative sample of the securities that make up the Index, excluding any securities which do not meet socially responsible investing criteria. The criteria take into consideration environmental, social and ethical factors as determined by the Index provider and exclude component securities that violate United Nations Global Compact principles and securities of issuers involved in making controversial weapons and tobacco products.
- Remain fully invested except in extraordinary market, political or similar conditions.
2 The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result in greater fluctuations of the Fund's net asset value. A derivative is a financial contract whose
value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. Where the Fund uses derivatives, derivatives on an index (e.g. swaps, futures) may contain some underlying constituents which may not meet the relevant SRI ratings/criteria applied to the Index constituents.
2 The base currency of the Fund is EUR.
2 The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments.
2 The Fund may engage in short term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund. In this regard, the Fund may receive collateral which may not meet the relevant SRI ratings/ criteria applied to the Index constituents.
2 The Fund may not be appropriate for short-term investment.
2 Income from the Fund will be reinvested and reflected in the price of shares in the Fund.
2 Portfolio transaction costs will have an impact on performance.
2 Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing. A full list of the days on which shares in the Fund cannot be sold is available on https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11630
For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc Prospectus (the “Prospectus”) on our website at https://global.vanguard.com | en | es |
DOLFIN1142 | 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 small and medium capitalisation companies domiciled or listed in the European geographical area.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the European equity markets. Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. 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 least two thirds of its total assets in small cap equities and up to one third of its total assets in medium sized companies listed on the European markets.
The Sub-Fund may invest less than 25% of its total assets in Money Market Instruments and up to 10% of its assets in convertible and straight bonds.
The Sub-Fund, eligible to the French PEA account, is permanently invested for a minimum of 75% of its total assets in securities or right eligible to the PEA (for indicative purpose, the Sub-Fund shall invest a minimum of 75% in equity or rights issued by companies having their registered office in the European Area). | # Objetivos y política de inversión
## Objetivo de Inversión
El objetivo del Subfondo es obtener una apreciación del capital a largo plazo, expresada en euros, invirtiendo en empresas de pequeña, mediana capitalización que estén domiciliadas en la zona geográfica europea o que coticen en ella.
## Política de inversión
El Subfondo está gestionado activamente con el fin de captar oportunidades en los mercados europeos de renta variable. Las decisiones de inversión se basan en una combinación de análisis específicos macroeconómicos, sectoriales y empresariales. 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 como mínimo dos tercios de sus activos totales en renta variable de empresas de pequeña capitalización y hasta un tercio de sus activos totales en empresas de mediana capitalización cotizadas en mercados europeos.
El Subfondo podrá invertir como máximo el 25 % de sus activos totales en instrumentos del mercado monetario y hasta el 10 % de sus activos en bonos y bonos convertibles.
El Subfondo, que reúne los requisitos para la cuenta francesa PEA, está invertido permanentemente, en un mínimo del 75 % de sus activos totales, en títulos o acciones que cumplan las condiciones de la PEA (a título indicativo, el Subfondo invertirá un mínimo del | # Objective and Investment Policy
## Investment Objective
The Sub-Fund seeks to achieve long-term capital growth measured in Euro by investing in small and medium capitalisation companies domiciled or listed in the European geographical area.
## Investment Policy
The Sub-Fund is actively managed in order to capture opportunities in the European equity markets. Investment decisions are based on a combination of macroeconomic, sector and company specific analysis. 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 least two thirds of its total assets in small cap equities and up to one third of its total assets in medium sized companies listed on the European markets.
The Sub-Fund may invest less than 25% of its total assets in Money Market Instruments and up to 10% of its assets in convertible and straight bonds.
The Sub-Fund, eligible to the French PEA account, is permanently invested for a minimum of 75% of its total assets in securities or right eligible to the PEA (for indicative purpose, the Sub-Fund shall invest a minimum of 75% in equity or rights issued by companies having their registered office in the European Area). | en | es |
DOLFIN1145 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 4 because its simulated Net Asset Value has shown medium fluctuations historically.
the risk profile and the volatility of the Sub-Fund may increase. That notwithstanding, the risk profile of the Sub-Fund is not expected to significantly deviate from that of the Index as a result of its use of financial derivative instruments.
- The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. These risks are typically increased for below investment grade debt securities which may also be subject to higher volatility and lower liquidity than investment grade debt securities. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency.
- Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non- emerging market and investment grade debt securities respectively.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | No hay garantías de que la categoría de riesgo y rentabilidad indicada vaya a permanecer inalterable y puede variar a lo largo del tiempo.
La asignación de una Clase de Acciones a la calificación de riesgo más baja no significa que la inversión esté libre de riesgo.
¿Por qué se asigna esta Clase de Acciones a esta categoría? Esta Clase de Acciones se asigna a la categoría 4 debido a que históricamente su Valor Liquidativo simulado ha registrado un nivel de fluctuaciones medio.
aumentar. No obstante, no se prevé que el perfil de riesgo del Subfondo se desvíe significativamente del perfil de riesgo del Índice como resultado del uso de instrumentos financieros derivados.
- El valor de los títulos de deuda puede variar de forma significativa dependiendo de las condiciones económicas y de los tipos de interés, así como de la solvencia del emisor. Estos riesgos suelen ser más acusados para los títulos de deuda con calificación inferior a«investment grade», los cuales pueden asimismo estar sujetos a una mayor volatilidad y una menor liquidez que los calificados como«investment grade». La solvencia de los títulos de deuda sin calificación no se mide por referencia a la opinión de una agencia de calificación crediticia independiente.
- En los mercados emergentes podrían observarse una mayor inestabilidad política, regulatoria y económica, prácticas menos desarrolladas en materia de custodia y liquidación, falta de transparencia y mayores riesgos financieros. Las divisas de mercados emergentes podrían registrar episodios de volatilidad. La deuda de mercados emergentes y con calificación inferior a«investment grade» podría asimismo verse expuesta a una mayor volatilidad y una menor liquidez que la deuda no emitida por emisores de mercados emergentes y con calificación «investment grade» respectivamente.
- No se prevé que el Subfondo replique en todo momento la rentabilidad del Índice con absoluta precisión. Sin embargo, se prevé que el Subfondo proporcione resultados de inversión que, antes de gastos, se correspondan globalmente con la cotización y la rentabilidad del Índice.
- Si desea más información sobre riesgos, consulte el apartado«Información sobre riesgos» del Folleto. | The risk and reward category shown above is not guaranteed to remain unchanged and may change over time.
A Share Class with the lowest risk rating does not mean a risk-free investment.
Why is this Share Class in this category? This Share Class is classified in category 4 because its simulated Net Asset Value has shown medium fluctuations historically.
the risk profile and the volatility of the Sub-Fund may increase. That notwithstanding, the risk profile of the Sub-Fund is not expected to significantly deviate from that of the Index as a result of its use of financial derivative instruments.
- The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. These risks are typically increased for below investment grade debt securities which may also be subject to higher volatility and lower liquidity than investment grade debt securities. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency.
- Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non- emerging market and investment grade debt securities respectively.
- The Sub-Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Sub-Fund is, however, expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index.
- Further information about risks can be found in the "Risk Information" section of the Prospectus. | en | es |
DOLFIN1156 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 6 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 148 | EUR 923 |
| Annual cost impact (*) | 1.5% | 1.5% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.5% before costs and 7.0% after costs. | # Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0%). En relación con los demás periodos de mantenimiento, hemos supuesto que el producto evoluciona tal y como muestra el escenario moderado
- 10 000 EUR está invertido
| | En caso de salida después de 1 año | En caso de salida después de 6 años (Periodo de mantenimiento recomendado) |
| --- | --- | --- |
| Costes totales | 148 EUR | 923 EUR |
| Incidencia anual de los costes (*) | 1,5% | 1,5% |
(*) Refleja la medida en que los costes reducen su rendimiento cada año a lo largo del periodo de mantenimiento. Por ejemplo, muestra que si sale en el periodo de mantenimiento recomendado, se prevé que su rendimiento medio anual sea 8,5% antes de deducir los costes y 7,0% después de deducir los costes. | # We have assumed:
- In the first year you would get back the amount that you invested (0% annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario
- EUR 10,000 is invested
| | If you exit after 1 year | If you exit after 6 years (Recommended holding period) |
| --- | --- | --- |
| Total costs | EUR 148 | EUR 923 |
| Annual cost impact (*) | 1.5% | 1.5% |
(*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 8.5% before costs and 7.0% after costs. | en | es |
DOLFIN1157 | 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 | 11.2 | 2.2 | 10.8 | 1.0 | 2.6 | 0.6 | -1.2 | 5.5 | 3.5 | -4.3 |
| Constraint †¹ | 11.2 | 2.2 | 11.1 | 1.0 | 3.3 | 0.7 | 0.4 | 6.0 | 4.1 | -2.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 08 February 2022 | # Información Práctica
Rentabilidad histórica hasta el 31 de diciembre de 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fondo | 11,2 | 2,2 | 10,8 | 1,0 | 2,6 | 0,6 | -1,2 | 5,5 | 3,5 | -4,3 |
| Limitación †¹ | 11,2 | 2,2 | 11,1 | 1,0 | 3,3 | 0,7 | 0,4 | 6,0 | 4,1 | -2,9 |
El Depositario del Fondo es The Bank of New York Mellon SA / NV, sucursal de Luxemburgo.
Puede obtenerse más información acerca del Fondo en los informes anuales y semestrales más recientes de BlackRock Global Funds (BGF). Estos documentos se encuentran disponibles gratuitamente en inglés y otros varios idiomas. Podrán obtenerse, junto con otra información como precios de las acciones, en el sitio web de BlackRock, en la dirección www.blackrock.com o llamando al equipo Internacional de Servicios al Inversor en el +44 (0) 20 7743 3300.
Los inversores deben tener presente que la legislación tributaria de aplicación al Fondo puede repercutir en la posición fiscal personal de su inversión en el Fondo.
El Fondo es un compartimento de BGF, una estructura paraguas compuesta de diferentes compartimentos. Este documento es específico del Fondo y de la clase de acciones que se indican al principio de este documento. No obstante, el folleto y los informes anuales y semestrales se preparan para todo el paraguas.
BGF únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del Fondo.
Con arreglo a la legislación de Luxemburgo, BGF mantiene responsabilidad segregada entre sus compartimentos (significa que los activos del Fondo no se utilizarán para hacer frente a los pasivos de otros compartimentos dentro de BGF). Además, los activos del Fondo se mantienen separados de los activos de otros compartimentos.
Los inversores podrán canjear sus acciones del Fondo por acciones de otro compartimento dentro de BGF, con sujeción a ciertas condiciones que señala el folleto.
La Política de remuneración de la Sociedad de gestión, que describe el modo en que se calculan y conceden la remuneración y las prestaciones, así como los acuerdos de gestión relacionados, se encuentra disponible en www.blackrock.com/Remunerationpolicy o puede obtenerse mediante solicitud al domicilio social de la Sociedad de gestión.
Este Fondo está autorizado en Luxemburgo y está regulado por la Commission de Surveillance du Secteur Financier (CSSF). Estos Datos Fundamentales para el Inversor son exactos a 08 febrero 2022 | # Practical Information
Historic performance to 31 December 2021
| | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Fund | 11.2 | 2.2 | 10.8 | 1.0 | 2.6 | 0.6 | -1.2 | 5.5 | 3.5 | -4.3 |
| Constraint †¹ | 11.2 | 2.2 | 11.1 | 1.0 | 3.3 | 0.7 | 0.4 | 6.0 | 4.1 | -2.9 |
The depositary of the Fund is The Bank of New York Mellon SA / NV, Luxembourg Branch.
Further information about the Fund can be obtained from the latest annual and half-yearly reports of the BlackRock Global Funds (BGF). These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as share prices, on the BlackRock website at www.blackrock.com or by calling the International Investor Servicing team on +44 (0) 20 7743 3300.
Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.
The Fund is a sub-fund of BGF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and share class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.
BGF may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus.
Under Luxembourg law, BGF has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within BGF). In addition, the Fund’s assets are held separately from the assets of other sub-funds.
Investors may switch their shares in the Fund for shares in another sub-fund within BGF, subject to meeting certain conditions as set out in the prospectus.
The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.
This Fund is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This Key Investor Information is accurate as at 08 February 2022 | en | es |
DOLFIN1158 | 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 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
2.5%
2%
1.5%
1%
0.5%
0% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 17 de febrero de 2020. La moneda de referencia del Subfondo es EUR.
La rentabilidad pasada se calculó en EUR.
2.5%
2%
1.5%
1%
0.5%
0% | ### Launch Date and Currency
Sub-Fund's launch date: February 17, 2020. The reference currency of the Sub-Fund is EUR. Past performance was calculated in EUR.
2.5%
2%
1.5%
1%
0.5%
0% | en | es |
DOLFIN1160 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Minimum There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment.
| Stress | What you might get back after costs | 6,020 CHF | 7,100 CHF |
| --- | --- | --- | --- |
| | Average return each year | -39.78% | -10.78% |
| Unfavourable | What you might get back after costs | 7,860 CHF | 8,180 CHF |
| | Average return each year | -21.41% | -6.48% |
| Moderate | What you might get back after costs | 9,960 CHF | 10,460 CHF |
| | Average return each year | -0.40% | 1.50% |
| Favourable | What you might get back after costs | 10,810 CHF | 11,550 CHF |
| | Average return each year | 8.11% | 4.92% | | # Mínimo No hay un rendimiento mínimo garantizado en caso de salida antes de 5 años. Podría perder parte o la totalidad de su inversión.
| Tensión | Lo que podría recibir tras deducir los costes | 6,020 CHF | 7,100 CHF |
| --- | --- | --- | --- |
| | Rendimiento medio cada año | -39.78% | -10.78% |
| Desfavorable | Lo que podría recibir tras deducir los costes | 7,860 CHF | 8,180 CHF |
| | Rendimiento medio cada año | -21.41% | -6.48% |
| Moderado | Lo que podría recibir tras deducir los costes | 9,960 CHF | 10,460 CHF |
| | Rendimiento medio cada año | -0.40% | 1.50% |
| Favorable | Lo que podría recibir tras deducir los costes | 10,810 CHF | 11,550 CHF |
| | Rendimiento medio cada año | 8.11% | 4.92% | | # Minimum There is no minimum guaranteed return if you exit before 5 years. You could lose some or all of your investment.
| Stress | What you might get back after costs | 6,020 CHF | 7,100 CHF |
| --- | --- | --- | --- |
| | Average return each year | -39.78% | -10.78% |
| Unfavourable | What you might get back after costs | 7,860 CHF | 8,180 CHF |
| | Average return each year | -21.41% | -6.48% |
| Moderate | What you might get back after costs | 9,960 CHF | 10,460 CHF |
| | Average return each year | -0.40% | 1.50% |
| Favourable | What you might get back after costs | 10,810 CHF | 11,550 CHF |
| | Average return each year | 8.11% | 4.92% | | en | es |
DOLFIN1167 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator above is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean a risk-free investment.
This Fund is in risk category 5 based on the Fund's historic NAV per share and a blended benchmark of equities and fixed income.
The Fund may be subject to risks which are not included in the calculation of the risk-reward indicator. Key risk factors:
Market Risk: The risk that the market will go down in value, with the possibility that such changes will be sharp and unpredictable and market risks with foreign markets.
Geographical Risk: The value of the Fund's securities may be affected by social, political and economic developments and laws relating to foreign investment. Discrepancies between nations in accounting and reporting standards may also pose unique risks for the Fund.
Emerging Markets Risk: Investment in emerging markets such as Russia may expose the Fund to more social, political, regulatory, and currency risks than securities in developed markets. The fiduciary duties of issuers and the levels of investor protection imposed by regulators is generally less comprehensive in emerging market countries than in developed markets.
Currency Risk: Many of the Fund's investments will be denominated in currencies other than the currency of the share class purchased by the investor which may be affected by adverse currency movements. The Fund
will attempt to use FDIs to hedge against negative currency movements, however there is no guarantee that any attempts at hedging will be successful.
Credit Risk: The Fund may be adversely affected if the issuer of a debt instrument fails to meet its repayment obligations (i.e: defaults). Convertible bonds and contingent convertible bonds carry additional risk as they are harder to value. There is the further risk that once such bonds are converted, the conversion may not occur at a suitable time for the Fund, or the subsequent instrument may not perform favourably.
Derivatives Risk: The Fund may invest in FDIs to hedge against risk and/or to increase return. There is no guarantee that the Fund’s use of derivatives for either purpose will be successful. Derivatives are subject to counterparty risk (including potential loss of instruments) and are highly sensitive to underlying price movements, interest rates and market volatility and therefore come with a greater risk.
Operational Risk (including safekeeping of assets): The Fund and its assets may experience material losses as a result of technology/system failures, cybersecurity breaches, human error, policy breaches and/or incorrect valuation of units.
Liquidity Risk: The Fund may invest in securities which may, due to negative market conditions, become difficult to sell or may need to be sold at an unfavourable price. This may affect the overall value of the Fund.
Attention is drawn to the risk that the value of the principal invested in the Fund may fluctuate.
For more information on risks, please see the section entitled “Investment Risks” in the Prospectus of the ICAV and Supplement of the Fund. Capitalised terms not defined shall have the same meaning as in the Prospectus of the ICAV and Supplement of the Fund. | Este indicador se basa en datos históricos y puede no ser una indicación fiable del perfil de riesgo futuro del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar con el tiempo. La asignación a la categoría más baja no significa que la inversión esté libre de riesgo.
Este Fondo se clasifica en la categoría de riesgo 5 sobre la base del valor liquidativo histórico por acción del Fondo y un índice de referencia combinado de renta variable y renta fija.
El Fondo puede estar sujeto a riesgos que no se incluyen en el cálculo del indicador de riesgo y remuneración. Factores de riesgo importantes: Riesgo de mercado: El riesgo de que el mercado pierda valor, con la posibilidad de que tales cambios sean intensos e impredecibles, y los riesgos de mercado con los mercados extranjeros.
Riesgo geográfico: El valor de los valores del Fondo puede verse afectado por los acontecimientos sociales, políticos y económicos y las leyes relativas a la inversión en el extranjero. Las discrepancias entre las naciones en cuanto a la normativa contable y de presentación de informes también pueden conllevar riesgos singulares para el Fondo.
Riesgo de mercados emergentes: La inversión en mercados emergentes, como Rusia, puede exponer al Fondo a más riesgos sociales, políticos, normativos y de divisas que los valores en mercados desarrollados. Las obligaciones fiduciarias de los emisores y los niveles de protección de los inversores impuestos por los reguladores son normalmente menos completos en los países de mercados emergentes que en los mercados desarrollados.
Riesgo de divisas: Muchas de las inversiones del Fondo estarán denominadas en divisas distintas a la divisa de la clase de acciones comprada por el inversor que pueden verse afectadas por fluctuaciones
monetarias adversas. El Fondo tratará de utilizar derivados como cobertura frente a las fluctuaciones monetarias negativas. Sin embargo, no existen garantías de que cualquier intento de cobertura tenga éxito.
Riesgo crediticio: El Fondo puede verse afectado de forma negativa si el emisor de un instrumento de deuda no cumple con sus obligaciones de reembolso (es decir, incumplimientos). Los bonos convertibles y los bonos convertibles contingentes entrañan un riesgo adicional, puesto que son más difíciles de valorar. Existe el riesgo adicional de que, una vez dichos bonos se hayan convertido, la conversión no pueda producirse en un momento adecuado para el Fondo, o el instrumento subsiguiente no obtenga un rendimiento favorable.
Riesgo de derivados: El Fondo puede invertir en derivados como cobertura frente a los riesgos y/o para aumentar la rentabilidad. No hay garantía de que el uso de derivados por parte del Fondo para estos fines tenga éxito. Los derivados están sujetos al riesgo de la contraparte (incluida la pérdida potencial de instrumentos) y son muy sensibles a los movimientos subyacentes de los precios, los tipos de interés y la volatilidad de los mercados y, por lo tanto, implican un riesgo mayor.
Riesgo operativo (incluida la custodia de activos): El Fondo y sus activos pueden experimentar pérdidas significativas como resultado de errores tecnológicos o del sistema, brechas en la seguridad cibernética, errores humanos, violaciones de la política o valoración incorrecta de participaciones.
Riesgo de liquidez: El Fondo puede invertir en valores que, debido a las condiciones adversas de mercado, resultan difíciles de vender o pueden tener que venderse a un precio desfavorable. Esto puede afectar al valor general del Fondo.
Se debe tener en cuenta el riesgo de que el valor del principal invertido en el Fondo pueda fluctuar.
Para obtener más información sobre los riesgos, consulte la sección titulada “Riesgos de inversión” en el Folleto de la ICAV y el Suplemento del Fondo. Los términos con mayúscula inicial que no se definan en el presente documento tendrán el mismo significado que en el Folleto de la ICAV y el Suplemento del Fondo. | This indicator above is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean a risk-free investment.
This Fund is in risk category 5 based on the Fund's historic NAV per share and a blended benchmark of equities and fixed income.
The Fund may be subject to risks which are not included in the calculation of the risk-reward indicator. Key risk factors:
Market Risk: The risk that the market will go down in value, with the possibility that such changes will be sharp and unpredictable and market risks with foreign markets.
Geographical Risk: The value of the Fund's securities may be affected by social, political and economic developments and laws relating to foreign investment. Discrepancies between nations in accounting and reporting standards may also pose unique risks for the Fund.
Emerging Markets Risk: Investment in emerging markets such as Russia may expose the Fund to more social, political, regulatory, and currency risks than securities in developed markets. The fiduciary duties of issuers and the levels of investor protection imposed by regulators is generally less comprehensive in emerging market countries than in developed markets.
Currency Risk: Many of the Fund's investments will be denominated in currencies other than the currency of the share class purchased by the investor which may be affected by adverse currency movements. The Fund
will attempt to use FDIs to hedge against negative currency movements, however there is no guarantee that any attempts at hedging will be successful.
Credit Risk: The Fund may be adversely affected if the issuer of a debt instrument fails to meet its repayment obligations (i.e: defaults). Convertible bonds and contingent convertible bonds carry additional risk as they are harder to value. There is the further risk that once such bonds are converted, the conversion may not occur at a suitable time for the Fund, or the subsequent instrument may not perform favourably.
Derivatives Risk: The Fund may invest in FDIs to hedge against risk and/or to increase return. There is no guarantee that the Fund’s use of derivatives for either purpose will be successful. Derivatives are subject to counterparty risk (including potential loss of instruments) and are highly sensitive to underlying price movements, interest rates and market volatility and therefore come with a greater risk.
Operational Risk (including safekeeping of assets): The Fund and its assets may experience material losses as a result of technology/system failures, cybersecurity breaches, human error, policy breaches and/or incorrect valuation of units.
Liquidity Risk: The Fund may invest in securities which may, due to negative market conditions, become difficult to sell or may need to be sold at an unfavourable price. This may affect the overall value of the Fund.
Attention is drawn to the risk that the value of the principal invested in the Fund may fluctuate.
For more information on risks, please see the section entitled “Investment Risks” in the Prospectus of the ICAV and Supplement of the Fund. Capitalised terms not defined shall have the same meaning as in the Prospectus of the ICAV and Supplement of the Fund. | en | es |
DOLFIN1177 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Shares to which all or part of the Shares of one Sub-Fund is converted into Shares of another Sub-Fund (the “New Sub-Fund”) is determined on a value-for-value basis, i.e. based on the Net Asset Values of both Sub-Funds (an, if applicable, any currency exchange rates) at the time the Company processes the order.
Any conversion fee and early redemption fee, where applicable, that may be payable is specified in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus. Fractions of Shares of the New Sub-Fund or in the new Class of Shares arising from the conversion will only be allocated up to the third decimal place. The Company will be entitled to any balance not used in the payment. Where appropriate, after the conversion the Company will inform Shareholders of any amount in conversion charges still to be paid.
In the case of the conversion of Income Shares into Accumulation Shares and vice versa within the same Sub-Fund, no fees, commissions or charges will be payable. The number of new Shares to be issued will be determined by the value of the Shares redeemed, divided by the unit value of the Shares of the Class in which the issue is requested.
Shareholders are reminded that request transmitted to intermediaries other than the Administrative Agent must take into consideration the fact that cut off time for centralisation of request applies to said intermediaries vis-à-vis Administrative Agent. Consequently, such intermediaries may apply their own cut-off time, which may be earlier than the cut off time indicated above in order to take into account the time required to transmit the request to the Administrative Agent. | Las Acciones a las que se convierte la totalidad o una parte de las Acciones de un Subfondo en Acciones de otro Subfondo (el «Nuevo Subfondo») se determinan en función del valor, es decir, en función del Valor liquidativo de ambos Subfondos (y, si procede, cualesquiera tipos de cambio) en el momento en el que la Sociedad da curso a la orden.
Las comisiones de conversión y comisiones de reembolso anticipado, cuando proceda, que podrán aplicarse se detallan en la Parte A: «Los Subfondos de CARMIGNAC PORTFOLIO» del presente folleto. Las fracciones de Acciones del Nuevo Subfondo o de la nueva Clase de Acciones resultantes de la conversión se asignarán únicamente hasta tres decimales. La parte restante que no se utilice para el pago revertirá a la Sociedad. Tras la conversión, la Sociedad comunicará a los Accionistas, si procede, el importe de los gastos de conversión por pagar.
En el caso de una conversión de Acciones de reparto en Acciones de capitalización y viceversa en el seno de un mismo Subfondo, esta se llevará a cabo sin gastos, comisiones ni cargas. El número de Acciones nuevas que se emitirán se determinará sobre la base del valor de las Acciones reembolsadas, dividido por el valor unitario de las Acciones de la Clase en la que se solicite la emisión.
Los Accionistas deben tener en cuenta que la hora límite de centralización para las solicitudes transmitidas a intermediarios distintos del Agente administrativo también es aplicable a dichos intermediarios con respecto al Agente administrativo. En consecuencia, dichos intermediarios podrán aplicar sus propias horas límites, las cuales podrían ser anteriores a la hora límite que se menciona con anterioridad con el fin de poder trasmitir la solicitud al Agente administrativo a la hora exigida. | The Shares to which all or part of the Shares of one Sub-Fund is converted into Shares of another Sub-Fund (the “New Sub-Fund”) is determined on a value-for-value basis, i.e. based on the Net Asset Values of both Sub-Funds (an, if applicable, any currency exchange rates) at the time the Company processes the order.
Any conversion fee and early redemption fee, where applicable, that may be payable is specified in the Part A: “The Sub-Funds of CARMIGNAC PORTFOLIO” of this prospectus. Fractions of Shares of the New Sub-Fund or in the new Class of Shares arising from the conversion will only be allocated up to the third decimal place. The Company will be entitled to any balance not used in the payment. Where appropriate, after the conversion the Company will inform Shareholders of any amount in conversion charges still to be paid.
In the case of the conversion of Income Shares into Accumulation Shares and vice versa within the same Sub-Fund, no fees, commissions or charges will be payable. The number of new Shares to be issued will be determined by the value of the Shares redeemed, divided by the unit value of the Shares of the Class in which the issue is requested.
Shareholders are reminded that request transmitted to intermediaries other than the Administrative Agent must take into consideration the fact that cut off time for centralisation of request applies to said intermediaries vis-à-vis Administrative Agent. Consequently, such intermediaries may apply their own cut-off time, which may be earlier than the cut off time indicated above in order to take into account the time required to transmit the request to the Administrative Agent. | en | es |
DOLFIN1181 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# China A-Share Equity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the CNY I Accumulating Class was 0.20%. Over the same period, the MSCI China A Onshore Net Index (Total Return, CNY) (the “Index”) returned 1.38%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Positive investor sentiment drove the China A-share market higher as 2021 began, on hopes for, and signs of, local and global economic recovery. However, sentiment shifted and volatility increased as the year progressed. First, rising bond yields caused a correction in risk assets, and later, concerns about the Chinese government’s policy and regulatory shifts and what they meant to various market sectors, overall slowed the Chinese economy. Plus the ongoing threat from emerging COVID-19 variants damaged sentiment.
Energy, Utilities and Materials led the Index, as a recovery in demand pushed commodity prices higher, and investors’ interest in renewable energy helped Utilities. Real Estate, Health Care and Communication Services stocks declined most. All were in the crosshairs of China’s policy changes in one form or the other.
After outperforming in two of four quarters, the Portfolio lagged the Index for the full year. Stock selection made a positive impact, however, with our holdings within Information Technology and Materials outperforming Index peers. Holdings within Consumer Discretionary and Health Care detracted.
The market witnessed relatively significant share price drops in many high quality industry leaders over the year, while cyclical names continued to rally. Despite the relative headwinds, we adhered to our investment style and did not chase short-term sentiment, which would have meant increasing allocations to cyclical segments. Instead, we continued to increase exposure to leading companies in the consumer sectors, medical services, and alternative energy suppliers, based on our in-depth fundamental research.
We continued to seek companies we consider “Quality Compounders” high-quality companies with a high ROE, consistent cash flow, strong corporate governance and consistent long-term performance; and “Secular Growth Beneficiaries” those companies positioned for longer-term domestic secular growth, supported by government policies and broader industry trends. These companies often provide above-market EPS growth but are often overlooked by short-term focused retail investors.
Policy changes in the Real Estate sector and marginally tight monetary and fiscal policies in 2021 weighed on economic growth, while the rise in commodity prices created cost pressures for many manufacturers. Regulatory crackdowns impacted other industries, including education and Internet.
Looking ahead, although we anticipate fundamentals may remain on weaker footing in the first quarters of 2022, we believe the market has already priced in much of this effect. We also believe the government is likely to pursue stimulative actions, with fiscal and industrial policies aimed at supporting infrastructure and consumption and easing credit for property. The convergence of these factors could point to a recovery in areas that sold off indiscriminately during 2021.
We will continue to implement our quality-driven strategy, selectively identifying advantaged investment opportunities for the portfolio. We believe maintaining a balanced portfolio of high quality core holdings is the right approach to capitalising on China's economic growth, and we believe this will position it to deliver solid risk-adjusted returns over the longer term.
58 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | # China A-Share Equity – Informe del Gestor de inversiones
La rentabilidad total de la Clase de acumulación I CNY en el periodo de 12 meses finalizado el 31 de diciembre de 2021 ascendió al 0,20%. En el mismo periodo, el MSCI China A Onshore Net Index (Total Return, CNY) (el "Índice") registró una rentabilidad del 1,38%. (En el Anexo II se recoge la rentabilidad de todas las clases de Acciones. Los datos de rentabilidad citados representan rendimientos pasados y no son indicativos de los resultados futuros. La rentabilidad total que se indica refleja la reinversión de los ingresos por dividendos y otras distribuciones, en su caso).
El sentimiento positivo de los inversores alimentó el avance del mercado de acciones A chinas a comienzos de 2021, por las esperanzas —y los signos— de recuperación económica local y global. Sin embargo, el sentimiento cambió y la volatilidad aumentó a medida que avanzó el año. En primer lugar, el aumento de las rentabilidades de los bonos causó una corrección de los activos de riesgo y posteriormente la preocupación por la política del gobierno chino y por sus cambios de reglamentación, así como por lo que esto implica para diversos sectores del mercado, ralentizaron la economía china en general. Además, la constante amenaza de nuevas variantes de la COVID-19 perjudicó al sentimiento.
Los sectores de energía, suministros públicos y materiales lideraron el Índice, gracias a una recuperación de la demanda que dio impulso a los precios de las materias primas y a que el interés de los inversores por la energía renovable favoreció a los suministros públicos. Las acciones del sector inmobiliario, de atención sanitaria y servicios de comunicación fueron las que más retrocedieron. Todos ellos estaban en el punto de mira de los cambios de política de China de una manera u otra.
Tras haber generado una rentabilidad superior en dos de los cuatro trimestres, la Cartera se situó a la zaga del Índice en el conjunto del ejercicio. Sin embargo, la selección de valores favoreció y nuestras posiciones en tecnología de la información y materiales batieron a sus homólogas del Índice. Las posiciones en consumo discrecional y atención sanitaria lastraron la rentabilidad.
El mercado presenció caídas relativamente fuertes de los precios de muchos líderes de alta calidad del sector industrial en el transcurso del año, mientras que las empresas cíclicas continuaron repuntando. A pesar de los vientos de cara relativos, nos mantuvimos fieles a nuestro estilo de inversión y no nos dejamos llevar por el sentimiento a corto plazo, lo que podría haber supuesto un aumento de las asignaciones a segmentos cíclicos. En cambio, seguimos aumentando la exposición a empresas líderes en los sectores de consumo, servicios médicos y proveedores de energías alternativas, basándonos en nuestro análisis fundamental exhaustivo.
Seguimos buscando empresas que consideramos "Quality Compounders" (empresas de calidad con una alta rentabilidad financiera (ROE), un flujo de caja constante y un sólido gobierno corporativo y una rentabilidad a largo plazo constante) y "Beneficiarias del crecimiento secular" (empresas posicionadas de cara al crecimiento secular nacional a más largo plazo, respaldado por las políticas estatales y las tendencias sectoriales generales). Estas empresas suelen ofrecer un crecimiento del beneficio por acción superior al del mercado, pero a menudo son ignoradas por los inversores minoristas con un horizonte a corto plazo.
Los cambios de políticas en el sector inmobiliario y unas políticas monetarias y fiscales algo más restrictivas en 2021 pesaron sobre el crecimiento económico, mientras que el aumento de precios de las materias primas generó presiones de costes para muchos fabricantes. Las restricciones reguladoras afectaron a otros sectores como educación e Internet.
De cara al futuro, si bien prevemos que los fundamentales podrían deteriorarse en los primeros trimestres de 2022, creemos que el mercado ya ha descontado en gran medida este efecto. También creemos probable que el gobierno adopte medidas de estímulo, con una política fiscal e industrial orientada a respaldar las infraestructuras y el consumo, así como a facilitar el crédito para inmuebles. La convergencia de estos factores podría apuntar a una recuperación en áreas que sufrieron corrientes de ventas indiscriminadas durante 2021.
Nosotros seguiremos fieles a nuestra estrategia basada en la calidad, identificando oportunidades de inversión ventajosas de forma selectiva para la cartera. Creemos que mantener una cartera equilibrada de posiciones centrales de alta calidad resulta adecuado para beneficiarse del crecimiento económico chino, ya que, a largo plazo, ofrecerá unas rentabilidades ajustadas al riesgo excelentes.
58 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INFORME DEL GESTOR DE INVERSIONES CUENTAS | # China A-Share Equity – Investment Manager’s Report
For the 12 months ended 31 December 2021, the total return for the CNY I Accumulating Class was 0.20%. Over the same period, the MSCI China A Onshore Net Index (Total Return, CNY) (the “Index”) returned 1.38%. (Performance for all share classes is provided in Appendix II. Performance data quoted represent past performance and do not indicate future results. Total returns shown reflect the reinvestment of income dividends and other distributions, if any).
Positive investor sentiment drove the China A-share market higher as 2021 began, on hopes for, and signs of, local and global economic recovery. However, sentiment shifted and volatility increased as the year progressed. First, rising bond yields caused a correction in risk assets, and later, concerns about the Chinese government’s policy and regulatory shifts and what they meant to various market sectors, overall slowed the Chinese economy. Plus the ongoing threat from emerging COVID-19 variants damaged sentiment.
Energy, Utilities and Materials led the Index, as a recovery in demand pushed commodity prices higher, and investors’ interest in renewable energy helped Utilities. Real Estate, Health Care and Communication Services stocks declined most. All were in the crosshairs of China’s policy changes in one form or the other.
After outperforming in two of four quarters, the Portfolio lagged the Index for the full year. Stock selection made a positive impact, however, with our holdings within Information Technology and Materials outperforming Index peers. Holdings within Consumer Discretionary and Health Care detracted.
The market witnessed relatively significant share price drops in many high quality industry leaders over the year, while cyclical names continued to rally. Despite the relative headwinds, we adhered to our investment style and did not chase short-term sentiment, which would have meant increasing allocations to cyclical segments. Instead, we continued to increase exposure to leading companies in the consumer sectors, medical services, and alternative energy suppliers, based on our in-depth fundamental research.
We continued to seek companies we consider “Quality Compounders” high-quality companies with a high ROE, consistent cash flow, strong corporate governance and consistent long-term performance; and “Secular Growth Beneficiaries” those companies positioned for longer-term domestic secular growth, supported by government policies and broader industry trends. These companies often provide above-market EPS growth but are often overlooked by short-term focused retail investors.
Policy changes in the Real Estate sector and marginally tight monetary and fiscal policies in 2021 weighed on economic growth, while the rise in commodity prices created cost pressures for many manufacturers. Regulatory crackdowns impacted other industries, including education and Internet.
Looking ahead, although we anticipate fundamentals may remain on weaker footing in the first quarters of 2022, we believe the market has already priced in much of this effect. We also believe the government is likely to pursue stimulative actions, with fiscal and industrial policies aimed at supporting infrastructure and consumption and easing credit for property. The convergence of these factors could point to a recovery in areas that sold off indiscriminately during 2021.
We will continue to implement our quality-driven strategy, selectively identifying advantaged investment opportunities for the portfolio. We believe maintaining a balanced portfolio of high quality core holdings is the right approach to capitalising on China's economic growth, and we believe this will position it to deliver solid risk-adjusted returns over the longer term.
58 NEUBERGER BERMAN INVESTMENT FUNDS PLC
INVESTMENT MANAGER’S REPORT FINANCIAL STATEMENTS | en | es |
DOLFIN1184 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Objective: capital growth by investing primarily in shares (i.e. equities) and similar investments of UK smaller companies.
Policy: in seeking to achieve its investment objective, the fund will aim to deliver a return, net of fees, greater than that of the Numis Smaller Companies Index excluding Investment Companies over rolling 3 year periods. The Fund invests in UK company shares and similar investments. The Fund will invest at least 80% in smaller companies, which are defined as those companies quoted on a regulated market and that are no larger than the largest company in the Numis Smaller Companies Index at the time of initial investment. The Fund may invest up to 10% in unlisted companies.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index. | ## Objetivo: revalorización del capital invirtiendo principalmente en acciones (renta variable) y títulos similares de empresas británicas de pequeño tamaño.
Política: para alcanzar su objetivo de inversión, el fondo tratará de proporcionar una rentabilidad después de comisiones superior a la del Numis Smaller Companies Index excluding Investment Companies en periodos rotatorios de tres años. El Fondo invierte en acciones de empresas británicas e instrumentos similares. El Fondo invertirá al menos el 80% en empresas de pequeño tamaño, que se definen como empresas cotizadas en un mercado regulado con una capitalización bursátil que no supera la de la empresa más grande del Numis Smaller Companies Index en el momento de la inversión inicial. El Fondo podrá invertir hasta el 10% en empresas no cotizadas.
El fondo se gestiona de forma activa. La construcción de la cartera se realiza a partir del análisis de las perspectivas futuras de la empresa, en el contexto del entorno económico, para encontrar oportunidades de inversión con precios atractivos.
El índice es una representación amplia del universo de inversión del Fondo. Aunque una gran proporción de las inversiones del Fondo pueden formar parte del Índice, el Fondo puede desviarse considerablemente de este. | ## Objective: capital growth by investing primarily in shares (i.e. equities) and similar investments of UK smaller companies.
Policy: in seeking to achieve its investment objective, the fund will aim to deliver a return, net of fees, greater than that of the Numis Smaller Companies Index excluding Investment Companies over rolling 3 year periods. The Fund invests in UK company shares and similar investments. The Fund will invest at least 80% in smaller companies, which are defined as those companies quoted on a regulated market and that are no larger than the largest company in the Numis Smaller Companies Index at the time of initial investment. The Fund may invest up to 10% in unlisted companies.
The Fund is actively managed. Portfolio construction is driven by research into a company's future prospects in the context of the economic environment to identify attractively priced investment opportunities.
The Index is a broad representation of the Fund's investment universe. Although a large proportion of the Fund's investments may be components of the Index, the Fund has the ability to deviate significantly from the Index. | en | es |
DOLFIN1186 | 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 Dist EUR between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,511
-4.9%
EUR 9,729
-0.5% | # Este tipo de escenario se produjo para una inversión Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Dist EUR entre 30/09/2021-31/03/2023.
Escenario desfavorable
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 511 EUR
-4,9%
9 729 EUR
-0,5% | # This type of scenario occurred for an investment Twelve Capital UCITS ICAV - Twelve Cat Bond Fund I Dist EUR between 30/09/2021-31/03/2023.
Unfavourable scenario
What you might get back after costs
Average return each year
EUR 9,511
-4.9%
EUR 9,729
-0.5% | en | es |
DOLFIN1187 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Alternative Risk Premia Fund offers Class A, Class I, Class X, Class Y and Class Z shares of various currencies. Please visit allspringglobal.com for a complete list of Classes available in the Alternative Risk Premia Fund. There is a minimum investment amount of USD 100,000 (or the currency equivalent) on both Class A and Class Z Shares of the Alternative Risk Premia Fund.
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## Subscriptions and Subscription Price | El Alternative Risk Premia Fund ofrece Acciones de Clase A, Clase I, Clase X, Clase Y y Clase Z en diferentes divisas. Visite allspringglobal.com para obtener una lista completa de las Clases disponibles en el Alternative Risk Premia Fund. Existe un importe mínimo de inversión de 100.000 USD (o su equivalente en otras divisas) tanto en las Acciones de Clase A como en las de Clase Z del Alternative Risk Premia Fund.
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## Suscripciones y precio de suscripción | The Alternative Risk Premia Fund offers Class A, Class I, Class X, Class Y and Class Z shares of various currencies. Please visit allspringglobal.com for a complete list of Classes available in the Alternative Risk Premia Fund. There is a minimum investment amount of USD 100,000 (or the currency equivalent) on both Class A and Class Z Shares of the Alternative Risk Premia Fund.
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## Subscriptions and Subscription Price | en | es |
DOLFIN1194 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the consumer staples sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Consumer Staples 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the consumer staples sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | # Objetivos y política de inversión
Objetivo de Inversión El objetivo del Fondo es replicar la rentabilidad de empresas del sector de consumo básico de mercados desarrollados de todo el mundo.
Política de inversión El Fondo trata de replicar la rentabilidad del MSCI World Consumer Staples 35/20 Capped Index (el «Índice») con la mayor precisión posible.
El fondo replica a un índice (lo que también se denomina fondo de gestión pasiva).
El Fondo invierte principalmente en valores incluidos en el Índice. Estos valores comprenden valores de renta variable emitidos por empresas de todo el mundo clasificadas en el sector de consumo básico de conformidad con el sistema Global Industry Classification Standard (GICS).
Aunque el índice generalmente está bastante diversificado, para seguirlo de manera precisa, el Fondo hará uso de los límites de diversificación más amplios previstos por el Reglamento de OICVM, que permiten mantener posiciones en componentes individuales del índice, emitidos por la misma entidad, de hasta el 20% del patrimonio neto del Fondo.
El Fondo pretende tener en cartera todos los valores del Índice con ponderaciones muy similares a las de este. El Fondo utilizará una estrategia de replicación para crear una cartera que refleje el Índice de la forma más fiel posible. En determinadas circunstancias, el Fondo podrá adquirir valores que no formen parte del Índice.
El Fondo puede utilizar instrumentos financieros derivados (es decir, contratos financieros cuyos precios dependen de uno o varios activos subyacentes) para gestionar la cartera de forma eficiente.
Salvo en circunstancias excepcionales, el Fondo solo emitirá y reembolsará acciones para determinados inversores institucionales. Sin embargo, las acciones del Fondo podrán comprarse o venderse a través de corredores en
una o varias bolsas de valores. El Fondo se negocia en estas bolsas a precios de mercado que pueden fluctuar a lo largo del día. Esos precios de mercado pueden ser más altos o más bajos que el valor liquidativo diario del Fondo.
El Fondo podrá prestar hasta el 40% de los títulos que posee.
Los accionistas pueden reembolsar sus acciones cualquier día hábil en el Reino Unido (salvo los días en que los mercados financieros pertinentes estén cerrados y/o el día anterior a dichas fechas, siempre que que se publique una lista con las fechas en que los mercados permanecerán cerrados para el Fondo en www.ssga.com); y cualquier otro día que los administradores determinen (de forma razonable), siempre que se notifique con antelación a los accionistas.
Todos los ingresos obtenidos por el Fondo se retendrán y servirán para incrementar el valor de las acciones.
Las acciones del Fondo se emiten en dólares estadounidenses. Si desea información adicional, puede consultar el Folleto.
Fuente del Índice: MSCI no patrocina, apoya ni promociona los fondos o valores citados en el presente documento, ni acepta responsabilidad alguna con respecto a dichos fondos o valores ni con respecto a ningún índice en los que estos se basen. El folleto y el suplemento incluyen una descripción más exhaustiva de la relación limitada que MSCI tiene con State Street Bank and Trust Company, a través de SSGA, y con algunos fondos relacionados, así como otras cláusulas limitativas de responsabilidad aplicables a los índices MSCI. Los índices MSCI son propiedad exclusiva de MSCI y no pueden reproducirse ni total ni parcialmente, ni utilizarse para ningún otro fin, sin la autorización de MSCI. Los índices MSCI se facilitan sin ningún tipo de garantía. | # Objectives and Investment Policy
Investment Objective The objective of the Fund is to track the performance of companies in the consumer staples sector, across developed markets globally.
Investment Policy The Fund seeks to track the performance of the MSCI World Consumer Staples 35/20 Capped Index (the "Index") as closely as possible.
The Fund is an index tracking fund (also known as a passively managed fund).
The Fund invests primarily in securities included in the Index. These securities include equity securities issued by companies globally, which have been classified as falling within the consumer staples sector, in line with the Global Industry Classification Standard (GICS).
Although the Index is generally well diversified, to enable the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under the UCITS Regulations, which permit it to hold positions in individual constituents of the Index issued by the same body of up to 20% of the Fund's net asset value.
The Fund seeks to hold all the securities of the Index with the approximate weightings as in that Index. The Fund will use a replication strategy to create a near mirror-image of the Index. In limited circumstances the Fund may purchase securities that are not included in the Index.
The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund
may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund.
The Fund may lend up to 40% of the securities it owns.
Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days.
Any income earned by the Fund will be retained and reflected in an increase in the value of the shares.
The Fund's shares are issued in U.S. Dollars. Please refer to the Prospectus for more information.
Index Source: The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus and supplement contains a more detailed description of the limited relationship MSCI has with State Street Bank and Trust Company, through SSGA, and related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and may not be reproduced or extracted and used for any other purpose without MSCI's consent. The MSCI indexes are provided without any warranties of any kind. | en | es |
DOLFIN1198 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
This indicator is based on historical data and may not be a reliable indication of the future risk and reward profile of the Fund. The risk category shown is not guaranteed and may shift over time. The category 1 does not mean a risk free investment.
Alger American Asset Growth Fund Class I-3 US has been classified in category 6 because the fluctuation of its Net Asset Value is relatively high. The opportunity to achieve large gains corresponds to a risk of incurring large losses.
When categorizing a fund, the methodology may not fully capture all material risks. A detailed description of the risks can be found in the Prospectus. The following risks do not have an impact on the categorization of the Fund but may be relevant to the Fund's overall risk profile:
Risks related to investments in companies of all capitalizations: Investing in companies of all capitalizations involves a risk that smaller, newer issuers in which the Fund invests may have limited product lines or financial resources or lack management depth.
Risks related to investments in growth stocks: Prices of growth stocks tend to be higher in relation to their companies' earnings. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
Risks related to the use of derivatives: The Fund may invest in, or enter into, derivatives for a variety of reasons, including to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or to increase potential returns. A small investment in derivatives may have a large impact on the Fund's performance.
DocID: KIID_LU0940251175_en_20220210_143_1_Class_I-3_US_476141 | Este indicador se basa en datos históricos y podría no ser una referencia fiable del perfil de riesgo y remuneración futura del Fondo. La categoría de riesgo mostrada no está garantizada y puede cambiar a lo largo del tiempo. El hecho de que una inversión pertenezca a la categoría 1 no significa que esté exenta de riesgo.
La Clase I-3 US de Alger American Asset Growth Fund ha sido clasificada en la categoría 6 porque la fluctuación de su Valor liquidativo es relativamente elevada. La oportunidad de obtener ganancias elevadas es proporcional al riesgo de incurrir en fuertes pérdidas.
La metodología utilizada en la asignación de categoría a un fondo puede no recoger todos los riesgos significativos. En el Folleto se incluye una descripción detallada de los riesgos. Los siguientes riesgos no influyen en la asignación de categoría del Fondo, pero pueden ser importantes para el perfil de riesgo general del Fondo:
Riesgos asociados a la inversión en empresas de todo tipo de capitalización: Invertir en empresas de todo tipo de capitalización comporta el riesgo de que los emisores de menor tamaño y menos consolidados en los que invierte el Fondo posean unas líneas de productos o recursos financieros más reducidos, o carezcan de una gestión sólida.
Riesgos asociados a inversiones en acciones de crecimiento: Los precios de las acciones de crecimiento suelen ser superiores en relación con las ganancias de las empresas. Las acciones de crecimiento pueden ser más sensibles a los acontecimientos del mercado, económicos y políticos que otras acciones, por lo que sus precios son más volátiles.
Riesgos asociados a la inversión en derivados: El Fondo puede invertir o tomar parte en derivados por distintos motivos, como por ejemplo, para obtener cobertura frente a ciertos riesgos de mercado o de tipo de interés, para utilizarlos como sustitutos en la compra o venta de determinados valores o para incrementar el potencial de rentabilidad. Una pequeña inversión en derivados puede influir sustancialmente en la rentabilidad del Fondo.
DocID: KIID_LU0940251175_es_20220210_143_6_Class_I-3_US_476141 | This indicator is based on historical data and may not be a reliable indication of the future risk and reward profile of the Fund. The risk category shown is not guaranteed and may shift over time. The category 1 does not mean a risk free investment.
Alger American Asset Growth Fund Class I-3 US has been classified in category 6 because the fluctuation of its Net Asset Value is relatively high. The opportunity to achieve large gains corresponds to a risk of incurring large losses.
When categorizing a fund, the methodology may not fully capture all material risks. A detailed description of the risks can be found in the Prospectus. The following risks do not have an impact on the categorization of the Fund but may be relevant to the Fund's overall risk profile:
Risks related to investments in companies of all capitalizations: Investing in companies of all capitalizations involves a risk that smaller, newer issuers in which the Fund invests may have limited product lines or financial resources or lack management depth.
Risks related to investments in growth stocks: Prices of growth stocks tend to be higher in relation to their companies' earnings. Growth stocks may be more sensitive to market, economic and political developments than other stocks, which makes their prices more volatile.
Risks related to the use of derivatives: The Fund may invest in, or enter into, derivatives for a variety of reasons, including to hedge certain market or interest rate risks, to provide a substitute for purchasing or selling particular securities or to increase potential returns. A small investment in derivatives may have a large impact on the Fund's performance.
DocID: KIID_LU0940251175_en_20220210_143_1_Class_I-3_US_476141 | en | es |
DOLFIN1207 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/04/2004 and the unit in 2016.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | Las rentabilidades pasadas no son un indicador fiable de resultados futuros.
Se muestra la rentabilidad histórica tras deducir los gastos corrientes. Las comisiones de entrada/salida están excluidas del cálculo.
El Subfondo se lanzó el 01/04/2004 y la participación en 2016.
La rentabilidad pasada ha sido calculada en USD y se expresa como una variación porcentual del valor liquidativo del Subfondo al cierre de cada año. | Past performance is not a reliable indicator of future results.
Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation.
The Sub-Fund was launched on 01/04/2004 and the unit in 2016.
Past performance has been calculated in USD and is expressed as a percentage change of the Sub-Fund's Net Asset Value at each year end. | en | es |
DOLFIN1218 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## In-Specie Repurchases
The Articles contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing more than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, at the discretion of the Directors, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. Where a Shareholder requesting such repurchase receives notice of the Company's intention to elect to satisfy the repurchase request by such a distribution of assets, the Shareholder may require that the Company, instead of transferring those assets, arrange for their sale and the payment of the net proceeds of sale to that Shareholder. The costs of such sale shall be borne by the relevant investor.
The Articles also contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing less than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, with the consent of the relevant Shareholder, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. | ## Reembolsos en especie
Los Estatutos contienen disposiciones especiales para el caso de que una solicitud de reembolso recibida de un Accionista condujese al reembolso por la Sociedad de Acciones que representen más del 5% del Patrimonio neto de cualquier Subfondo en cualquier Día de negociación. En tal caso, la Sociedad, a la entera discreción de los Consejeros, podrá atender la solicitud de reembolso, en su totalidad o en parte, mediante la distribución en especie de inversiones del Subfondo pertinente, siempre y cuando dicha distribución no perjudique los intereses de los restantes Accionistas de dicho Subfondo. Los activos que vayan a transmitirse se seleccionarán a la entera discreción de la Gestora delegada de inversiones, con la aprobación previa del Depositario, y se valorarán al valor de los mismos utilizado para determinar el precio de reembolso de la Acciones objeto de reembolso. Cuando el Accionista que solicite dicho reembolso reciba una notificación de la intención de la Sociedad de optar por atender la solicitud de reembolso mediante una distribución de activos, dicho Accionista podrá solicitar a la Sociedad que, en lugar de transmitirle dichos activos, se encargue de su venta y le abone el producto de la misma, una vez descontados los gastos soportados en relación con dicha venta. El inversor en cuestión asumirá los gastos de dicha venta.
Los Estatutos también contienen disposiciones especiales para el caso de que una solicitud de reembolso recibida de un Accionista condujese al reembolso por la Sociedad de Acciones que representen menos del 5% del Patrimonio neto de cualquier Subfondo en cualquier Día de negociación. En tal caso, la Sociedad, con el consentimiento previo del Accionista pertinente, podrá atender la solicitud de reembolso, en su totalidad o en parte, mediante la distribución en especie de inversiones del Subfondo pertinente, siempre y cuando dicha distribución no perjudique los intereses de los restantes Accionistas de dicho Subfondo. Los activos que vayan a transmitirse se seleccionarán a la entera discreción de la Gestora delegada de inversiones, con la aprobación previa del Depositario, y se valorarán al valor de los mismos utilizado para determinar el precio de reembolso de la Acciones objeto de reembolso. | ## In-Specie Repurchases
The Articles contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing more than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, at the discretion of the Directors, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. Where a Shareholder requesting such repurchase receives notice of the Company's intention to elect to satisfy the repurchase request by such a distribution of assets, the Shareholder may require that the Company, instead of transferring those assets, arrange for their sale and the payment of the net proceeds of sale to that Shareholder. The costs of such sale shall be borne by the relevant investor.
The Articles also contain special provisions with respect to a repurchase request received from a Shareholder which would result in Shares representing less than 5% of the Net Asset Value of any Fund being repurchased by the Company on any Dealing Day. In such a case the Company, with the consent of the relevant Shareholder, may satisfy the repurchase request in whole or in part by a distribution of investments of the relevant Fund in specie, provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Fund. The assets to be transferred shall be selected at the discretion of the Sub-Investment Manager, subject to the approval of the Depositary, and taken at their value used in determining the repurchase price of the Shares being repurchased. | en | es |
DOLFIN1220 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Sub-Fund’s investment objective is to achieve long-term capital appreciation.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its total net assets) in equities of companies Located in or with Substantial Ties to the Asia ex Japan region. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis.
For the purpose of this Sub-Fund, the Asia ex Japan region consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging and frontier countries and markets in Asia. The Sub-Fund may invest (whether directly or indirectly) in China A Shares, either directly via a Qualified Foreign Investor (“QFI”) license awarded to a Matthews group entity, or via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect programs, or indirectly via investment in access products. The Sub-Fund may directly or indirectly invest less than 70% of its net assets in aggregate in China A and B Shares.
A detailed description of the investments in China A Shares through the use of a QFI license and the Stock Connects as well as risks linked thereto can be found under the section entitled “Risks Associated with Investing in China A Shares.”
The Sub-Fund seeks to invest primarily (at least 65% of its total net assets) in companies that the Investment Manager believes are capable of growth based on innovation, which could be innovation in products or services or in other areas, such as processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Investment Manager may take into account the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. The Sub-Fund may invest in companies of any size, and in any sector.
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##### Sub-Fund's Risk Profile | El Subfondo tiene por objetivo de inversión conseguir la revalorización del capital a largo plazo.
En condiciones de mercado normales, el Subfondo pretende alcanzar su objetivo mediante la inversión, directa o indirecta, de al menos el 65% de su patrimonio neto total, en acciones de sociedades Situadas o que mantienen importantes vínculos con la región de Asia excepto Japón. De forma accesoria, el Subfondo puede invertir en otros activos permitidos en todo el mundo.
A efectos de este Subfondo, la región de Asia excepto Japón se compone de todos los países y mercados del continente, excluyendo Japón, pero incluyendo todos los restantes países y mercados desarrollados, emergentes y frontera de Asia. El Subfondo puede invertir (directa o indirectamente) en Acciones A de China: directamente, a través de una licencia de Inversor extranjero autorizado («QFI») otorgada a una entidad del grupo Matthews o a través de los programas Shanghai-Hong Kong Stock Connect y/o Shenzhen-Hong Kong Stock Connect; o indirectamente, a través de la inversión en productos de acceso. El Subfondo puede invertir directa o indirectamente menos del 70% de su patrimonio neto total en Acciones A y B de China.
En el apartado «Riesgos asociados con las inversiones en las Acciones A de China», puede encontrarse una descripción detallada de las inversiones en las Acciones A de China realizadas por medio de una licencia de QFI y los programas Stock Connect, así como de los riesgos conexos.
El objetivo del Subfondo es invertir principalmente (al menos el 65% de su patrimonio neto total) en empresas que, en opinión de la Gestora de inversiones, ofrecen un potencial de crecimiento basado en la innovación (que podría ser innovación en productos o servicios o en otros ámbitos, tales como procesos, modelos de negocio, administración, uso de tecnología o enfoque aplicado a la creación, la expansión o el abastecimiento de sus mercados). La Gestora de inversiones puede tener en cuenta las características fundamentales de estas empresas, incluyendo información de su balance; el número de empleados; la capitalización de mercado y estabilidad del flujo de caja; los conocimientos, la capacidad de adaptación y la integridad de su equipo de gestión; las carteras de productos; estrategias de marketing; el gobierno corporativo y la situación financiera. El Subfondo puede invertir en empresas de todo el espectro de capitalizaciones de mercado y de cualquier sector.
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##### Perfil de riesgo del Subfondo | The Sub-Fund’s investment objective is to achieve long-term capital appreciation.
Under normal market conditions, the Sub-Fund seeks to achieve its investment objective by investing, directly or indirectly, primarily (i.e., at least 65% of its total net assets) in equities of companies Located in or with Substantial Ties to the Asia ex Japan region. On an ancillary basis, the Sub-Fund may invest in other permitted assets on a worldwide basis.
For the purpose of this Sub-Fund, the Asia ex Japan region consists of all countries and markets in Asia excluding Japan, but including all other developed, emerging and frontier countries and markets in Asia. The Sub-Fund may invest (whether directly or indirectly) in China A Shares, either directly via a Qualified Foreign Investor (“QFI”) license awarded to a Matthews group entity, or via the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect programs, or indirectly via investment in access products. The Sub-Fund may directly or indirectly invest less than 70% of its net assets in aggregate in China A and B Shares.
A detailed description of the investments in China A Shares through the use of a QFI license and the Stock Connects as well as risks linked thereto can be found under the section entitled “Risks Associated with Investing in China A Shares.”
The Sub-Fund seeks to invest primarily (at least 65% of its total net assets) in companies that the Investment Manager believes are capable of growth based on innovation, which could be innovation in products or services or in other areas, such as processes, business models, management, use of technology, or approach to creating, expanding or servicing their markets. The Investment Manager may take into account the fundamental characteristics of those companies, including balance sheet information; number of employees; size and stability of cash flow; management’s depth, adaptability and integrity; product lines; marketing strategies; corporate governance; and financial health. The Sub-Fund may invest in companies of any size, and in any sector.
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##### Sub-Fund's Risk Profile | en | es |
DOLFIN1224 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI World Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del MSCI World Enhanced Value Index, el índice de referencia del Fondo (el «Índice»).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva e invierte en los valores de renta variable (p. ej., acciones) que, en la medida de lo posible y factible, componen el Índice.
El Índice trata de reflejar las características de rentabilidad de un subconjunto de valores de renta variable incluidos en el MSCI World Index (el «Índice matriz»), seleccionados por su buena relación calidad-precio. Los componentes del Índice se seleccionan entre los valores del Índice matriz en función de tres indicadores principales con la misma ponderación que reflejan si los valores de renta variable de una empresa ofrecen un valor adecuado: la comparación del precio de un valor de renta variable con las ganancias futuras estimadas de la empresa (basándose en un consenso de las opiniones publicadas de los analistas de una agencia externa reconocida en el sector); el precio de un valor de renta variable en relación con el valor contable (es decir, el valor de la cartera de los accionistas en la cuenta de resultados) de la empresa, y el valor empresarial (una medida del valor de una empresa, que incluye su deuda y sus activos) de una empresa en relación con su flujo de tesorería operativo (es decir, una medida de la cantidad de efectivo generado por las actividades empresariales normales de la empresa), con la salvedad de que el valor empresarial no se utiliza como un indicador del valor adecuado para las empresas del sector financiero debido a la estructura de su capital. El Índice incorpora restricciones a la exposición a las ponderaciones sectoriales para limitar las desviaciones importantes con respecto al Índice matriz.
El Índice matriz está diseñado para ofrecer una representación de los mercados de renta variable de países desarrollados. Las empresas se incluyen en el Índice matriz basándose en la proporción de sus acciones emitidas que están disponibles para su compra por inversores internacionales.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Estas técnicas pueden incluir la selección estratégica de ciertos valores que componen el Índice u otros valores que puedan proporcionar una rentabilidad similar a la de ciertos valores que lo componen. También pueden emplearse instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the MSCI World Enhanced Value Index, the Fund’s benchmark index (Index).
The Share Class, via the Fund is passively managed and invests in equity securities (e.g. shares) that, so far as possible and practicable, make up the Index.
The Index aims to reflect the performance characteristics of a subset of equity securities within the MSCI World Index (Parent Index) which are selected for their good value. The constituents of the Index are selected from the Parent Index based on three main equally weighted indicators of whether equity securities of a company provide good value: comparing the price of an equity to estimated future earnings of the company (based on a consensus of analysts’ views published by an industry recognised third party source); the price of an equity security relative to the book value (i.e. the value of shareholder equity on the balance sheet) of the company; and enterprise value (a measure of a company’s value, incorporating debt and equity) of a company relative to its operating cash flow (i.e. a measure of the amount of cash generated by a company’s normal business operations), save that enterprise value is not used as an indicator of good value for financial sector companies due to their capital structure. The Index incorporates constraints on sector weights to limit significant deviations from the Parent Index.
The Parent Index is designed to provide representation of the equity markets in developed countries. Companies are included in the Parent Index based on the proportion of their shares in issue that are available for purchase by international investors.
The Fund uses optimising techniques to achieve a similar return to the Index. These techniques may include the strategic selection of certain securities that make up the Index or other securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1230 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Fees
Management fee 0.50%
Performance fee None
Service fee 0.12%
Expected transaction costs 0.00%
Rothesay Life PLC Financials 1.29
Total 14.70 | # Comisiones
Comisión de gestión 0,50%
Comisión de rentabilidad Ninguno/ a
Comisión de servicio 0,12%
Costos de transacción esperados 0,00%
Rothesay Life PLC Finanzas 1,29
Total 14,70 | # Fees
Management fee 0.50%
Performance fee None
Service fee 0.12%
Expected transaction costs 0.00%
Rothesay Life PLC Financials 1.29
Total 14.70 | en | es |
DOLFIN1238 | 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's objective is to achieve a performance, net of fees, higher than that of the composite benchmark index - 85% of the performance of bonds maturing in 2028 issued by the French government and denominated in EUR + 15% of the performance of the MSCI World Index, over the recommended investment period of nine years from the date of creation of the sub-fund until 31/12/2028. The potential profitability of the sub-fund derives from the value of the accrued coupons on bonds in the portfolio, changes in capital due to fluctuations in interest rates and credit spreads, as well as the value of instruments exposing the sub-fund to the equity markets. The annualised net performance objective is based on the fulfilment of market assumptions made by the management company. It does not constitute a guarantee of return or performance of the sub-fund. Investors should note that the performance indicated in the management objective of the sub-fund takes into account the estimate of the risk of default or rating downgrade of one or more issuers in the portfolio, the cost of currency hedging and the management fees payable to the management company. Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Investment strategy: The investment strategy consists in discretionary management of a bond portfolio with exposure to the equity markets. Bondcomponent: Sensitivity range: from 9 to 0 (decreasing over time). The sub-fund is invested in bonds issued by private and public entities and mature at the latest in December 2028 and/or bonds with a longer maturity, but which have an early call option before December 2028. The strategy is not limited to bond carrying; the management company may use arbitrage in the event of new market opportunities or if an increased risk of default by one of the issuers in the portfolio is detected. The sub-fund is 100% invested in fixed or floating rate bonds and other negotiable debt instruments, in money market instruments and up to 30% in convertible bonds, issued by public and/or private entities from OECD countries [0-100%]; non-OECD public entities (emerging markets) [0- 100%]; non-OECD private entities (emerging markets) [0-50%], in all economic sectors. Securities are denominated in EUR and/or USD and/or GBP and/or NOK and/or CHF and/or SEK and/or CAD and/or DKK. The exchange risk for securities not denominated in EUR is systematically hedged. The issues (or, failing that, the issuers) are Investment Grade (rating better than or equal to BBB- (Standard&Poors) or Baa3 (Moody’s) or equivalent according to the management company’s analysis) and/or High Yield issues (of a speculative | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
Objetivo de gestión: El objetivo del subfondo es obtener una rentabilidad neta de gastos superior a la del índice de referencia compuesto (85 % de la rentabilidad de las obligaciones con vencimiento en 2028 emitidas por el Estado francés y denominadas en EUR + 15 % de la rentabilidad del índice MSCI World) en el período de inversión recomendado de 9 años a partir de la fecha de creación del fondo hasta el 31/12/2028. La posible rentabilidad del subfondo será el resultado tanto de la valoración de los intereses acumulados de las obligaciones presentes en la cartera como de las variaciones de capital debidas a la fluctuación de los tipos de interés y de los diferenciales de crédito, así como de la valoración de los instrumentos que exponen el subfondo a los mercados de valores. El objetivo de rentabilidad neta anual se basa en la realización de hipótesis de mercado formuladas por la sociedad de gestión. No constituye en ningún caso una promesa de remuneración ni de rentabilidad del subfondo. El inversor debe tener en cuenta que la rentabilidad indicada en el objetivo de gestión del subfondo toma en consideración el cálculo del riesgo de morosidad o de degradación de la calificación de uno o varios de los emisores de la cartera, el coste de la cobertura cambiaria y los gastos de gestión de la sociedad de gestión. Indicador de referencia: A efectos comparativos a posteriori: 15 % del MSCI World + 85 % de las obligaciones con vencimiento en 2028 emitidas por el Estado francés y denominadas en EUR. El fondo se gestiona de forma activa y discrecional. El fondo no se gestiona con referencia a un índice.
Indicador de referencia: Para un estudio comparativo posterior: 15 % del MSCI World + 85 % de las obligaciones con vencimiento en 2028 emitidas por el Estado francés y denominadas en EUR. El fondo se gestiona de forma activa y discrecional. El fondo no se gestiona con referencia a un índice.
Estrategia de inversión: La estrategia de inversión consiste en gestionar de manera discrecional una cartera de obligaciones, al mismo tiempo que el fondo se expone al mercado de valores. Cartera de obligaciones: Horquilla de sensibilidad: de 9 a 0 (decreciente en el tiempo). El fondo se invierte en obligaciones emitidas por entidades privadas o públicas que vencerán como máximo en diciembre de 2028 y/o en bonos con un plazo mayor de vencimiento, pero que tienen una opción de recuperación anticipada («call») antes de diciembre de 2028. La estrategia no solo se limita a la financiación de obligaciones, sino que la sociedad de gestión podrá proceder al arbitraje en caso de nuevas oportunidades de mercado o en caso de identificar un mayor riesgo de morosidad a plazos de uno de los emisores de la cartera. El subfondo invierte hasta un 100 % en obligaciones de tipo fijo o variable y otros títulos de crédito negociables y en instrumentos del mercado monetario y hasta un 30 % en obligaciones convertibles, emitidas por entidades públicas o privadas de países de la OCDE [0-100 %]; públicas de países no pertenecientes a la OCDE (países emergentes) [0-100 %]; y privadas de países no pertenecientes a la OCDE (países emergentes) [0-50 %], de todos los sectores económicos. Los títulos están denominados en EUR y/o USD y/o GBP y/o NOK y/o CHF y/o SEK y/o CAD y/o DKK. El riesgo de tipo de cambio de los títulos no denominados en EUR se cubrirá sistemáticamente. Las emisiones (o, en su defecto, los emisores) son Investment Grade (calificación crediticia superior o igual a BBB- [Standard&Poors] o Baa3 [Moody’s] o equivalente según el análisis de la sociedad de gestión) y/o emisiones | # OBJECTIVES AND INVESTMENT POLICY
Management objective: The sub-fund's objective is to achieve a performance, net of fees, higher than that of the composite benchmark index - 85% of the performance of bonds maturing in 2028 issued by the French government and denominated in EUR + 15% of the performance of the MSCI World Index, over the recommended investment period of nine years from the date of creation of the sub-fund until 31/12/2028. The potential profitability of the sub-fund derives from the value of the accrued coupons on bonds in the portfolio, changes in capital due to fluctuations in interest rates and credit spreads, as well as the value of instruments exposing the sub-fund to the equity markets. The annualised net performance objective is based on the fulfilment of market assumptions made by the management company. It does not constitute a guarantee of return or performance of the sub-fund. Investors should note that the performance indicated in the management objective of the sub-fund takes into account the estimate of the risk of default or rating downgrade of one or more issuers in the portfolio, the cost of currency hedging and the management fees payable to the management company. Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Benchmark index: For an a posteriori comparison: 15% MSCI World + 85% of bonds maturing in 2028 issued by the French government and denominated in EUR. The fund is actively managed on a discretionary basis. The fund is not managed with reference to an index.
Investment strategy: The investment strategy consists in discretionary management of a bond portfolio with exposure to the equity markets. Bondcomponent: Sensitivity range: from 9 to 0 (decreasing over time). The sub-fund is invested in bonds issued by private and public entities and mature at the latest in December 2028 and/or bonds with a longer maturity, but which have an early call option before December 2028. The strategy is not limited to bond carrying; the management company may use arbitrage in the event of new market opportunities or if an increased risk of default by one of the issuers in the portfolio is detected. The sub-fund is 100% invested in fixed or floating rate bonds and other negotiable debt instruments, in money market instruments and up to 30% in convertible bonds, issued by public and/or private entities from OECD countries [0-100%]; non-OECD public entities (emerging markets) [0- 100%]; non-OECD private entities (emerging markets) [0-50%], in all economic sectors. Securities are denominated in EUR and/or USD and/or GBP and/or NOK and/or CHF and/or SEK and/or CAD and/or DKK. The exchange risk for securities not denominated in EUR is systematically hedged. The issues (or, failing that, the issuers) are Investment Grade (rating better than or equal to BBB- (Standard&Poors) or Baa3 (Moody’s) or equivalent according to the management company’s analysis) and/or High Yield issues (of a speculative | en | es |
DOLFIN1240 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# OBJECTIVES AND INVESTMENT POLICY
The investment objective is to achieve a net annualised performance above 3.20% over an investment period running from the Fund inception date, 12 January 2018, to 31 December 2025. The Fund aims to boost the value of the portfolio in the medium and long term through high yield, corporate bonds rated between BB+ and CCC+ (Standard & Poor’s or equivalent, or using the Management Company’s internal rating), and is therefore exposed to a risk of capital loss. The investment objective takes into account the estimate of the risk of default, the cost of hedging and management fees. This objective is based on the realisation of market assumptions laid down by the Management Company. It does not constitute the promise of a return or a performance. Investors should be aware that the performance indicated in the investment objective does not include all cases of default.
The Fund’s investment strategy is to manage, on a discretionary basis, a diversified portfolio of debt securities composed, up to a limit of 100%, of traditional, high yield bonds rated between BB+ and CCC+ (by Standard & Poor’s or equivalent, or using the Management Company’s internal rating), mainly issued (at least 60%) by corporate issuers with their registered office in Europe and with maturities of a maximum of six months and one day after 31 December 2025 (final maturity of the product or early redemption options at the Fund’s discretion). In any event, the Fund may not invest more than 10% of the net assets in securities rated CCC+.
The strategy is not restricted to holding bonds; the management company may make portfolio changes in the event of new market opportunities, or if an increase in the default risk of one of the issuers in the portfolio is identified.
Within the limit of 40% of the net assets, the Fund may hold securities from corporate issuers whose registered office is located outside of Europe, including in emerging countries.
These securities will be denominated in all OECD currencies and hedged against currency risk; however, there is a residual risk of no more than 1% of net assets. The Fund seeks to select securities that the manager deems to have been unjustly downgraded by rating agencies. The Fund is managed within a modified duration range of 0 to 6.
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 that the securities’ rating is downgraded below CCC+ (Standard & Poor’s or equivalent, or according to its own internal rating), the Management Company will decide whether or not to dispose of the securities in light of its own analysis, the interests of unitholders and market conditions.
Given the Fund’s performance target and specific maximum maturity for securities held, the selection of securities may vary over time at the portfolio manager’s discretion, depending on market opportunities and coming to maturity of
securities. In particular, the Fund may invest up to 100% of its assets in investment grade securities rated higher than BB+ (Standard & Poor’s or equivalent or according to the Management Company’s internal rating).
The average duration of the debt securities shall be calculated based on a portfolio comprising securities with a maximum maturity of 31 December 2025 plus six months and one day.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS,
(ii) in EU AIFs and/or in foreign investment funds mentioned 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 the management companies of the ODDO BHF group (ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH) and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, up to 100% of the Fund's assets may be invested in financial futures or options traded on regulated, organised or OTC markets in France or other countries. The Fund will invest in listed forward financial instruments in order to seek exposure to and hedge against interest rate risk and for the purpose of hedging against currency risk (futures, options). It may also use swaps and forward exchange contracts to hedge against currency risk. Index credit default swaps (CDS) will be used only to hedge against credit risk up to a maximum of 100% of the Fund’s net assets.
The Fund’s maximum exposure may not exceed 100% of the Fund’s net assets, all markets combined (including money market instruments).
CR-CHF [H] units are hedged against CHF/EUR currency risk in order to limit differences in performance relative to euro-denominated units, albeit with a residual currency risk of up to 1%.
Subscription period: new subscriptions will not be accepted after 11:15 (Paris time) on 30 September 2019.
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.
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.
CR-CHF [H] units
accumulate their income
.
Recommended investment horizon: the recommended minimum investment horizon is the term through to the end of each investment period (i.e. through to 31 December 2025 for the first period).
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo de gestión consiste en obtener una rentabilidad neta anualizada superior al 3,20%, en un horizonte de inversión que comienza en la fecha de creación del Fondo, el 12/01/2018, hasta el 31 de diciembre de 2025. El Fondo pretende la revalorización de la cartera, a medio y largo plazo, por medio de la selección de obligaciones de emisores privados, especulativas (o de alto rendimiento), con una calificación de entre BB+ y CCC+ (otorgada por Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora), al tiempo que se expone al riesgo de pérdida de capital. El objetivo de gestión tiene en cuenta la estimación del riesgo de impago, el coste de la cobertura y los gastos de gestión. La consecución del objetivo dependerá de la materialización o no de las hipótesis de mercado formuladas por la Sociedad gestora. Este objetivo no constituye garantía alguna sobre el rendimiento o la rentabilidad. Se llama la atención de los inversores sobre el hecho de que la rentabilidad que se indica en el objetivo de gestión no refleja todos los casos de impago.
La estrategia de inversión del Fondo consiste en gestionar de forma discrecional una cartera diversificada de títulos de crédito compuesta, en un máximo del 100%, por obligaciones clásicas, especulativas o de alto rendimiento, con una calificación de entre BB+ y CCC+ (otorgada por Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora), emitidas principalmente (en un mínimo del 60%) por emisores privados con domicilio social en Europa, y con un vencimiento máximo de 6 meses y 1 día a partir del 31 de diciembre de 2025 (vencimiento final del producto u opciones de reembolso anticipado a discreción del Fondo). En cualquier caso, el Fondo no podrá mantener más de un 10% del patrimonio neto en títulos con calificación CCC+.
La estrategia no se limita a la tenencia de obligaciones, y la sociedad gestora podrá proceder a realizar arbitrajes en caso de que se den nuevas oportunidades en el mercado o en caso de que se identifique un aumento del riesgo de impago futuro de uno de los emisores en la cartera.
Dentro del límite del 40% del patrimonio neto, el Fondo podrá mantener títulos de emisores privados domiciliados fuera de Europa, incluidos los países emergentes.
Estos títulos estarán denominados en cualesquiera divisas de la OCDE y contarán con cobertura frente al riesgo de cambio, si bien existe un riesgo residual del 1% como máximo del patrimonio neto. El Fondo tiene como objetivo seleccionar los valores cuya calificación sea rebajada por las agencias de calificación de forma injustificada, con arreglo al dictamen del gestor. El Fondo se gestiona respetando una horquilla de sensibilidad a los tipos de interés de 0 a 6.
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. Si la calificación de los títulos se rebaja hasta situarse por debajo de CCC+ (de Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora), esta última decidirá proceder a la venta o no de dichos títulos, teniendo en cuenta su propio análisis, el interés de los partícipes y la coyuntura de mercado.
Habida cuenta de la existencia de un vencimiento máximo específico para los títulos y del objetivo de rentabilidad perseguido por el Fondo, la selección de títulos podrá evolucionar a la discreción del gestor en función de las oportunidades del mercado y la llegada a vencimiento de los títulos en cartera. El
Fondo podrá invertir principalmente en títulos investment grade, con una calificación superior a BB+ (otorgada por Standard & Poor's o equivalente, o concedida de manera interna por parte de la Sociedad gestora) hasta el 100% de su patrimonio.
La duración media de los títulos de crédito se calculará sobre la base de una cartera compuesta por títulos que vencen como máximo 6 meses y 1 día después del 31 de diciembre de 2025.
El Fondo puede invertir como máximo un 10% de su patrimonio neto (i) en participaciones o acciones de OICVM, (ii) en fondos de inversión alternativa constituidos en un Estado miembro de la UE 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 las sociedades gestoras del grupo ODDO BHF (ODDO BHF Asset Management SAS y/u ODDO BHF Asset Management GmbH), y serán compatibles con la estrategia de inversión del Fondo.
Dentro de límite del 100% del patrimonio, y sin búsqueda de sobreexposición, el Fondo podrá invertir en instrumentos financieros a plazo firme o condicional negociados en mercados regulados, organizados u OTC, tanto franceses como extranjeros. El Fondo utilizará instrumentos financieros a plazo cotizados con fines de exposición y de cobertura del riesgo de tipos de interés, así como de cobertura del riesgo cambio (futuros y opciones). Asimismo, podrá tomar posiciones en swaps y contratos a plazo sobre divisas con el objeto de cubrir el riesgo de cambio. Solo se recurrirá a los swaps de riesgo de crédito (CDS) sobre índices para cubrir el riesgo de crédito, en un máximo del 100% del patrimonio neto del Fondo.
La exposición máxima del Fondo al conjunto de mercados (incluidos los productos monetarios) no podrá superar el 100% del patrimonio neto del Fondo.
Las participaciones CR-CHF [H] están cubiertas frente al riesgo de cambio franco suizo/euro con el fin de limitar las variaciones de la rentabilidad en relación con las participaciones en euros, si bien existe un riesgo de cambio residual del 1% como máximo.
Periodo de suscripción: no se aceptarán suscripciones en el Fondo a partir de las 11:15 horas (hora de París) del 30 de septiembre de 2019.
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 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.
La participación CR-CHF [H]
capitaliza sus ingresos
.
Horizonte de inversión recomendado: la duración mínima recomendada de inversión es hasta el vencimiento de cada periodo de inversión (en el caso del primer periodo, el 31 de diciembre de 2025).
Este Fondo podría no ser adecuado para inversores que prevean retirar su aportación antes de que transcurra dicho plazo. | # OBJECTIVES AND INVESTMENT POLICY
The investment objective is to achieve a net annualised performance above 3.20% over an investment period running from the Fund inception date, 12 January 2018, to 31 December 2025. The Fund aims to boost the value of the portfolio in the medium and long term through high yield, corporate bonds rated between BB+ and CCC+ (Standard & Poor’s or equivalent, or using the Management Company’s internal rating), and is therefore exposed to a risk of capital loss. The investment objective takes into account the estimate of the risk of default, the cost of hedging and management fees. This objective is based on the realisation of market assumptions laid down by the Management Company. It does not constitute the promise of a return or a performance. Investors should be aware that the performance indicated in the investment objective does not include all cases of default.
The Fund’s investment strategy is to manage, on a discretionary basis, a diversified portfolio of debt securities composed, up to a limit of 100%, of traditional, high yield bonds rated between BB+ and CCC+ (by Standard & Poor’s or equivalent, or using the Management Company’s internal rating), mainly issued (at least 60%) by corporate issuers with their registered office in Europe and with maturities of a maximum of six months and one day after 31 December 2025 (final maturity of the product or early redemption options at the Fund’s discretion). In any event, the Fund may not invest more than 10% of the net assets in securities rated CCC+.
The strategy is not restricted to holding bonds; the management company may make portfolio changes in the event of new market opportunities, or if an increase in the default risk of one of the issuers in the portfolio is identified.
Within the limit of 40% of the net assets, the Fund may hold securities from corporate issuers whose registered office is located outside of Europe, including in emerging countries.
These securities will be denominated in all OECD currencies and hedged against currency risk; however, there is a residual risk of no more than 1% of net assets. The Fund seeks to select securities that the manager deems to have been unjustly downgraded by rating agencies. The Fund is managed within a modified duration range of 0 to 6.
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 that the securities’ rating is downgraded below CCC+ (Standard & Poor’s or equivalent, or according to its own internal rating), the Management Company will decide whether or not to dispose of the securities in light of its own analysis, the interests of unitholders and market conditions.
Given the Fund’s performance target and specific maximum maturity for securities held, the selection of securities may vary over time at the portfolio manager’s discretion, depending on market opportunities and coming to maturity of
securities. In particular, the Fund may invest up to 100% of its assets in investment grade securities rated higher than BB+ (Standard & Poor’s or equivalent or according to the Management Company’s internal rating).
The average duration of the debt securities shall be calculated based on a portfolio comprising securities with a maximum maturity of 31 December 2025 plus six months and one day.
The Fund may invest up to 10% of its net assets (i) in units or shares of UCITS,
(ii) in EU AIFs and/or in foreign investment funds mentioned 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 the management companies of the ODDO BHF group (ODDO BHF Asset Management SAS and/or ODDO BHF Asset Management GmbH) and will be compatible with the Fund’s investment strategy.
Without seeking overexposure, up to 100% of the Fund's assets may be invested in financial futures or options traded on regulated, organised or OTC markets in France or other countries. The Fund will invest in listed forward financial instruments in order to seek exposure to and hedge against interest rate risk and for the purpose of hedging against currency risk (futures, options). It may also use swaps and forward exchange contracts to hedge against currency risk. Index credit default swaps (CDS) will be used only to hedge against credit risk up to a maximum of 100% of the Fund’s net assets.
The Fund’s maximum exposure may not exceed 100% of the Fund’s net assets, all markets combined (including money market instruments).
CR-CHF [H] units are hedged against CHF/EUR currency risk in order to limit differences in performance relative to euro-denominated units, albeit with a residual currency risk of up to 1%.
Subscription period: new subscriptions will not be accepted after 11:15 (Paris time) on 30 September 2019.
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.
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.
CR-CHF [H] units
accumulate their income
.
Recommended investment horizon: the recommended minimum investment horizon is the term through to the end of each investment period (i.e. through to 31 December 2025 for the first period).
This Fund may not be appropriate for investors who plan to withdraw their money within this period. | en | es |
DOLFIN1245 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,490 | USD 2,400 |
| | Average return each year % | -75.10% | -24.83% |
| Unfavourable scenario | What you might get back after costs | USD 7,160 | USD 6,270 |
| | Average return each year % | -28.40% | -8.91% |
| Moderate scenario | What you might get back after costs | USD 10,170 | USD 12,110 |
| | Average return each year % | 1.70% | 3.90% |
| Favourable scenario | What you might get back after costs | USD 15,750 | USD 19,820 |
| | Average return each year % | 57.50% | 14.66% | | | | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) | EN CASO DE SALIDA DESPUÉS DE X AÑO(S) |
| --- | --- | --- |
| Escenario de tensión | Lo que podría recibir tras deducir los costes | USD 2.490 | USD 2.400 |
| | Rendimiento medio cada año | -75,10% | -24,83% |
| Escenario desfavorable | Lo que podría recibir tras deducir los costes | USD 7.160 | USD 6.270 |
| | Rendimiento medio cada año | -28,40% | -8,91% |
| Escenario moderado | Lo que podría recibir tras deducir los costes | USD 10.170 | USD 12.110 |
| | Rendimiento medio cada año | 1,70% | 3,90% |
| Escenario favorable | Lo que podría recibir tras deducir los costes | USD 15.750 | USD 19.820 |
| | Rendimiento medio cada año | 57,50% | 14,66% | | | | IF YOU EXIT AFTER 1 YEAR | IF YOU EXIT AFTER 5 YEARS |
| --- | --- | --- |
| Stress scenario | What you might get back after costs | USD 2,490 | USD 2,400 |
| | Average return each year % | -75.10% | -24.83% |
| Unfavourable scenario | What you might get back after costs | USD 7,160 | USD 6,270 |
| | Average return each year % | -28.40% | -8.91% |
| Moderate scenario | What you might get back after costs | USD 10,170 | USD 12,110 |
| | Average return each year % | 1.70% | 3.90% |
| Favourable scenario | What you might get back after costs | USD 15,750 | USD 19,820 |
| | Average return each year % | 57.50% | 14.66% | | en | es |
DOLFIN1249 | 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 27 March 2015.
-8.7
-8.8
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 27 marzo 2015.
-8.7
-8.8
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 27 March 2015.
-8.7
-8.8
-20%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN1263 | 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 long term capital appreciation and outperform its benchmark over the long-term.
1 The Investment Manager seeks to invest in companies which are established market leaders in their industries and have sustainable business models with sustainable practices or which demonstrate a competitive advantage in new and underdeveloped markets.
1 The fund may also invest in other assets including money market instruments, government or corporate bonds (rated investment grade) and other funds. The Fund may hold cash and liquid assets on an ancillary basis but increase its holdings in cash or liquid assets in times of market turbulence.
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 Fund's reference currency is USD. This share class is denominated in USD. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/USD currency fluctuations.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI World 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 to within 200% of the Benchmark's value-at-risk ("VaR”)*. 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. * The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1
day period.
1 The Investment Adviser will seek to incorporate non-financial factors and sustainability themes in the investment decision-making process. This may lead the Investment Adviser to exclude particular assets, and to apply environmental, social and governance ('ESG') factor screening.
1 The Fund is a concentrated long-only fund which invests in shares of global companies. The Fund will typically hold between 25 – 35 positions.
1 This share class will aim to provide currency exposure to Brazilian Real ('BRL') by converting the net asset value of the share class into BRL using non-deliverable forward currency exchange contracts. The net asset value of this share class is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and EUR, therefore, the performance of such share class may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from the hedging strategy will be reflected in the net asset value of this share class.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | # Objetivos y política de inversión
1 El objetivo del Fondo es ofrecer una revalorización del capital a largo plazo y obtener una rentabilidad superior a la de su índice de referencia a largo plazo.
1 El Gestor de inversiones procura invertir en empresas que sean sólidos líderes de mercado en sus sectores respectivos y que tengan modelos de negocio sostenibles con prácticas sostenibles, o que hagan gala de una ventaja competitiva en mercados nuevos y en vías de desarrollo.
1 El Fondo también puede invertir en otros activos, como instrumentos del mercado monetario, bonos del Estado o de empresas (con calificación de grado de inversión) y en otros fondos. El Fondo puede mantener dinero en efectivo y activos líquidos a título accesorio, pero puede aumentar sus inversiones en efectivo o en activos líquidos en periodos convulsos para los mercados.
1 El Fondo puede utilizar instrumentos financieros derivados («IFD», es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes) de forma activa 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 divisa de referencia del Fondo es el USD. Esta clase de acciones está denominada en USD. El Fondo empleará instrumentos financieros derivados en la medida de lo posible, siempre que sea razonable, para proteger a los inversores frente a las fluctuaciones del par USD/USD.
1 Índices de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el índice MSCI World 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. 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
ponderaciones diferentes a las utilizadas por el índice de referencia. Los factores mencionados, considerados conjuntamente, pueden influir en la medida en que la Cartera se desvíe del Índice de referencia, y dicha desviación puede ser importante. El índice de referencia también se utiliza a efectos de comparación de rentabilidad. * 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.
1 El Asesor de inversiones procurará incorporar factores no financieros y criterios de sostenibilidad en el proceso de adopción de decisiones sobre inversiones. Esto puede llevar al Asesor de inversiones a excluir determinados activos y a utilizar un factor de selección ambiental, social y de gobernanza («ASG»).
1 El Fondo es un fondo concentrado que invierte en acciones de sociedades multinacionales exclusivamente en el largo plazo. Normalmente, el Fondo mantendrá entre 25 y 35 posiciones.
1 El objetivo de la clase de participaciones consiste en ofrecer exposición cambiaria al real brasileño (BRL) convirtiendo el valor liquidativo de la clase de participaciones a BRL mediante contratos de tipos de cambio a plazo no entregables. Se espera que la fluctuación del valor liquidativo de la clase de participaciones se acompase a la del tipo de cambio entre BRL y EUR. Por tanto, es posible que la rentabilidad de esta clase de participaciones sea muy distinta de la rentabilidad de otras clases de participaciones del Fondo. El valor liquidativo de esta clase de participaciones reflejará tanto los beneficios como las pérdidas, así como los costes y gastos resultantes de la estrategia de cobertura.
1 Cualquier ingreso obtenido por las inversiones se sumará al valor de las acciones de los inversores, y estos pueden comprar o vender sus acciones cada día de negociación del Fondo.
1 Recomendación: El Fondo puede no ser adecuado para inversores que prevean retirar su dinero en un plazo de cinco años. | # Objectives and investment policy
1 The Fund's objective is to provide long term capital appreciation and outperform its benchmark over the long-term.
1 The Investment Manager seeks to invest in companies which are established market leaders in their industries and have sustainable business models with sustainable practices or which demonstrate a competitive advantage in new and underdeveloped markets.
1 The fund may also invest in other assets including money market instruments, government or corporate bonds (rated investment grade) and other funds. The Fund may hold cash and liquid assets on an ancillary basis but increase its holdings in cash or liquid assets in times of market turbulence.
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 Fund's reference currency is USD. This share class is denominated in USD. The Fund will use FDI to the extent reasonably possible with the aim of protecting investors against USD/USD currency fluctuations.
1 Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI World 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 to within 200% of the Benchmark's value-at-risk ("VaR”)*. 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. * The VaR of a portfolio is a daily estimation of the maximum loss which a fund may incur over a 1
day period.
1 The Investment Adviser will seek to incorporate non-financial factors and sustainability themes in the investment decision-making process. This may lead the Investment Adviser to exclude particular assets, and to apply environmental, social and governance ('ESG') factor screening.
1 The Fund is a concentrated long-only fund which invests in shares of global companies. The Fund will typically hold between 25 – 35 positions.
1 This share class will aim to provide currency exposure to Brazilian Real ('BRL') by converting the net asset value of the share class into BRL using non-deliverable forward currency exchange contracts. The net asset value of this share class is expected to fluctuate in line with the fluctuation of the exchange rate between BRL and EUR, therefore, the performance of such share class may differ significantly from the performance of the other share classes of the Fund. Profit or loss and costs and expenses resulting from the hedging strategy will be reflected in the net asset value of this share class.
1 Any income earned on investments will be added to the value of investors' shares and investors can buy and sell their shares on each dealing day of the Fund.
1 Recommendation: This fund may not be appropriate for investors who plan to withdraw their money within 5 years. | en | es |
DOLFIN1266 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.15% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | | Gastos detraídos del Fondo a lo largo de un año |
| --- |
| Gastos corrientes | 1,15% |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | ningunos | | | Charges taken from the Fund over a year |
| --- |
| Ongoing charge | 1.15% |
| Charges taken from the Fund under certain conditions |
| Performance fee | none | | en | es |
DOLFIN1271 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Article 3 – Issue and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription shall be based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder need be obtained by the UCITS or the Management Company. If a redemption in kind does not correspond to a representative portion of the assets of the portfolio, all holders must provide their written agreement to authorise the outgoing unitholder to redeem their units against specific assets, as explicitly defined in the agreement.
As an exception to this rule, if the Fund is an ETF, redemptions on the primary market may be made in kind, with the agreement of the portfolio management company and in accordance with the interests of unitholders, under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, redeemed assets shall be valued according to the rules set out in Article 4 and the redemption in kind shall be conducted on the basis of the first net asset value following acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, redemption by the Fund of its units, along with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and if the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may entirely or partially cease to issue units on a temporary or permanent basis, pursuant to paragraph three of Article L. 214-8-7 of the French Monetary and Financial Code in objective circumstances requiring the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. When this mechanism is triggered, existing unitholders will be notified by any means of its activation, the threshold and the objective situation that led to the decision to close subscriptions in part or in full. In the event of a partial closure, this notification by any means will specify explicitly the procedures by which existing unitholders may continue to subscribe during this partial closure. Unitholders are also notified by any means of the decision of the UCITS or of the Management Company either to close subscriptions in part or in full (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this mechanism). Any change to the objective situation invoked or to the trigger threshold must always be made in the best interests of unitholders. The notification by any means will state the precise reasons for these changes. | ### Artículo 3 – Emisión y reembolso de participaciones
Las participaciones se emiten en todo momento a petición de los partícipes basándose en su valor liquidativo incrementado, en su caso, por las comisiones de suscripción.
Los reembolsos y las suscripciones se llevan a cabo en las condiciones y de acuerdo con las modalidades establecidas en el folleto.
Las participaciones del fondo de inversión pueden ser objeto de admisión a cotización según la normativa en vigor.
Las suscripciones deben ser íntegramente desembolsadas el día de cálculo del valor liquidativo. Pueden realizarse en metálico y/o mediante la aportación de instrumentos financieros. La Sociedad gestora tiene derecho a rechazar los valores propuestos y, a tal efecto, dispone de un plazo de siete días a partir de su depósito para comunicar su decisión. En caso de aceptación, los valores aportados se valorarán siguiendo las normas establecidas en el artículo 4 y la suscripción se realizará tomando como referencia el primer valor liquidativo tras la aceptación de los valores en cuestión.
Asimismo, los reembolsos pueden llevarse a cabo en especie. Si el reembolso en especie corresponde a una parte representativa de los activos de la cartera, solo será necesario que el OICVM o la Sociedad gestora obtengan el acuerdo escrito firmado por el partícipe saliente. Cuando el reembolso en especie no corresponda a una cuota representativa de los activos de la cartera, todos los partícipes deben firmar el acuerdo por escrito que autoriza al partícipe saliente a obtener el reembolso de sus participaciones por determinados activos particulares, tal como se define explícitamente en el acuerdo.
Excepto lo dispuesto anteriormente, cuando el fondo sea un ETF, los reembolsos en el mercado primario podrán efectuarse en especie, con el acuerdo de la Sociedad gestora de la cartera, y en el respeto de los intereses de los partícipes, en las condiciones establecidas en el folleto o el reglamento del fondo. El titular de la cuenta del emisor debe entregar los activos en las condiciones establecidas en el folleto del fondo.
En general, los activos reembolsados se valoran según las reglas establecidas en el artículo 4 y el reembolso en especie se realiza en función del primer valor liquidativo una vez aceptados los valores pertinentes.
El titular de la cuenta emisora debe liquidar los reembolsos en un plazo máximo de cinco días después de la evaluación de la participación.
Sin embargo, si, en circunstancias excepcionales, el reembolso requiere la materialización previa de activos presentes en el fondo, este plazo podría prolongarse, sin exceder los 30 días.
Excepto en el caso de sucesión o de transmisión inter vivos, la cesión o transmisión de participaciones entre partícipes o de un partícipe a un tercero se equipara a un reembolso seguido de una suscripción; si se trata de un tercero, el importe de la cesión o transmisión deberá, según el caso, ser satisfecho por el beneficiario hasta alcanzar como mínimo el importe de suscripción mínimo exigido en el folleto.
En aplicación del artículo L. 214-8-7 del Código monetario y financiero francés, la Sociedad gestora podrá interrumpir provisionalmente el reembolso de las participaciones del FI, así como la emisión de participaciones nuevas, cuando así lo exijan circunstancias excepcionales y siempre que redunde en beneficio de los partícipes.
Si bien el patrimonio neto del FI (o, en su caso, el subfondo) es inferior al importe fijado por la normativa, no se podrá efectuar ningún reembolso de participaciones (sobre el subfondo correspondiente, en su caso).
Posibilidad de condiciones de suscripción mínima, según las modalidades previstas en el folleto.
El OICVM podrá dejar de emitir participaciones en aplicación del tercer apartado del L. 214-8-7 del Código monetario y financiero francés, de manera provisional o definitiva, parcial o totalmente, en las situaciones objetivas que conlleven el cierre de las suscripciones, como son los supuestos de un número máximo de participaciones emitidas, un importe máximo del activo alcanzado o el vencimiento de un periodo de suscripción determinado. La activación de esta herramienta será objeto de información por parte de los partícipes existentes sobre su activación, así como el umbral y la situación objetiva que llevaron a la decisión de cierre parcial o total. En el caso de un cierre parcial, esta información por cualquier medio especificará explícitamente los términos sobre los cuales los partícipes existentes pueden continuar suscribiéndose mientras dure dicho cierre parcial. Los partícipes también son informados por cualquier medio de la decisión del OICVM o de la Sociedad gestora de poner fin al cierre total o parcial de las suscripciones (cuando pasan por debajo del umbral de activación) o de no ponerle fin (en el caso de un cambio de umbral o modificación de la situación objetiva que lleva a la implementación de esta herramienta). Un cambio en la situación objetiva invocada o el umbral de activación de la herramienta siempre debe realizarse en interés de los partícipes. La información por cualquier medio expone los motivos exactos de estos cambios. | ### Article 3 – Issue and redemption of units
Units are issued at any time at the request of the unitholders based on their net asset value, plus any subscription fees. Redemptions and subscriptions shall be carried out under the terms and procedures set out in the prospectus.
The Fund’s units may be admitted for trading in accordance with the regulations in force.
Subscriptions must be fully paid up on the day the net asset value is calculated. They may be paid in cash and/or through the contribution of financial instruments. The Management Company is entitled to refuse any securities offered and, to this end, must announce its decision within seven days of the date on which the securities were tendered. If they are accepted, the securities contributed in kind shall be valued according to the rules laid down in Article 4 and the subscription shall be based on the first net asset value following the acceptance of the securities concerned.
Redemptions may also be made in kind. If the redemption in kind corresponds to a representative portion of the assets in the portfolio, then only the signed written consent of the outgoing unitholder need be obtained by the UCITS or the Management Company. If a redemption in kind does not correspond to a representative portion of the assets of the portfolio, all holders must provide their written agreement to authorise the outgoing unitholder to redeem their units against specific assets, as explicitly defined in the agreement.
As an exception to this rule, if the Fund is an ETF, redemptions on the primary market may be made in kind, with the agreement of the portfolio management company and in accordance with the interests of unitholders, under the conditions set out in the Fund’s prospectus or regulations. The assets are then delivered by the issuing account holder according to the conditions set out in the Fund’s prospectus.
In general, redeemed assets shall be valued according to the rules set out in Article 4 and the redemption in kind shall be conducted on the basis of the first net asset value following acceptance of the securities concerned.
The redemption price shall be paid by the issuing account holder within five days of the unit valuation date.
However, if, in exceptional circumstances, the redemption requires the prior sale of assets held in the Fund, this deadline may be extended to a maximum of 30 days.
With the exception of inheritance or an inter vivos gift, the sale or transfer of units between unitholders or unitholders and third parties is considered a redemption followed by a subscription; if this involves a third party, the sale or transfer amount must, where applicable, be supplemented by the beneficiary in order to reach at least the minimum subscription amount stipulated by the prospectus.
Pursuant to Article L. 214-8-7 of the French Monetary and Financial Code, redemption by the Fund of its units, along with the issue of new units, may be suspended on a temporary basis by the Management Company in exceptional circumstances and if the interests of the unitholders so require.
If the net assets of the Fund (or the Sub-fund, if applicable) fall below the minimum threshold set by the regulations, no redemptions may be carried out (from the Sub-fund concerned, if applicable).
Possibility of establishing minimum subscription conditions, in accordance with the procedures set out in the prospectus.
The UCITS may entirely or partially cease to issue units on a temporary or permanent basis, pursuant to paragraph three of Article L. 214-8-7 of the French Monetary and Financial Code in objective circumstances requiring the closure of subscriptions, such as a maximum number of units issued, a maximum amount of assets reached or the expiry of a specified subscription period. When this mechanism is triggered, existing unitholders will be notified by any means of its activation, the threshold and the objective situation that led to the decision to close subscriptions in part or in full. In the event of a partial closure, this notification by any means will specify explicitly the procedures by which existing unitholders may continue to subscribe during this partial closure. Unitholders are also notified by any means of the decision of the UCITS or of the Management Company either to close subscriptions in part or in full (when the triggering threshold ceases to be met), or not to terminate it (in the event of a change in the threshold or objective situation that led to the implementation of this mechanism). Any change to the objective situation invoked or to the trigger threshold must always be made in the best interests of unitholders. The notification by any means will state the precise reasons for these changes. | en | es |
DOLFIN1279 | 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 offer returns in line with money market rates consistent with preservation of capital and liquidity. Money invested in the Fund is not protected or guaranteed. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the net asset value (NAV) per share. The Fund is a short- term money market fund.
The Fund invests at least 90% of its total assets in fixed income (FI) securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The FI securities may be issued by the United States (US) government and its 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 FI securities may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days. To calculate these averages, figures are adjusted to reflect the relative holdings of each of the Fund’s assets.
The Fund may invest up to 15% of its total assets in securitisations and asset backed commercial paper that are sufficiently liquid.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
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 interest rate or currency exchange rate risk within the Fund’s portfolio. 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 without reference to any benchmark. The Secured Overnight Financing Rate (SOFR) Index should be used by investors to compare the performance of the Fund.
The Fund is a “Short Term Variable NAV Money Market Fund” as defined by the EU Money Markets Funds Regulation.
The investments of the Fund are valued using the mark-to-market method where possible, and if not, the mark-to-model method is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be appropriate for investors who seek long-term growth. Your shares will be non-distributing (i.e. dividend income will be included in their value).
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$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 objetivo del Fondo es ofrecer una rentabilidad acorde con los tipos del mercado monetario al mismo tiempo que se mantiene el capital y la liquidez. El dinero invertido en el Fondo no está protegido ni garantizado. El Fondo no cuenta con ningún respaldo externo para garantizar su liquidez ni para estabilizar el valor liquidativo (NAV) por acción. El Fondo es un fondo de mercado monetario a corto plazo.
El Fondo invierte al menos el 90 % de sus activos totales en valores de renta fija (RF) 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).
Los valores de RF podrán ser emitidos por el gobierno de los 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 Fomento) domiciliados dentro o fuera de los Estados Unidos.
Los valores de RF pueden tener grado de inversión (es decir, cumplir un nivel específico de solvencia), una calificación inferior al grado de inversión o carecer de calificación en el momento de su adquisición.
El Fondo limitará su inversión a los activos que cuenten con un periodo de tiempo igual o inferior a 397 días hasta que deba pagarse la totalidad del capital. El vencimiento medio ponderado (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital (o, con respecto a las notas de tipo de interés, el tiempo medio hasta la próxima revisión del tipo de interés según un tipo del mercado monetario) de todos los activos del Fondo será de hasta 60 días. La vida media ponderada (es decir, el período de tiempo medio hasta la fecha en que deba pagarse la totalidad del capital de los activos) de todos los activos del Fondo será de hasta 120 días. A efectos de cálculo de estas medias, las cifras se ajustan para reflejar las posiciones relativas los activos de cada uno de los Fondos.
El Fondo podrá invertir hasta el 15 % de sus activos totales en valores de titulización de activos y en pagarés respaldados por activos que cuenten con una liquidez suficiente.
El Fondo también puede celebrar acuerdos de recompra inversa a corto plazo. Se trata de contratos en virtud de los cuales el Fondo acuerda comprar en efectivo deuda pública a determinados terceros considerados elegibles, y acepta que el vendedor podrá recomprarlos en un momento y a un precio preestablecidos.
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, y para reducir los riesgos asociados a los tipos de interés o al cambio de divisas dentro de la cartera del Fondo. 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 sin la obligación de utilizar un parámetro de referencia concreto. Los inversores deberían utilizar el Secured Overnight Financing Rate (SOFR) Index para comparar la rentabilidad del Fondo.
El Fondo es un «fondo del mercado monetario a corto plazo de NAV variable», tal y como establece el Reglamento de la UE sobre fondos del mercado monetario.
Las inversiones del Fondo se valoran utilizando, siempre que sea posible, el método de valoración de mercado, y si no es posible, el método de valoración según modelo. El NAV se calcula hasta cuatro cifras decimales y establece el NAV de negociación.
Recomendación: Este Fondo puede no ser adecuado para inversores que buscan una revalorización a largo plazo. Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
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 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 offer returns in line with money market rates consistent with preservation of capital and liquidity. Money invested in the Fund is not protected or guaranteed. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the net asset value (NAV) per share. The Fund is a short- term money market fund.
The Fund invests at least 90% of its total assets in fixed income (FI) securities denominated in US dollars. These include bonds and money market instruments (i.e. debt securities with short term maturities).
The FI securities may be issued by the United States (US) government and its 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 FI securities may be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
The Fund will limit its investment to assets which have 397 days or less remaining until the full principal must be repaid. The weighted average maturity (i.e. the average length of time to the date when the principal of the asset is to be repaid in full (or, in respect of interest rate notes, the average length of time to the next interest rate reset to a money market rate) of all of the Fund’s assets will be up to 60 days. The weighted average life (i.e. the average length of time to the date when the principal of the assets is to be repaid in full) of all of the Fund’s assets will be up to 120 days. To calculate these averages, figures are adjusted to reflect the relative holdings of each of the Fund’s assets.
The Fund may invest up to 15% of its total assets in securitisations and asset backed commercial paper that are sufficiently liquid.
The Fund may also enter into reverse repurchase agreements on a short term basis. Through these, the Fund agrees to purchase government securities from certain eligible third parties for cash and that the seller can buy these back at an agreed time and price.
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 interest rate or currency exchange rate risk within the Fund’s portfolio. 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 without reference to any benchmark. The Secured Overnight Financing Rate (SOFR) Index should be used by investors to compare the performance of the Fund.
The Fund is a “Short Term Variable NAV Money Market Fund” as defined by the EU Money Markets Funds Regulation.
The investments of the Fund are valued using the mark-to-market method where possible, and if not, the mark-to-model method is used. The NAV is calculated to four decimal places and forms the dealing NAV.
Recommendation: This Fund may not be appropriate for investors who seek long-term growth. Your shares will be non-distributing (i.e. dividend income will be included in their value).
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$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 |
DOLFIN1288 | 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 the shares of companies throughout the world. Investments will be linked to the theme of future connectivity (the enablers, networks and beneficiaries of next generation communications). They will include, but are not limited to, companies that are involved in the roll out of cellular networks, wired networks, internet infrastructure, social media, online content production, streaming, e-commerce and the Internet of things.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes and it is not limited in the amount it may invest in any single country or region.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference 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 may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El fondo tiene como objetivo proporcionar crecimiento del capital a largo plazo con un nivel de renta que previsiblemente será bajo.
- El Subfondo invertirá al menos un 70 % en acciones de empresas de todo el mundo. Las inversiones estarán relacionadas con la temática de la conectividad del futuro (aquellas empresas que hacen posible las comunicaciones de nueva generación y sus redes, así como los beneficiarios). Incluirán, entre otras, empresas implicadas en el despliegue de redes móviles, redes fijas, infraestructuras de internet, redes sociales, creación de contenidos online, streaming, comercio electrónico y el internet de las cosas.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- El Subfondo sigue una estrategia de inversión temática en sostenibilidad en virtud de la cual un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- El Subfondo evalúa las características sostenibles de al menos el 90 % de sus activos. El universo de inversión del Subfondo se reduce en, como mínimo, un 20 % debido a la exclusión de emisores sobre la base de sus características ESG.
- El fondo tiene libertad para invertir fuera de los principales lugares geográficos, sectores del mercado, industrias y clases de activos del fondo, y no se le imponen restricciones en cuanto al importe que puede invertir en un solo país o región.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El Subfondo invertirá menos del 30 % directa o indirectamente en acciones A y B de China de forma conjunta.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- El Subfondo se gestiona de manera activa. Para elegir las inversiones y supervisar el riesgo del Subfondo, el Gestor de Inversiones tomará como referencia 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 o sectores no incluidos en él, o incluidos con ponderaciones diferentes, con el fin de aprovechar las oportunidades de inversión.
- Las rentas generadas por el fondo se reinvierten en nuevas acciones o se distribuyen a los accionistas que así lo soliciten.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth with the level of income expected to be low.
- The fund will invest at least 70% in the shares of companies throughout the world. Investments will be linked to the theme of future connectivity (the enablers, networks and beneficiaries of next generation communications). They will include, but are not limited to, companies that are involved in the roll out of cellular networks, wired networks, internet infrastructure, social media, online content production, streaming, e-commerce and the Internet of things.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- The fund adopts a Sustainable Thematic strategy under which 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- The fund assesses the sustainable characteristics of at least 90% of its assets. The fund’s investment universe is reduced by at least 20% due to the exclusion of issuers on the basis of their ESG characteristics.
- The fund has the freedom to invest outside the fund's principal geographies, market sectors, industries or asset classes and it is not limited in the amount it may invest in any single country or region.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund will invest less than 30% directly and/or indirectly in China A and B Shares on an aggregated basis.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference 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 may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities.
- Income earned by the fund is reinvested in additional shares or paid to shareholders on request.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1297 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The UCITS may not be offered or sold for the benefit or on behalf of a “U.S. Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | ## La legislación fiscal francesa puede afectar a la situación fiscal personal del inversor.
Edmond de Rothschild Asset Management (France) únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del folleto del OICVM.
El OICVM y sus participaciones no están ni estarán registrados en los Estados Unidos en virtud de la Ley estadounidense de valores de 1933 o de cualquier otra normativa de los Estados Unidos. El Subfondo podrá invertir en participaciones o acciones de fondos objetivo que puedan participar en nuevas ofertas de emisión de títulos estadounidenses (oferta pública inicial estadounidense, en inglés “US IPO”) o participar directamente en las entradas en bolsa estadounidenses (“US IPO”). La Financial Industry Regulatory Authority (FINRA), de conformidad con las normas 5130 y 5131 de FINRA (las Normas), ha anunciado prohibiciones sobre la elegibilidad de ciertas personas para participar en la adjudicación de oferta pública inicial estadounidense cuando los beneficiarios efectivos de dichas cuentas sean profesionales del sector de los servicios financieros (incluyendo, entre otros, propietario o empleado de una sociedad miembro de FINRA o un gestor de fondos) (Personas restringidas) o ejecutivos de alto rango o administradores de una sociedad estadounidense o no estadounidense cuya actividad pueda estar relacionada con una sociedad miembro de FINRA (Personas afectadas). El OICVM no puede ser propuesto ni vendido en beneficio o por cuenta de una “Persona estadounidense”, según lo definido por la “Regulación S”, ni a los inversores considerados Personas restringidas o Personas afectadas por las Normas FINRA. En caso de duda sobre su situación, el inversor debe consultar a su asesor jurídico. | ## French tax law can have an impact on the investor’s personal tax situation.
Edmond de Rothschild Asset Management (France) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the corresponding parts of the UCITS prospectus.
The UCITS and its units are not and will not be registered in the United States under the Securities Act of 1933 or any other US regulation. The Sub-fund may either subscribe to units or shares of target funds likely to participate in initial public offerings of US securities (“US IPOs”) or participate directly in US IPOs. The Financial Industry Regulatory Authority (“FINRA”), in accordance with rules 5130 and 5131 of FINRA (the “Rules”), has decreed prohibitions regarding the eligibility of certain persons to participate in the allocation of US Initial Public Offerings when the effective beneficiary(ies) of such accounts are financial services professionals (including, among others, owners or employees of member firms of FINRA or fund managers) (“Restricted Persons”) or executive managers or directors of US or non-US companies that may do business with member firms of FINRA (“Covered Persons”). The UCITS may not be offered or sold for the benefit or on behalf of a “U.S. Person”, as defined by “Regulation S”, or to investors considered Restricted Persons or Covered Persons in conformity with the FINRA Rules. Investors should seek advice from their legal advisor if there are any doubts about their status. | en | es |
DOLFIN1318 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the ICE U.S. Treasury Inflation Linked Bond Index 0-5 Years, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the US Treasury Inflation Protected Securities (US TIPS) market. The Index includes only inflation-protected bonds issued by the US Treasury that have a remaining maturity of between zero and five years and a minimum amount outstanding of US$300 million. The Index uses a market capitalisation weighted methodology. Market capitalisation is the market value of the outstanding bond issuance. Bonds must be fixed rate and denominated in US Dollar, with coupons (i.e. interest) and principal paid in US Dollar. The Index excludes US state and local government series bonds and Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities), floating rate notes, cash management and US Treasury bills, and any government agency debt issued with or without a government guarantee. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de acciones es una clase de acciones de un Fondo que trata de obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del ICE U.S.Treasury Inflation Linked Bond Index 0-5 Years, el índice de referencia del Fondo (el Índice). La Clase de Acciones también trata de reducir el impacto sobre sus rendimientos de las fluctuaciones de los tipos de cambio entre las divisas de la cartera subyacente del Fondo y el euro.
La Clase de Acciones, a través del Fondo, se gestiona de forma pasiva y trata de invertir, en la medida de lo posible y realizable, en los valores de renta fija (RF) (como bonos) que integran el Índice y cumplen sus requisitos de calificación de solvencia, en combinación con contratos de divisas a plazo con fines de cobertura del tipo de cambio. Si las calificaciones de solvencia de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Índice mide la rentabilidad del mercado de títulos del Tesoro estadounidense protegidos frente a la inflación (US TIPS, por sus siglas en inglés). El Índice incluye únicamente bonos protegidos frente a la inflación emitidos por el Tesoro estadounidense que tienen un vencimiento residual de entre cero y cinco años y un importe mínimo en circulación de 300 millones de dólares estadounidenses. El Índice utiliza una metodología ponderada por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación. Los bonos deben tener un tipo de interés fijo y estar denominados en dólares estadounidenses, y pagarán tanto el cupón (es decir, los intereses) como el principal en dólares estadounidenses. El Índice bonos de series de gobiernos estatales y locales de EE. UU. y STRIPS (negociación separada del interés registrado y el principal de valores) del Tesoro, bonos flotantes, gestión de efectivo y letras del Tesoro de EE. UU., así como deuda de agencias públicas emitida con o sin el respaldo de un gobierno. Los valores de RF tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia) en el momento de su inclusión en el Índice.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a su Índice. Estas pueden incluir la selección estratégica de ciertos valores que componen el Índice, u otros valores de RF que proporcionan una rentabilidad similar a la de ciertos valores que lo componen. También pueden incluir estas el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD (incluidos los contratos de divisas) pueden utilizarse con fines de inversión directa.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones, para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
La moneda base del Fondo es el dólar estadounidense. Las acciones correspondientes a esta Clase de Acciones están denominadas en euros. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas.
Sus acciones tendrán «cobertura» con el fin de reducir el efecto de las fluctuaciones del tipo de cambio entre su divisa de denominación y las monedas de la cartera subyacente del Fondo. La estrategia de cobertura podría no eliminar totalmente el riesgo cambiario y, por tanto, podría afectar a la rentabilidad de sus acciones.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the ICE U.S. Treasury Inflation Linked Bond Index 0-5 Years, the Fund’s benchmark index (Index). The Share Class also aims to reduce the impact of exchange rate fluctuations between the Fund's underlying portfolio currencies and Euro on your returns.
The Share Class, via the Fund is passively managed, and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements, combined with foreign currency contracts for currency hedging. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Index measures the performance of the US Treasury Inflation Protected Securities (US TIPS) market. The Index includes only inflation-protected bonds issued by the US Treasury that have a remaining maturity of between zero and five years and a minimum amount outstanding of US$300 million. The Index uses a market capitalisation weighted methodology. Market capitalisation is the market value of the outstanding bond issuance. Bonds must be fixed rate and denominated in US Dollar, with coupons (i.e. interest) and principal paid in US Dollar. The Index excludes US state and local government series bonds and Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities), floating rate notes, cash management and US Treasury bills, and any government agency debt issued with or without a government guarantee. The FI securities will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness).
The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs (including FX forward contracts) may be used for direct investment purposes.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Euro. The performance of your shares may be affected by this currency difference.
Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1321 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions,
index are insufficiently reduced compared to the Parent Index, securities with the highest such carbon metrics are removed until the current carbon metrics of the index are sufficiently reduced as compared with the Parent Index. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to a relative weight cap against their weight in the Parent Index. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
sector, geographical region and political events. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives for investment purposes and to try to manage its investments more efficiently. They may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona
actuales parámetros de carbono del índice no se reducen lo suficiente con respecto al índice principal, se procede a eliminar aquellos títulos con los valores más altos hasta que los parámetros en vigor del índice para el carbono se hayan reducido lo suficiente en comparación con el índice principal. Los valores restantes se ponderan en función de su capitalización de mercado ajustada al capital flotante y también se someten a un límite de ponderación relativo con respecto a su ponderación en el índice principal. El índice se calcula con una base de rentabilidad total neta, es decir, todos los dividendos y repartos de las empresas se reinvierten en las acciones tras descontar los impuestos. El índice se revisa y ajusta trimestralmente. El índice se calcula diariamente en dólares estadounidenses. Para lograr el objetivo, el fondo intentará replicar el índice, antes de comisiones y gastos, comprando una cartera de valores que puede incluir los integrantes del índice o cualquier otra inversión no relacionada, según determinen las entidades de DWS. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de contratos financieros (derivados). La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
geográfica y los acontecimientos políticos. El fondo está expuesto a mercados menos desarrollados económicamente (denominados mercados emergentes), que entrañan mayores riesgos que las economías muy desarrolladas. La inestabilidad política y la crisis económica son más probables y afectarán al valor de su inversión. Durante el proceso de cribado del índice se aplican criterios ESG para excluir valores emitidos por empresas que guarden relación con ciertas actividades. El gestor de inversiones y el gestor secundario de la cartera no son responsables de supervisar el proceso de cribado ni de confirmar que todos los valores que resulten de él hayan sido emitidos por empresas con unos estándares ESG adecuados. Para el cribado por ESG, la sociedad únicamente se basa en las actividades llevadas a cabo por el administrador del índice y MSCI ESG Research LLC y en la información que estos proporcionen. La información sobre ESG de otros proveedores de datos puede estar incompleta, ser imprecisa o no estar disponible. En consecuencia, existe el riesgo de que el administrador del índice pueda valorar incorrectamente un valor o un emisor e incluir o excluir erróneamente un valor en el índice. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo puede emplear derivados financieros con fines de inversión y para tratar de gestionar sus inversiones de una forma más eficiente. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions,
index are insufficiently reduced compared to the Parent Index, securities with the highest such carbon metrics are removed until the current carbon metrics of the index are sufficiently reduced as compared with the Parent Index. The remaining securities are then weighted by their free-float adjusted market capitalisation and are also subject to a relative weight cap against their weight in the Parent Index. The index is calculated on a total return net basis which means that all dividends and distributions by the companies are reinvested in the shares after tax. The index is reviewed and rebalanced on a quarterly basis. The index is calculated in US Dollars on a daily basis. To achieve the aim, the fund will attempt to replicate the index, before fees and expenses, by buying a portfolio of securities that may comprise the constituents of the index or other unrelated investments as determined by DWS entities. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of financial contracts (derivatives). The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
sector, geographical region and political events. The fund is exposed to less economically developed economies (known as emerging markets) which involve greater risks than well developed economies. Political unrest and economic downturn may be more likely and will affect the value of your investment. The ESG screening criteria are embedded within the index selection process, which seeks to exclude securities issued by companies involved in certain activities. The investment manager and sub-portfolio manager are not responsible for monitoring the screening process or confirming that all securities which pass the screening process are issued by companies with adequate ESG standards. The company is solely relying on the activities conducted by and information provided by the administrator of the index and MSCI ESG Research LLC for the ESG screening. ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the index administrator may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the index. The index is rules-based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives for investment purposes and to try to manage its investments more efficiently. They may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN1322 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond with those of the Index by investing primarily in US stocks.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised primarily of large and mid-capitalisation stocks issued by companies in the US. Companies in the Index mainly operate within the information technology, health care, financial services and consumer sectors.
The Investment Manager will aim to replicate the Index by holding all of the Index Securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably possible, the Sub-Fund will use the optimisation methodology to select Index Securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Consequently, the Sub- Fund may over certain periods only hold a certain sub-set of the Index Securities. | # Objetivos y política de inversión
Objetivo de inversión: El Subfondo pretende generar rentabilidades similares a las del Índice invirtiendo principalmente en acciones estadounidenses.
Política de inversión: El Subfondo lleva a cabo una estrategia de gestión pasiva (replicación del índice o «index tracking»).
El Subfondo trata de replicar la rentabilidad del Índice con la mayor precisión posible, con independencia de si el valor del Índice aumenta o desciende, al tiempo que trata de reducir al máximo el error de seguimiento («tracking error») entre la rentabilidad del Subfondo y la del Índice.
El Índice está compuesto principalmente por acciones de mediana y gran capitalización emitidas por compañías de EE. UU. Las compañías del Índice operan fundamentalmente en los sectores de tecnologías de la información, atención sanitaria, servicios financieros y consumo.
El Gestor de inversiones tratará de replicar el Índice invirtiendo en todos los Títulos del Índice en una proporción similar a la ponderación en el Índice. No obstante, cuando una réplica total del Índice no sea razonablemente posible, el Subfondo recurrirá a una metodología de optimización para seleccionar los Títulos del Índice con el fin de construir una cartera representativa que proporcione una rentabilidad similar a la del Índice. En consecuencia, es posible que el Subfondo solo mantenga, durante determinados periodos de tiempo, un cierto subconjunto de los Títulos del Índice. | # Objectives and Investment Policy
Investment Objective: The Sub-Fund seeks to provide returns that correspond with those of the Index by investing primarily in US stocks.
Investment Policy: The Sub-Fund pursues a passively managed (index- tracking) strategy.
The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index.
The Index is comprised primarily of large and mid-capitalisation stocks issued by companies in the US. Companies in the Index mainly operate within the information technology, health care, financial services and consumer sectors.
The Investment Manager will aim to replicate the Index by holding all of the Index Securities in a similar proportion to their weighting in the Index. However, where full replication of the Index is not reasonably possible, the Sub-Fund will use the optimisation methodology to select Index Securities in order to build a representative portfolio that provides a return that is comparable to that of the Index. Consequently, the Sub- Fund may over certain periods only hold a certain sub-set of the Index Securities. | en | es |
DOLFIN1324 | 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 J.P. Morgan Bespoke Rolling Collar US Index (USD) between 31/08/2013-31/08/2018.
Moderate scenario
What you might get back after costs
Average return each year
GBP 9,533
-4.7%
GBP 8,030
-4.3% | # Este tipo de escenario se produjo para una inversión J.P. Morgan Bespoke Rolling Collar US Index (USD) entre 31/08/2013-31/08/2018.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
9 533 GBP
-4,7%
8 030 GBP
-4,3% | # This type of scenario occurred for an investment J.P. Morgan Bespoke Rolling Collar US Index (USD) between 31/08/2013-31/08/2018.
Moderate scenario
What you might get back after costs
Average return each year
GBP 9,533
-4.7%
GBP 8,030
-4.3% | en | es |
DOLFIN1326 | 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 If you exit If you exit Investment of EUR 10,000 after 1 year after 3 years |
| --- |
| Stress Scenarios | What you might get back | EUR 6,980 | EUR 7,050 |
| Average Return each year | -30.17 % | -11.01 % |
| Unfavourable Scenario | What you might get back | EUR 8,830 | EUR 9,240 |
| Average Return each year | -11.68 % | -2.59 % |
| Moderate Scenario | What you might get back | EUR 10,480 | EUR 11,370 |
| Average Return each year | 4.79 % | 4.38 % |
| Favourable Scenario | What you might get back | EUR 13,900 | EUR 14,880 |
| Average Return each year | 38.98 % | 14.16 % | | | En caso de Período de mantenimiento recomendado: 3 años salida de- En caso de salida Inversión de 10.000 EUR spués de después de 3 años 1 año |
| --- |
| Escenarios de tensión | Lo que podría recibir | EUR 6.980 | EUR 7.050 |
| Rendimiento medio cada año | -30,17 % | -11,01 % |
| Escenario desfavorable | Lo que podría recibir | EUR 8.830 | EUR 9.240 |
| Rendimiento medio cada año | -11,68 % | -2,59 % |
| Escenario moderado | Lo que podría recibir | EUR 10.480 | EUR 11.370 |
| Rendimiento medio cada año | 4,79 % | 4,38 % |
| Escenario favorable | Lo que podría recibir | EUR 13.900 | EUR 14.880 |
| Rendimiento medio cada año | 38,98 % | 14,16 % | | | Recommended Holding Period: 3 Years If you exit If you exit Investment of EUR 10,000 after 1 year after 3 years |
| --- |
| Stress Scenarios | What you might get back | EUR 6,980 | EUR 7,050 |
| Average Return each year | -30.17 % | -11.01 % |
| Unfavourable Scenario | What you might get back | EUR 8,830 | EUR 9,240 |
| Average Return each year | -11.68 % | -2.59 % |
| Moderate Scenario | What you might get back | EUR 10,480 | EUR 11,370 |
| Average Return each year | 4.79 % | 4.38 % |
| Favourable Scenario | What you might get back | EUR 13,900 | EUR 14,880 |
| Average Return each year | 38.98 % | 14.16 % | | en | es |
DOLFIN1329 | 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 moderate capital growth over the medium to longer term by actively allocating to, and within, different asset classes including equity, fixed income, commodity, infrastructure, real estate and cash.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- 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 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, including Russia and China.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- The fund may invest less than 10% in offshore China fixed income instruments including, but not limited to, dim sum bonds.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- 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 may, under normal market conditions, invest up to 100% in fixed income securities (including up to 100% in investment grade bonds, up to 60% in high yield bonds, up to 50% in government bonds, up to 50% in emerging market bonds and up to 10% in Russian bonds), up to 50% in equities (including up to 50% in emerging market equities and up to 10% in Russian equities), up to 30% in eligible closed-ended real estate investment trusts, up to 30% in infrastructure securities (excluding REITs) and up to 5% in commodities. The aggregate limit of investment in emerging market equities and bonds is up to 50% and is up to 10% in Russian equities and bonds. In adverse market conditions the fund may hold up to 25% in cash or money market instruments.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- The funds source of income will mainly be generated from dividend payments (from equity securities) and coupon payments (from bond holdings) based on their potential to generate income and capital growth.
- Shares can usually be bought and sold each business day of the fund. | # Objetivos y política de inversión
- El Subfondo tiene como objetivo proporcionar rentas y un crecimiento moderado del capital de medio a largo plazo mediante la asignación activa a, y en el seno de, distintas clases de activos, entre ellos, renta variable, renta fija, materias primas, infraestructuras, inmuebles y efectivo.
- El Subfondo utiliza una estrategia centrada en la sostenibilidad en la que, como mínimo, un 70 % de su patrimonio neto se invertirá en valores que cuenten con características sostenibles. El Subfondo promueve las características medioambientales y sociales que exige el artículo 8 del SFDR.
- Tendrá siempre en cuenta un amplio abanico de características medioambientales y sociales, como la mitigación del cambio climático y la adaptación al mismo, la gestión del agua y los residuos, la biodiversidad, la seguridad de los productos, la cadena de suministro, la salud y seguridad y los Derechos Humanos. El Subfondo trata de promocionar estas características adhiriéndose al Marco de la Familia Sostenible de Fidelity.
- El Subfondo se ciñe a un marco de exclusión por principios que incluye el filtrado negativo y de acuerdo con la normativa de sectores, empresas y prácticas sobre la base de criterios ESG concretos determinados periódicamente por el Gestor de Inversiones.
- 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 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, Rusia y China incluidas.
- El Subfondo invertirá menos del 30 % directa o indirectamente en Acciones China A y B o valores de renta fija del mercado interior chino de forma conjunta.
- El Subfondo podrá invertir menos de 10 % en instrumentos extraterritoriales de renta fija de China, entre ellos, bonos «Dim Sum».
- La exposición del Subfondo a valores que atraviesan dificultades se limitará al 10% de su patrimonio.
- 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 puede, en condiciones normales del mercado, invertir hasta el 100 % de su patrimonio neto en valores de renta fija (lo que incluye hasta el 100 % en bonos con grado de inversión, hasta el 60 % en bonos de alto rendimiento, hasta el 50 % en bonos del Estado, hasta el 50 % en bonos de mercados emergentes y hasta el 10 % en bonos rusos), hasta el 50 % en renta variable (lo que incluye hasta el 50 % en acciones de mercados emergentes y hasta el 10 % en acciones rusas), hasta el 30 % en fondos de inversión inmobiliaria de capital fijo aptos, hasta el 30 % en valores de infraestructuras (excluidos los REIT) y hasta el 5 % en materias primas. El límite agregado de inversión en acciones y bonos de mercados emergentes se sitúa en el 50 %, y en el 10 % para las acciones y bonos rusos. En condiciones del mercado adversas, el Subfondo puede mantener hasta el 25 % de sus activos en efectivo o instrumentos del mercado monetario.
- El Subfondo se gestiona de forma activa sin tener un índice como referencia.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- Los ingresos del Subfondo procederán principalmente de los pagos de dividendos por parte de los valores de renta variable, y del pago de cupón procedente de las posiciones en renta fija en función de su potencial para generar rentas y crecimiento del capital.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo. | # Objectives and Investment Policy
- The fund aims to provide income and moderate capital growth over the medium to longer term by actively allocating to, and within, different asset classes including equity, fixed income, commodity, infrastructure, real estate and cash.
- The fund adopts a Sustainable Focused strategy under which a minimum of 70% will be invested in securities that maintain sustainable characteristics. The fund promotes environmental and social characteristics pursuant to article 8 of the SFDR.
- On an ongoing basis, the fund will consider a wide range of environmental and social characteristics such as climate change mitigation and adaptation, water and waste management, biodiversity, product safety, supply chain, health and safety and human rights. The fund seeks to promote these characteristics by adhering to the Fidelity Sustainable Family Framework.
- The fund complies with a principle-based exclusion framework which includes norm-based and negative screening of sectors, companies, practices based on specific ESG criteria to be determined by the Investment Manager from time to time.
- 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 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, including Russia and China.
- The fund will invest less than 30% directly and/or indirectly in onshore China A and B Shares and/or onshore China fixed income securities on an aggregated basis.
- The fund may invest less than 10% in offshore China fixed income instruments including, but not limited to, dim sum bonds.
- The fund ’s exposure to Distressed Securities is limited to 10% of its assets.
- 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 may, under normal market conditions, invest up to 100% in fixed income securities (including up to 100% in investment grade bonds, up to 60% in high yield bonds, up to 50% in government bonds, up to 50% in emerging market bonds and up to 10% in Russian bonds), up to 50% in equities (including up to 50% in emerging market equities and up to 10% in Russian equities), up to 30% in eligible closed-ended real estate investment trusts, up to 30% in infrastructure securities (excluding REITs) and up to 5% in commodities. The aggregate limit of investment in emerging market equities and bonds is up to 50% and is up to 10% in Russian equities and bonds. In adverse market conditions the fund may hold up to 25% in cash or money market instruments.
- The fund is actively managed without reference to an index.
- Income earned by the fund is accumulated in the share price.
- The funds source of income will mainly be generated from dividend payments (from equity securities) and coupon payments (from bond holdings) based on their potential to generate income and capital growth.
- Shares can usually be bought and sold each business day of the fund. | en | es |
DOLFIN1331 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## Benchmark: MSCI Europe Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY K EUR
Benchmark
A : The Sub-Fund and the Class were created on 22/01/2016 following the merger by absorption of Class R of the French Edmond de Rothschild EUROPE SYNERGY (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R of the Absorbed Sub-Fund. | ## Índice de referencia: MSCI Europe Index, calculado con los dividendos netos reinvertidos.
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY K EUR
Índice de referencia
A: El Subfondo y la Clase se crearon el 22 de enero de 2016 tras la fusión por absorción de la Clase R del fondo francés Edmond de Rothschild EUROPE SYNERGY (el “Fondo absorbido”). El Subfondo y el Fondo absorbido tienen las mismas características, especialmente en lo que respecta a la identidad de su gestor, su estructura de comisiones y gastos, así como su política de inversión. La rentabilidad histórica que figura en el presente corresponde a la Clase R del Subfondo absorbido. | ## Benchmark: MSCI Europe Index, calculated with net dividends reinvested
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
EUROPE SYNERGY K EUR
Benchmark
A : The Sub-Fund and the Class were created on 22/01/2016 following the merger by absorption of Class R of the French Edmond de Rothschild EUROPE SYNERGY (the "Absorbed Fund"). The Sub-Fund and the Absorbed Fund have the same characteristics, in particular as regards the identity of their manager, their charges and fees structure and their investment policy. The past performances shown here are those of class R of the Absorbed Sub-Fund. | en | es |
DOLFIN1350 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. In addition, a negative screen is used to exclude the 20% worst ESG scoring stocks from the investable universe. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | # Sustentabilidad
El fondo incorpora la sostenibilidad al proceso de inversión mediante exclusiones, cribado excluyente, integración de criterios ASG, objetivos ASG y de huella ambiental y ejercicio de los derechos de voto. El fondo no invierte en emisores que incumplen normas internacionales o cuyas actividades se consideran perjudiciales para la sociedad según la política de exclusión de Robeco. Además, se aplica un cribado para excluir del universo de inversión el 20 % de los valores con peor puntuación ASG. Se integran factores ASG financieramente relevantes en el análisis fundamental de inversiones bottom-up para evaluar riesgos y oportunidades ASG existentes y potenciales. En la selección de valores, el fondo limita la exposición a riesgos para la sostenibilidad elevados. El fondo también tiene como objetivo una puntuación ASG mejor y huellas de carbono, agua y residuos como mínimo un 20 % menores que el índice de referencia. Además, cuando un emisor de valores sea señalado en la supervisión continua por infringir normas internacionales, el emisor quedará sujeto a exclusión. Por último, el fondo hace uso de los derechos asociados a las acciones y aplica el voto por delegación conforme a las directrices de delegación de voto de Robeco. | # Sustainability
The fund incorporates sustainability in the investment process via exclusions, negative screening, ESG integration, ESG and environmental footprint targets, and voting. The fund does not invest in issuers that are in breach of international norms or where activities have been deemed detrimental to society following Robeco's exclusion policy. In addition, a negative screen is used to exclude the 20% worst ESG scoring stocks from the investable universe. Financially material ESG factors are integrated in the bottom-up fundamental investment analysis to assess existing and potential ESG risks and opportunities. In the stock selection the fund limits exposure to elevated sustainability risks. The fund also targets a better ESG score and at least 20% lower carbon, water and waste footprints compared to the reference index. In addition, where a stock issuer is flagged for breaching international standards in the ongoing monitoring, the issuer will become subject to exclusion. Lastly, the fund makes use of shareholder rights and applies proxy voting in accordance with Robeco's proxy voting policy. | en | es |
DOLFIN1353 | 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 (until 19 July 2022) is to contribute to the transition to a low carbon economy while achieving long-term capital growth.
The Objective (as from 20 July 2022) is to contribute to the transition to a low carbon economy while achieving long-term capital growth. Specifically, the sub- fund seeks to outperform (net of fees) the reference benchmark MSCI All Country World Index ((MSCI ACWI Daily Net Total Return) over any given 5- year minimum.
Reference benchmark EUR-denominated shares: MSCI AC World Daily Net Total Return in EUR (NDEEWNR), USD-denominated shares: MSCI AC World Daily Net Total Return in USD ( M1WD). The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index. The index is used to define the eligible investment universe with the objective of reducing carbon footprint. The management strategy includes tracking the difference in the risk level of the portfolio relative to that of the index. A moderate deviation from the risk level of the index is anticipated.
The Fund invests mainly in equities of global companies, including those in emerging markets, that have committed to reducing their carbon emissions, expanding their low carbon strategy and replacing fossil energy sources with low-carbon emission alternatives.
The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index.
Specifically, the Fund invests at least 66% of its net assets in equities and equity-related securities issued by large capitalisation companies in any sector. Investments may include American and global depositary receipts (ADRs and GDRs).
The Fund may invest in, or be exposed to, the following investments up to the percentage of net assets indicated:
- equities (including exposure from derivatives): 90% to 105%
- investment grade bonds: 10%
- other UCITS/UCIs: 10%The Fund may hold cash and cash equivalents on an ancillary basis. These may include monetary UCIs or UCIs whose investments’ overall weighted maturity or rate reset frequency does not exceed 12 months.
The Fund’s net exposure to non-EUR currencies may be up to 100% of net assets. | # OBJETIVOS Y POLÍTICA DE INVERSIÓN
El objetivo (hasta el 19 de julio de 2022) consiste en contribuir a la transición hacia una economía con bajas emisiones de carbono y lograr, al mismo tiempo, un crecimiento del capital a largo plazo.
El objetivo (a partir del 20 de julio de 2022) consiste en contribuir a la transición hacia una economía con bajas emisiones de carbono y lograr, al mismo tiempo, un crecimiento del capital a largo plazo. En concreto, el subfondo trata de superar (sin comisiones) al índice de referencia MSCI All Country World Index (MSCI ACWI Daily Net Total Return) durante cualquier período mínimo de 5 años.
Acciones del índice de referencia denominadas en EUR: MSCI AC World Daily Net Total Return in EUR (NDEEWNR), acciones denominadas en USD: MSCI AC World Daily Net Total Return en USD (M1WD). El subfondo se gestiona de forma activa y discrecional. El subfondo no se gestiona con referencia a un índice. El índice se utiliza para definir el universo de inversión elegible con el objetivo de reducir la huella de carbono. La estrategia de gestión incluye el seguimiento de la diferencia en el nivel de riesgo de la cartera en relación con el del índice. Se prevé una desviación moderada del nivel de riesgo del índice.
El fondo invierte principalmente en acciones de sociedades internacionales, también aquellas ubicadas en mercados emergentes, que se han comprometido a reducir sus emisiones de carbono, ampliar su estrategia de bajas emisiones de carbono y sustituir las fuentes de energía fósiles por alternativas que generan menos emisiones.
El subfondo se gestiona de forma activa y discrecional. El subfondo no se gestiona con referencia a un índice.
En concreto, el fondo invierte al menos el 66 % en acciones ordinarias y en valores relacionados con estas emitidos por empresas de gran capitalización de cualquier sector. Las inversiones pueden incluir recibos de depósito estadounidenses y globales (ADR y GDR).
El fondo podrá invertir en las siguientes inversiones, o estar expuesto a ellas, hasta el porcentaje de activos netos indicado:
- acciones ordinarias (incluida la exposición de los derivados): 90 % a 105 %
- bonos de grado de inversión: 10%
- otros OICVM/OIC: 10%El fondo podrá disponer de efectivo y equivalentes a efectivo con carácter accesorio. Entre ellos, se podrán incluir OIC monetarias u OIC cuyo vencimiento ponderado total de las inversiones o la frecuencia de la revisión de los tipos no supere los 12 meses.
La exposición neta del fondo a otras divisas distintas del euro podrá ser de hasta un 100 % del patrimonio neto. | # OBJECTIVES AND INVESTMENT POLICY
The objective (until 19 July 2022) is to contribute to the transition to a low carbon economy while achieving long-term capital growth.
The Objective (as from 20 July 2022) is to contribute to the transition to a low carbon economy while achieving long-term capital growth. Specifically, the sub- fund seeks to outperform (net of fees) the reference benchmark MSCI All Country World Index ((MSCI ACWI Daily Net Total Return) over any given 5- year minimum.
Reference benchmark EUR-denominated shares: MSCI AC World Daily Net Total Return in EUR (NDEEWNR), USD-denominated shares: MSCI AC World Daily Net Total Return in USD ( M1WD). The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index. The index is used to define the eligible investment universe with the objective of reducing carbon footprint. The management strategy includes tracking the difference in the risk level of the portfolio relative to that of the index. A moderate deviation from the risk level of the index is anticipated.
The Fund invests mainly in equities of global companies, including those in emerging markets, that have committed to reducing their carbon emissions, expanding their low carbon strategy and replacing fossil energy sources with low-carbon emission alternatives.
The sub-fund is actively and discretionarily managed. The sub-fund is not managed in reference to an index.
Specifically, the Fund invests at least 66% of its net assets in equities and equity-related securities issued by large capitalisation companies in any sector. Investments may include American and global depositary receipts (ADRs and GDRs).
The Fund may invest in, or be exposed to, the following investments up to the percentage of net assets indicated:
- equities (including exposure from derivatives): 90% to 105%
- investment grade bonds: 10%
- other UCITS/UCIs: 10%The Fund may hold cash and cash equivalents on an ancillary basis. These may include monetary UCIs or UCIs whose investments’ overall weighted maturity or rate reset frequency does not exceed 12 months.
The Fund’s net exposure to non-EUR currencies may be up to 100% of net assets. | en | es |
DOLFIN1355 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Sub-fund placed in category 6?
The Sub-fund’s risk indicator of 6 reflects weekly volatility of between 15% and 25% over five years. This indicator is used to measure the expected level of return and the risk to which the investment is exposed. Historical data used to calculate the synthetic indicator may not be a reliable indication of the future risk profile. The risk category is not guaranteed and may shift over time. Category 1 does not mean a risk-free investment. The capital invested is not guaranteed.
## Material risks to the Sub-fund that are not taken into account in the indicator:
Derivative risk: taking into account the use of derivatives in particular, the sub-fund’s maximum exposure to individual asset classes may exceed its net assets. The Sub-fund will have maximum equity exposure of 100%, occasionally reaching 120% in exceptional circumstances. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Sub-fund is exposed. Liquidity risk: The sub-fund invests in markets that may be affected by a fall in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions. Please refer to the prospectus for more information on risks. | # El perfil de riesgo no es constante y podrá evolucionar con el tiempo. La categoría más baja no significa que la inversión esté libre de riesgo. El capital inicialmente invertido no está garantizado.
A menor riesgo A mayor riesgo
Remuneración potencialmente menor Remuneración potencialmente mayor
## Motivos por los que se ha asignado al Subfondo la categoría 6:
El indicador de riesgo 6 del subfondo refleja una volatilidad semanal a 5 años de entre un 15% y un 25%. Este indicador permite medir la rentabilidad prevista potencial y el riesgo que comporta la inversión. Los datos históricos utilizados para calcular el indicador sintético pueden no constituir una indicación fiable del futuro perfil de riesgo. La categoría de riesgo asociada no está garantizada y puede evolucionar con el tiempo. La categoría 1 no significa que una inversión esté libre de riesgo. El capital invertido no está garantizado.
## Riesgos importantes para el Subfondo que no engloba el indicador:
Riesgo vinculado a la utilización de productos derivados: en relación con la utilización de productos derivados en particular, la exposición máxima a las diferentes clases de activos podrá ser superior al patrimonio neto del subfondo. El subfondo presentará una exposición máxima del 100% al riesgo del mercado de renta variable y hasta del 120% de forma excepcional y puntual. Si las estrategias aplicadas registraran un comportamiento desfavorable, el valor liquidativo podría descender de forma más acusada que los mercados a los que está expuesto el subfondo. Riesgo deliquidez: El Subfondo invierte en mercados que pueden verse afectados por una reducción de liquidez. El escaso volumen de las transacciones en estos mercados puede influir negativamente en los precios a los que el gestor inicie o liquide sus posiciones. Si desea obtener más información sobre los riesgos, consulte el folleto. | # The risk profile is not guaranteed to remain unchanged and may shift over time. The lowest category does not mean a risk-free investment. The capital initially invested is not guaranteed.
Lower risk Higher risk
Potentially lower return Potentially higher return
## Why is the Sub-fund placed in category 6?
The Sub-fund’s risk indicator of 6 reflects weekly volatility of between 15% and 25% over five years. This indicator is used to measure the expected level of return and the risk to which the investment is exposed. Historical data used to calculate the synthetic indicator may not be a reliable indication of the future risk profile. The risk category is not guaranteed and may shift over time. Category 1 does not mean a risk-free investment. The capital invested is not guaranteed.
## Material risks to the Sub-fund that are not taken into account in the indicator:
Derivative risk: taking into account the use of derivatives in particular, the sub-fund’s maximum exposure to individual asset classes may exceed its net assets. The Sub-fund will have maximum equity exposure of 100%, occasionally reaching 120% in exceptional circumstances. In the event of unfavourable changes in the strategies used, the net asset value may fall more significantly than the markets to which the Sub-fund is exposed. Liquidity risk: The sub-fund invests in markets that may be affected by a fall in liquidity. Low volumes of market transactions may have an impact on prices at which the manager opens or closes positions. Please refer to the prospectus for more information on risks. | en | es |
DOLFIN1358 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors".
The entry charge shown is a maximum figure but you may pay less. The actual entry charge can be obtained from your financial adviser or distributor.
The ongoing charge is based on expenses calculated on
31 December 2021. This may vary from year to year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid when buying or selling units in another mutual fund.
More information about charges is available in the "Fees and Expenses" section of the Prospectus. | Una descripción completa de los factores de riesgo se muestra en la sección titulada "Factores de riesgo" del Folleto informativo.
Los gastos de entrada indicados aquí representan una cifra máxima, pero es posible que usted pague menos. Podrá informarse de los gastos efectivos de entrada a través de su asesor financiero o del distribuidor.
Los gastos corrientes están basados en gastos calculados a
31 de diciembre de 2021. Esto puede variar de un año a otro. Excluye las comisiones de rendimiento y los costes de transacción de la cartera, salvo en el caso de un gasto de entrada/salida pagado al comprar o vender acciones de otro fondo de inversión.
La sección “Comisiones y gastos” del Folleto contiene más información sobre los gastos. | A complete description of risk factors is set out in the Prospectus in the section entitled "Risk Factors".
The entry charge shown is a maximum figure but you may pay less. The actual entry charge can be obtained from your financial adviser or distributor.
The ongoing charge is based on expenses calculated on
31 December 2021. This may vary from year to year. It excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid when buying or selling units in another mutual fund.
More information about charges is available in the "Fees and Expenses" section of the Prospectus. | en | es |
DOLFIN1362 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Share Class is a share class of a Fund, which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays MSCI US Corporate 0-3 Sustainable SRI Index, the Fund's benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The Index measures the performance of investment grade, fixed-rate, US Dollar denominated corporate bonds that have a remaining time to maturity of no longer than three years and a minimum amount outstanding of $300 million. The Index includes only bonds issued by companies that meet the index provider’s environmental, social and governance (“ESG”) ratings, based on a series of exclusionary and ratings based criteria.
Companies may be excluded if they are involved in alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power, civilian firearms and military weapons, thermal coal and oil sands.
Companies that have a ‘Red’ MSCI ESG Controversies score or have an MSCI ESG rating below BBB are also excluded from the Index. The Fund may obtain limited exposure to securities considered not to satisfy the ESG/SRI criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index. The portfolio of the Fund is reduced by at least 20% compared to the market for US Dollar denominated investment-grade corporate bonds with a remaining time to maturity of zero to three years. More than 90% of the issuers of securities the Fund invests in, excluding cash and money market funds, are ESG rated or have been analysed for ESG purposes.
The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance. If the credit, or ESG ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index and also the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | # Objetivos y política de inversión
La Clase de Acciones es una clase de acciones de un Fondo, que tiene por objetivo obtener una rentabilidad de su inversión, a través de una combinación de revalorización del capital y rendimientos de los activos del Fondo, que refleje la rentabilidad del Bloomberg Barclays MSCI US Corporate 0-3 Sustainable SRI Index, el índice de referencia del Fondo (el Índice).
La Clase de Acciones, a través del Fondo, se gestiona de manera pasiva y trata de invertir, en la medida de lo posible y factible, en los valores de renta fija (RF) (como bonos) que componen el Índice y cumplen sus requisitos de calificación de solvencia.
El Índice mide la rentabilidad de los bonos empresariales de tipo fijo con categoría de inversión, denominados en dólares estadounidenses, con un vencimiento residual máximo de tres años y un importe mínimo en circulación de 300 millones de dólares estadounidenses. El Índice incluye únicamente bonos de empresas que cumplen las clasificaciones medioambientales, sociales y de gobierno corporativo («ESG») del proveedor del índice, según varios criterios excluyentes y basados en clasificaciones.
Las empresas pueden quedar excluidas del Índice si están implicadas en actividades relacionadas con alcohol, tabaco, actividades relacionadas con el juego y las apuestas, entretenimiento para adultos, organismos modificados genéticamente, energía nuclear, armas de fuego de uso civil y armas militares, carbón térmico y arenas bituminosas.
También se excluyen del Índice las empresas con una clasificación de controversias ESG de MSCI en «Rojo» o con una clasificación ESG de MSCI inferior a BBB. El Fondo puede obtener una exposición limitada a valores que se considere que no cumplen los criterios ESG/SRI.
El Fondo adoptará un enfoque de inversión sostenible de máxima calidad, lo que significa que se espera que el Fondo invierta en los mejores emisores desde una perspectiva de inversión ESG / socialmente responsable («SRI») (basándose en los criterios ESG o SRI del Índice) dentro de cada sector relevante de las actividades cubiertas por el Índice. La cartera del Fondo se reduce en al menos un 20 % en comparación con el mercado de bonos de empresa con categoría de inversión denominados en dólares estadounidenses, con un plazo de vencimiento residual de entre cero y tres años. Más del 90 % de los emisores de valores en los que invierte el Fondo, a excepción de los fondos de efectivo y del mercado monetario, tienen una clasificación ESG o sus criterios ESG se han analizado.
El Índice está ponderado por capitalización bursátil. La capitalización bursátil es el valor de mercado de las emisiones de bonos en circulación. Si las calificaciones de solvencia o las calificaciones ESG de los valores de RF se revisan a la baja, el Fondo los podrá seguir manteniendo hasta que dejen de formar parte del Índice y resulte factible venderlos.
El Fondo utiliza técnicas de optimización para lograr una rentabilidad similar a la del Índice. Entre estas puede estar la selección estratégica de ciertos valores que componen el Índice y también el uso de instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). Los IFD pueden utilizarse con fines de inversión directa. Para esta Clase de acciones, está previsto que la utilización de IFD sea limitada.
El Fondo podrá también contratar, con determinados terceros elegibles, préstamos a corto plazo garantizados de sus inversiones para generar ingresos adicionales que compensen los costes del Fondo.
Recomendación: este Fondo es adecuado para inversiones a medio y a largo plazo, aunque el Fondo también puede ser conveniente para obtener una exposición al Índice a más corto plazo.
Sus acciones serán distributivas (semestralmente se pagarán ingresos sobre las acciones).
Sus acciones estarán denominadas en dólares estadounidenses, la moneda base del Fondo.
Las acciones cotizan en uno o más mercados de valores y pueden negociarse en divisas distintas de su moneda de cuenta. La rentabilidad de sus acciones podría verse afectada por esta diferencia de divisas. En circunstancias normales, solo los participantes autorizados (como entidades financieras seleccionadas) pueden operar con acciones (o intereses en acciones) directamente con el Fondo. El resto de inversores puede operar con acciones (o intereses en acciones) diariamente a través de un intermediario de los mercados bursátiles donde se negocien las acciones.
Para más información sobre el Fondo, la Clase de acciones, los riesgos y los gastos, consúltese el folleto del Fondo, disponible en las páginas de productos de www.blackrock.com. | # Objectives and Investment Policy
The Share Class is a share class of a Fund, which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Bloomberg Barclays MSCI US Corporate 0-3 Sustainable SRI Index, the Fund's benchmark index (Index).
The Share Class, via the Fund, is passively managed and aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements.
The Index measures the performance of investment grade, fixed-rate, US Dollar denominated corporate bonds that have a remaining time to maturity of no longer than three years and a minimum amount outstanding of $300 million. The Index includes only bonds issued by companies that meet the index provider’s environmental, social and governance (“ESG”) ratings, based on a series of exclusionary and ratings based criteria.
Companies may be excluded if they are involved in alcohol, tobacco, gambling, adult entertainment, genetically modified organisms, nuclear power, civilian firearms and military weapons, thermal coal and oil sands.
Companies that have a ‘Red’ MSCI ESG Controversies score or have an MSCI ESG rating below BBB are also excluded from the Index. The Fund may obtain limited exposure to securities considered not to satisfy the ESG/SRI criteria.
The Fund will adopt a best-in-class approach to sustainable investing, this means that it is expected that the Fund will invest in the best issuers from an ESG / socially responsible investment (“SRI”) perspective (based on the ESG or SRI criteria of the Index) within each relevant sector of activities covered by the Index. The portfolio of the Fund is reduced by at least 20% compared to the market for US Dollar denominated investment-grade corporate bonds with a remaining time to maturity of zero to three years. More than 90% of the issuers of securities the Fund invests in, excluding cash and money market funds, are ESG rated or have been analysed for ESG purposes.
The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance. If the credit, or ESG ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.
The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index and also the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.
The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.
Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index. Your shares will be distributing shares (i.e. income will be paid on the shares semi-annually).
Your shares will be denominated in US Dollar, the Fund's base currency.
The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded.
For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com | en | es |
DOLFIN1369 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: Risk that a position cannot be liquidated in a timely manner at a reasonable price, especially in the particular case where financial market trading volumes are very low.
- Safekeeping risk: The Sub-Fund's operations may depend on third parties that are located in countries where securities oversight standards are less developed.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Currency risk: the Sub-Fund may invest in securities that are issued in currencies other than the base currency of the Fund. Currency risk arises from changes in the exchange rates between the two currencies. | Riesgos a los que el Subfondo puede estar expuesto y que el indicador podría no reflejar:
- Instrumentos y depósitos de riesgo de crédito de la deuda: el Subfondo podrá invertir en depósitos e instrumentos de deuda. Estos están sujetos al riesgo de que su emisor sea incapaz de atender sus obligaciones.
- Riesgo de contraparte de derivados: si la contraparte de un instrumento derivado incurre en incumplimiento y es incapaz de hacer frente a sus obligaciones contractuales, su valor puede ser nulo.
- Riesgo de liquidez: riesgo de que una posición no se pueda liquidar a su debido tiempo a un precio razonable, especialmente en el caso de que el volumen de intercambios de los mercados financieros sea muy débil.
- Riesgo Custodia: las operaciones del Subfondo podrán depender de terceros situados en países en los que las normas de supervisión de los valores están menos desarrolladas.
- Riesgo Terceros: El fallo de terceros de los que dependen las operaciones del Subfondo puede provocar trastornos y pérdidas.
- Riesgo de inestabilidad de los mercados emergentes: los mercados emergentes pueden estar más expuestos a un riesgo de inestabilidad política, fiscal y/o económica que puede suponer oportunidades para los inversores, pero también mayores riesgos.
- Riesgo cambiario: el Subfondo podrá invertir en valores emitidos en divisas distintas a la divisa base del fondo. El riesgo cambiario surge de las variaciones en los tipos de cambio entre las dos divisas. | Risks to which the Sub-Fund may be exposed and which may not be reflected in the indicator:
- Debt instruments and deposits credit risk: The Sub-fund may invest in debt instruments and deposits. They are subject to the risk that their issuer may not be able to meet its obligations.
- Derivatives counterparty risk: If a derivatives counterparty defaults and is unable to meet its contractual obligations, its value may become nil.
- Liquidity risk: Risk that a position cannot be liquidated in a timely manner at a reasonable price, especially in the particular case where financial market trading volumes are very low.
- Safekeeping risk: The Sub-Fund's operations may depend on third parties that are located in countries where securities oversight standards are less developed.
- Third parties risk: The failure of the third parties on which the Sub- Fund's operations depend may cause disruptions and losses.
- Emerging markets instability risk: Emerging markets may be subject to political, fiscal and/or economic instability that may imply opportunities for investors but also greater risks.
- Currency risk: the Sub-Fund may invest in securities that are issued in currencies other than the base currency of the Fund. Currency risk arises from changes in the exchange rates between the two currencies. | en | es |
DOLFIN1391 | 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: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | 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 | 6,080 USD -39.19% | 6,830 USD -11.93% |
| Unfavourable | What you might get back after costs Average return each year | 8,010 USD -19.94% | 7,590 USD¹ -8.78%¹ |
| Moderate | What you might get back after costs Average return each year | 9,320 USD -6.76% | 9,380 USD² -2.11%² |
| Favourable | What you might get back after costs Average return each year | 10,680 USD 6.83% | 11,100 USD³ 3.54%³ | | | Período de mantenimiento recomendado: 3 años Inversión: 10.000 USD |
| --- |
| Escenarios Mínimo: No hay un rendimiento mínimo garantizado en caso de salida antes de 3 años. Podría perder la totalidad o parte de su inversión. | 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 | 6.080 USD -39,19% | 6.830 USD -11,93% |
| Desfavorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 8.010 USD -19,94% | 7.590 USD¹ -8,78%¹ |
| Moderado | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 9.320 USD -6,76% | 9.380 USD² -2,11%² |
| Favorable | Lo que podría recibir tras deducir los costes Rendimiento medio cada año | 10.680 USD 6,83% | 11.100 USD³ 3,54%³ | | | Recommended Holding Period: 3 years Investment: USD 10,000 |
| --- |
| Scenarios Minimum: There is no minimum guaranteed return if you exit before 3 years. You could lose some or all of your investment. | 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 | 6,080 USD -39.19% | 6,830 USD -11.93% |
| Unfavourable | What you might get back after costs Average return each year | 8,010 USD -19.94% | 7,590 USD¹ -8.78%¹ |
| Moderate | What you might get back after costs Average return each year | 9,320 USD -6.76% | 9,380 USD² -2.11%² |
| Favourable | What you might get back after costs Average return each year | 10,680 USD 6.83% | 11,100 USD³ 3.54%³ | | en | es |
DOLFIN1396 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
#### Taxation (continued)
The Finance Act, 2010 provides that the Revenue Commissioners may grant approval for investment funds marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant declaration is in place, subject to meeting the “equivalent measures”. A Company wishing to receive approval must apply in writing to the Revenue Commissioners confirming compliance with the relevant conditions. As at 31 December 2021 and 2020 the Company had not applied for approval from the Revenue Commission.
The Company has reviewed the tax positions for the open tax years as of 31 December 2021 and 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Company’s financial statements.
Uncertainties exist with respect to the interpretation of complex tax regulations and changes in tax laws on foreign withholding tax. Given the wide range of international investments, differences arising between the actual investment income and assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax expense already recorded.
The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it invests. The amounts of such provisions are based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective investment’s domicile. As the Company assesses the probability for litigation and subsequent cash outflow with respect to taxes as remote, no contingent liability has been recognised. | #### Tributación (cont.)
La Ley de finanzas (Finance Act) de 2010 establece que las autoridades fiscales irlandesas (Revenue Commissioners) pueden autorizar a fondos de inversión comercializados fuera de Irlanda a realizar pagos a inversores no residentes sin deducción de impuestos irlandeses cuando no exista una declaración pertinente, siempre que se den las denominadas “medidas equivalentes”. Toda sociedad que desee recibir dicha autorización debe solicitarla por escrito a las autoridades fiscales irlandesas confirmando que cumple las condiciones pertinentes. A 31 de diciembre de 2021 y 2020, la Sociedad no había solicitado la aprobación de las autoridades fiscales irlandesas (Revenue Commission).
La Sociedad ha revisado la posición fiscal para los ejercicios fiscales en curso a fecha de 31 de diciembre de 2021 y 2020, y ha dispuesto que no es necesario dotar provisiones por el impuesto sobre la renta y/o posiciones fiscales inciertas en las cuentas de la Sociedad.
Existe incertidumbre respecto a la interpretación de reglamentos fiscales complejos y cambios en la legislación fiscal sobre impuestos retenidos en origen. Dada la amplia variedad de inversiones internacionales, las diferencias entre los ingresos reales de las inversiones y las hipótesis formuladas, o los cambios futuros en dichas hipótesis podrían necesitar futuros ajustes de los gastos fiscales ya contabilizados.
La Sociedad dota provisiones basadas en estimaciones razonables para las posibles consecuencias de las auditorías realizadas por las autoridades fiscales de los países en los que invierte. Los importes de dichas provisiones se basan en distintos factores, como la experiencia de auditorías fiscales anteriores y las distintas interpretaciones de los reglamentos por parte de la entidad fiscal y la autoridad fiscal competente. Tales diferencias de interpretación pueden surgir en una amplia variedad de cuestiones, dependiendo de las condiciones existentes en el país en el que se encuentre domiciliada la inversión pertinente. Dado que la Sociedad considera que la probabilidad de litigio y la consiguiente salida de fondos en relación con la fiscalidad es remota, no se han reconocido pasivos contingentes. | #### Taxation (continued)
The Finance Act, 2010 provides that the Revenue Commissioners may grant approval for investment funds marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant declaration is in place, subject to meeting the “equivalent measures”. A Company wishing to receive approval must apply in writing to the Revenue Commissioners confirming compliance with the relevant conditions. As at 31 December 2021 and 2020 the Company had not applied for approval from the Revenue Commission.
The Company has reviewed the tax positions for the open tax years as of 31 December 2021 and 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Company’s financial statements.
Uncertainties exist with respect to the interpretation of complex tax regulations and changes in tax laws on foreign withholding tax. Given the wide range of international investments, differences arising between the actual investment income and assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax expense already recorded.
The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it invests. The amounts of such provisions are based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective investment’s domicile. As the Company assesses the probability for litigation and subsequent cash outflow with respect to taxes as remote, no contingent liability has been recognised. | en | es |
DOLFIN1415 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
*In favor of the distributor
- Past performance is not a guide for future performance.
- Performance figures do not take into account entry, exit or conversion charges that might be levied.
- The Class was launched in 2009.
- Past performance is calculated in EUR.
- The Benchmark of the Class is the Eonia capitalization index.
- The Benchmark of the Class is shown for comparison purposes only. | *A favor del distribuidor
- Rentabilidades pasadas no sirven como indicación de rentabilidades futuras.
- Los resultados de las inversiones no tienen en consideración las comisiones o gastos incurridos en la suscripción, reembolso o conversión de las acciones.
- La Clase se lanzó en 2009.
- La rentabilidad histórica se ha calculado en EUR.
- El Índice de referencia de la Clase es el Eonia capitalization index.
- El Índice de referencia de la Clase se muestra solo a efectos comparativos. | *In favor of the distributor
- Past performance is not a guide for future performance.
- Performance figures do not take into account entry, exit or conversion charges that might be levied.
- The Class was launched in 2009.
- Past performance is calculated in EUR.
- The Benchmark of the Class is the Eonia capitalization index.
- The Benchmark of the Class is shown for comparison purposes only. | en | es |
DOLFIN1436 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# 2 The Fund invests in debt securities which are exposed to the risk that the borrower will be unable to meet its payment obligations.
2 The Fund invests in complex financial instruments (e.g. derivatives), the value of which is connected to underlying assets. Certain of these financial instruments may produce a leverage effect which may have a sharp impact on the Fund's net asset value.
2 The political, legal and economic situation is often unstable in emerging economies and can be subject to rapid and unforeseen changes. This may have a negative impact on international investors as well as on the capital markets of such countries. Accordingly, the performance of Funds which invest in such countries may be negatively affected. | # 2 El Fondo invierte en títulos de renta fija que están expuestos al riesgo de que el emisor no pueda satisfacer sus obligaciones de pago.
2 El Fondo invierte en instrumentos financieros complejos (como derivados), cuyo valor depende del de los activos subyacentes. Algunos de estos instrumentos financieros pueden presentar un efecto de apalancamiento, que puede impactar significativamente el valor liquidativo del Fondo.
2 La situación política, jurídica y económica de los países emergentes suele ser inestable, pudiendo sufrir cambios rápidos e imprevistos. Esto puede repercutir negativamente en los inversores extranjeros y en los mercados de capitales de dichos países. En consecuencia, la evolución del valor de los Fondos que invierten en tales países puede verse influida negativamente. | # 2 The Fund invests in debt securities which are exposed to the risk that the borrower will be unable to meet its payment obligations.
2 The Fund invests in complex financial instruments (e.g. derivatives), the value of which is connected to underlying assets. Certain of these financial instruments may produce a leverage effect which may have a sharp impact on the Fund's net asset value.
2 The political, legal and economic situation is often unstable in emerging economies and can be subject to rapid and unforeseen changes. This may have a negative impact on international investors as well as on the capital markets of such countries. Accordingly, the performance of Funds which invest in such countries may be negatively affected. | en | es |
DOLFIN1440 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus.
20%
10%
0%
Swisscanto (LU) Portfolio Fund Responsible Select (CHF) AA USD
Tailored benchmark index | Los gastos que usted paga están destinados a sufragar la administración, distribución y comercialización del fondo. Los gastos pueden incidir en la evolución del valor del fondo.
Los gastos corrientes se refieren a los últimos doce meses. Los gastos corrientes pueden variar de un año a otro. El informe anual incluye detalles sobre los gastos.
Si desea obtener más información, consulte el punto 3 del folleto.
20 %
10 %
0 %
Swisscanto (LU) Portfolio Fund Responsible Select (CHF) AA USD
Índice de referencia personalizado | The costs borne by you are used for the management of the fund as well as its distribution and marketing. The costs may impair the further development of the fund.
Ongoing charges refer to the last 12 months. Running costs can vary from year to year. The annual report contains details on costs.
For more information, please refer to point 3 of the Sales Prospectus.
20%
10%
0%
Swisscanto (LU) Portfolio Fund Responsible Select (CHF) AA USD
Tailored benchmark index | en | es |
DOLFIN1442 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
###### The sub-fund invests mainly in small capitalisation equities in the Eurozone.
Specifically, the sub-fund invests at least 75% of net assets in equities of companies that are headquartered and listed in the Eurozone, with a minimum of 51% of net assets in equities which have a market capitalisation below the maximum market capitalication of the benchmark. Investments may be extended to other European Union member states, depending on the expectations regarding which countries may subsequently become part of the Eurozone.
While complying with the above policies, the sub-fund may also invest in other equities, equity-linked instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. | ###### El subfondo invierte principalmente en valores de renta variable de pequeña capitalización de la zona euro.
Concretamente, el subfondo invierte al menos el 75 % de su patrimonio neto en valores de renta variable de empresas cuyo domicilio social se encuentre en la zona euro y que coticen en dicha zona, con una inversión mínima del 51 % de su patrimonio neto en valores de renta variable de empresas con una capitalización bursátil inferior a la capitalización bursátil máxima del índice de referencia. Las inversiones podrían extenderse a otros Estados miembros de la Unión Europea, dependiendo de las expectativas relativas a qué países puedan posteriormente llegar a formar parte de la zona euro.
Siempre que cumpla con la política descrita más arriba, el subfondo podrá invertir igualmente en otros valores de renta variable, instrumentos ligados a la renta variable, bonos convertibles, bonos, instrumentos del mercado monetario y depósitos, y podrá invertir hasta el 10 % de su patrimonio neto en OICVM/OIC. | ###### The sub-fund invests mainly in small capitalisation equities in the Eurozone.
Specifically, the sub-fund invests at least 75% of net assets in equities of companies that are headquartered and listed in the Eurozone, with a minimum of 51% of net assets in equities which have a market capitalisation below the maximum market capitalication of the benchmark. Investments may be extended to other European Union member states, depending on the expectations regarding which countries may subsequently become part of the Eurozone.
While complying with the above policies, the sub-fund may also invest in other equities, equity-linked instruments, convertible bonds, bonds, money market instruments and deposits, and may invest up to 10% of net assets in UCITS/UCIs. | en | es |
DOLFIN1456 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
The Fund aims to achieve long-term capital growth on your investment and invest in a manner consistent with the principles of environmental, social and governance (“ESG”) investing.
The Fund seeks to gain at least 70% of its investment exposure to equity securities (e.g. shares) and equity-related securities in a concentrated portfolio (i.e. less diverse portfolio) of companies domiciled in, or the main business of which is in, Europe.
The term Europe refers to all European countries including the United Kingdom, Eastern Europe and the former Soviet Union countries.
In selecting the Fund’s investments, the investment adviser (IA) will use fundamental analysis, focusing on a variety of different strategies.
The Fund may also, when determined appropriate, invest in fixed income (FI) securities, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The IA may use FDIs for investment purposes).
The IA will, in addition to the investment criteria set out above, take into account certain ESG characteristics when selecting the securities to be held directly by the Fund and, in doing so, may use data provided by external ESG research providers and proprietary models. For further details regarding the ESG characteristics (and the applicable levels) please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe- middleeast-and-africa.pdf
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the Prospectus which includes the application of the IA’s proprietary “Fundamental Insights” methodology. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/ blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals and will be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
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 Europe Index (the “Index”) for portfolio construction, and risk management . 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. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in Sterling. 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$1,000,000 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 trata de obtener una revalorización del capital de su inversión a largo plazo e invertir de un modo coherente con los principios medioambientales, sociales y de gobierno corporativo («ESG») aplicados a la inversión.
El Fondo trata de obtener al menos el 70 % de la exposición de su inversión en valores de renta variable (como por ejemplo, acciones) y valores relacionados con renta variable en una cartera concentrada (es decir, una cartera con nivel de diversificación bajo) de empresas domiciliadas o cuya actividad principal se desarrolle en Europa.
El término «Europa» se refiere a todos los países europeos, incluido el Reino Unido, los países de Europa del Este y los países de la extinta Unión Soviética. A la hora de seleccionar las inversiones del Fondo, el asesor de inversiones (AI) aplicará un análisis fundamental, centrándose en diferentes estrategias.
Cuando se considere oportuno, el Fondo podrá invertir también en títulos de renta fija (RF), instrumentos del mercado monetario (IMM) (es decir, títulos de deuda con vencimientos a corto plazo), depósitos y efectivo.
Los valores relacionados con la renta variable incluyen los instrumentos financieros derivados (IFD) (es decir, inversiones cuyos precios se basan en uno o más activos subyacentes). El AI podrá utilizar IFD con fines de inversión.
Además de los criterios de inversión indicados anteriormente, el AI tendrá en cuenta ciertas características ESG a la hora de seleccionar los valores que el Fondo mantendrá directamente en su cartera y, al hacerlo, podrá utilizar los datos facilitados por proveedores externos de clasificaciones ESG y modelos propios. Para obtener más información sobre las características ESG (y de los niveles aplicables), visite el sitio web de BlackRock: https://www.blackrock.com/corporate/ literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
Los activos totales del Fondo se invertirán de acuerdo con lo establecido en su Política ESG, tal como se indica en el Folleto, que incluye la aplicación de la metodología «Fundamental insights» del AI. Para obtener más información, consulte el sitio web de BlackRock: https://www.blackrock.com/corporate/literature/ publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
Los valores de RF e IMM podrán ser emitidos por Gobiernos, agencias gubernamentales, empresas y organismos supranacionales, y tendrán la calificación de solvencia de categoría de inversión (es decir, cumplirán un nivel específico de solvencia), una calificación inferior a la de categoría de inversión o carecer de calificación.
El Fondo se gestiona de forma activa y el AI tiene potestad para seleccionar las inversiones del Fondo. Al hacerlo, el AI podrá hacer referencia al MSCI Europe Index (el «Índice») para la elaboración de la cartera y la gestión de riesgos. El AI no está sujeto a los componentes o la ponderación del Índice a la hora de seleccionar las inversiones. El AI podrá además hacer uso de su potestad para invertir en valores no incluidos en el Índice. Está previsto que los valores de la cartera del Fondo se desvíen de forma considerable del Índice. Los accionistas deberían utilizar el Índice para comparar la rentabilidad del Fondo.
Recomendación: Este Fondo puede no ser adecuado para inversiones a corto plazo.
Sus acciones serán no distributivas (los ingresos por dividendo se incorporarán a su valor).
La moneda base del Fondo es el euro. Las acciones correspondientes a esta clase se compran y venden en libras esterlinas. 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 1 000 000 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 achieve long-term capital growth on your investment and invest in a manner consistent with the principles of environmental, social and governance (“ESG”) investing.
The Fund seeks to gain at least 70% of its investment exposure to equity securities (e.g. shares) and equity-related securities in a concentrated portfolio (i.e. less diverse portfolio) of companies domiciled in, or the main business of which is in, Europe.
The term Europe refers to all European countries including the United Kingdom, Eastern Europe and the former Soviet Union countries.
In selecting the Fund’s investments, the investment adviser (IA) will use fundamental analysis, focusing on a variety of different strategies.
The Fund may also, when determined appropriate, invest in fixed income (FI) securities, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash.
The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The IA may use FDIs for investment purposes).
The IA will, in addition to the investment criteria set out above, take into account certain ESG characteristics when selecting the securities to be held directly by the Fund and, in doing so, may use data provided by external ESG research providers and proprietary models. For further details regarding the ESG characteristics (and the applicable levels) please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe- middleeast-and-africa.pdf
The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the Prospectus which includes the application of the IA’s proprietary “Fundamental Insights” methodology. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/ blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf
The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals and will be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase.
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 Europe Index (the “Index”) for portfolio construction, and risk management . 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. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders to compare the performance of the Fund.
Recommendation: This Fund may not be appropriate for short-term investment.
Your shares will be non-distributing (i.e. dividend income will be included in their value).
The Fund’s base currency is Euro. Shares for this class are bought and sold in Sterling. 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$1,000,000 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 |
DOLFIN1463 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# How can I complain?
You can send your complaint to the fund's management company as outlined at https://www.waystone.com/waystone-policies or under following postal address 35 Shelbourne Rd, Ballsbridge, IE - Dublin, D04 A4E0, Ireland or by e-mail to [email protected].
### If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain. | # ¿Cómo puedo reclamar?
Puede enviar su reclamo a la sociedad gestora del fondo según se describe en el sitio web https://www.waystone.com/waystone-policies, por correo postal a 35 Shelbourne Rd, Ballsbridge, IE - Dublin, D04 A4E0, Ireland o por correo electrónico a [email protected].
### Si desea presentar un reclamo en relación con la persona que le ha asesorado sobre este producto, o que se lo ha vendido, ésta le indicará a dónde dirigir su reclamo. | # How can I complain?
You can send your complaint to the fund's management company as outlined at https://www.waystone.com/waystone-policies or under following postal address 35 Shelbourne Rd, Ballsbridge, IE - Dublin, D04 A4E0, Ireland or by e-mail to [email protected].
### If you have a complaint about the person that advised you about this product, or who sold it to you, they will tell you where to complain. | en | es |
DOLFIN1464 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator :
is based on simulated historical performance data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other sub-funds of Comgest Growth plc.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
Income earned by the Fund is fully reinvested.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years .
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The base currency of the Fund is USD.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Por lo general menor remuneración Por lo general mayor remuneración
El indicador de riesgo y remuneración se calcula según la volatilidad de la clase de acciones (las alzas y bajas en su valor) durante el periodo de 5 años anterior.
Debido a que esta clase de acciones no ha existido por un periodo de 5 años, se utilizaron datos de rendimiento simulado.
El indicador de riesgo y remuneración:
se basa en datos de simulaciones de rentabilidad histórica y puede no constituir una indicación fiable del futuro perfil del Fondo;
no está garantizado y puede cambiar con el tiempo.
La asignación a la categoría más baja no significa que una clase de acciones esté libre de riesgo.
Su inversión inicial no está garantizada.
La categoría de clase de acciones refleja los siguientes factores:
Invertir en acciones puede generar mayor volatilidad dado que su valor fluctúa más que el de otros instrumentos financieros, como los bonos.
miembro de la Unión Europea. El Fondo podrá invertir en fondos de inversión inmobiliaria (REIT) o participaciones de otros OICVM o planes de inversión colectiva, incluidos otros subfondos de Comgest Growth plc.
El Fondo está gestionado de forma activa. Esto significa que la sociedad de gestión del Fondo aplica un detallado análisis fundamental a fin de escoger selectivamente empresas de manera discrecional. El Fondo no se gestiona con relación a ningún índice de referencia.
Los ingresos generados por el Fondo se reinvierten en su totalidad.
Debido que el Fondo posee un objetivo a largo plazo, puede no ser adecuado para inversores que prevean invertir por un periodo inferior a 5 años.
Las acciones del Fondo se negocian todos los días hábiles en Dublín. Puede transmitir una orden de compra o venta de acciones en cualquier día hábil.
La divisa base del Fondo es el USD.
El Fondo puede invertir en acciones denominadas en divisas distintas a la divisa de la clase de acciones. Por consiguiente, el valor de la clase de acciones podrá aumentar o disminuir debido a fluctuaciones en los tipos de cambio.
Los riesgos para el Fondo que el indicador no tiene en cuenta incluyen:
Riesgo de liquidez: El riesgo de que sea difícil o imposible vender ciertos valores mantenidos por el Fondo en el momento y por el precio deseado.
Riesgo de contraparte: El Fondo puede incurrir en pérdidas ante el incumplimiento de una contraparte que no puede atender sus obligaciones contractuales.
Riesgo de mercados emergentes: Invertir en empresas de mercados emergentes implica mayor riesgo que invertir en economías o mercados de valores establecidos. Los mercados emergentes pueden tener sistemas jurídicos y políticos más inestables, lo que podría afectar la salvaguarda o el valor de los activos. Las inversiones en fondos de mercados emergentes no deberían constituir una parte sustancial de la cartera de un inversor.
Riesgo chino: El Fondo puede invertir en Acciones A de China, lo que implica riesgos adicionales, establecidos en el folleto del Fondo bajo «Inversiones en riesgo chino».
Encontrará una descripción más detallada de los riegos en la sección
«Factores de riesgo» del folleto. | # Risk and reward profile
Lower risk Higher risk
Typically lower rewards Typically higher rewards
The risk and reward indicator is calculated on the basis of the share class volatility (the ups and downs in its value) over the prior 5 year period.
As this share class has not been in existence for 5 years, simulated performance data has been used.
The risk and reward indicator :
is based on simulated historical performance data and may not be a reliable indication for the future;
is not guaranteed and may change over time.
The lowest category does not mean that a share class is risk free. Your initial investment is not guaranteed.
The share class category reflects the following factors :
Higher volatility can result from investments in shares as their value may fluctuate more than other financial instruments, such as bonds.
state. The Fund may invest in real estate investment trusts (REITs) and/or in units of other UCITS or collective investment schemes, including other sub-funds of Comgest Growth plc.
The Fund is actively managed. This means that the Fund manager applies a detailed fundamental analysis in order to selectively pick companies in a discretionary manner. The Fund is not managed relative to a benchmark index.
Income earned by the Fund is fully reinvested.
Due to the long-term objective of the Fund, the Fund may not be appropriate for investors who plan to invest for less than 5 years .
Shares in the Fund trade every day that is a business day in Dublin. You can place an order to buy or sell shares on any business day.
The base currency of the Fund is USD.
The Fund may invest in shares priced in currencies other than the currency of the share class. This may result in the value of the share class increasing or decreasing due to changes in foreign exchange rates.
Risks for this Fund which are not taken into account in the indicator include:
Liquidity risk: The risk that some securities held by the Fund may be difficult or impossible to sell at the desired time and price.
Counterparty risk: The Fund may suffer losses if a counterparty defaults and is unable to meet its contractual obligations.
Emerging markets risk: Investing in companies in emerging markets involves higher risk than investing in established economies or securities markets. Emerging markets may have less stable legal and political systems, which could affect the safe-keeping or value of assets. Investments in emerging markets funds should not constitute a substantial portion of an investor’s portfolio.
China Risk: The Fund may invest in China A-Shares which involve additional risks set out in the Fund’s prospectus under ‘Investments in China Risk’.
A more detailed description of risks can be found in the ‘Risk Factors’ section of the prospectus. | en | es |
DOLFIN1467 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the
activity such as mergers and acquisitions. To achieve the aim, the fund will i) attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index and ii) enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations between the currency of the fund’s assets and the currency of your shares. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to i) try to manage its investments more efficiently; and ii) try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | # Perfil de riesgo y remuneración
Menor riesgo Mayor riesgo
Normalmente, menor rendimiento Normalmente, mayor rendimiento
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
El cálculo del perfil de riesgo y remuneración se basa en datos simulados que pueden no constituir una indicación fiable del futuro perfil de riesgo. Este indicador del riesgo está sujeto a alteraciones; la categoría que se atribuye al fondo puede variar a lo largo del tiempo y no es posible ofrecer garantías al respecto. Ni siquiera un fondo encuadrado en la categoría más baja (categoría 1) constituye una inversión completamente libre de riesgo. El fondo se encuadra dentro de la categoría 6, dado que su precio por acción puede fluctuar con intensidad y, por ello, tanto las oportunidades de pérdidas como las de ganancias pueden ser elevadas. Especialmente los siguientes riesgos pueden tener relevancia para el fondo: Aunque el fondo tratará de replicar el rendimiento del índice menos los costes, no está previsto que su inversión vaya a obtener exactamente ese mismo rendimiento. Pueden surgir circunstancias excepcionales –entre ellas condiciones de mercado adversas, costes e impuestos adicionales o mercados extremadamente volátiles– que podrían ocasionar que el rendimiento del fondo difiriese considerablemente del
adquisiciones. Para lograr el objetivo, el fondo (i) intentará replicar el índice, antes de comisiones y gastos, comprando la totalidad o una parte considerable de los valores que lo componen y (ii) suscribirá contratos financieros (derivados) para tratar de reducir el efecto de las fluctuaciones en el tipo de cambio entre la divisa de los activos del fondo y la de sus acciones. El fondo podrá emplear técnicas e instrumentos con el fin de gestionar el riesgo, reducir los costes y mejorar los resultados. Entre dichas técnicas e instrumentos podrá incluirse el uso de derivados. El fondo podrá asimismo realizar préstamos garantizados de sus inversiones a determinados terceros elegibles con el fin de generar ingresos adicionales para compensar los costes del fondo. La moneda del subfondo es USD. Las acciones del fondo son de acumulación, es decir, los rendimientos y ganancias no se reparten sino que se reinvierten en el fondo. Por lo general, puede solicitar el reembolso de sus acciones diariamente.
rendimiento del índice. Las entidades de DWS y sus empresas vinculadas pueden desempeñar diversas funciones en relación con el fondo, como las de sociedad distribuidora o sociedad gestora, lo que puede ocasionar conflictos de intereses. El fondo no está garantizado y su inversión está sujeta a riesgos. El valor de su inversión puede aumentar o disminuir. El valor de una inversión en acciones dependerá de varios factores, incluidos, entre otros, las condiciones económicas y del mercado, el sector, la zona geográfica y los acontecimientos políticos. El índice está basado en reglas y no puede ser ajustado para tener en cuenta circunstancias cambiantes del mercado. Como consecuencia, usted podría verse perjudicado o no beneficiarse por esa falta de adaptación ante los cambios en el mercado. El fondo podría emplear derivados para (i) tratar de gestionar sus inversiones de una forma más eficiente; y (ii) tratar de reducir las fluctuaciones en los tipos de cambio entre la moneda de los activos del fondo y la moneda de las acciones del fondo. Es posible que esta medida no tenga los resultados esperados, lo que podría provocar mayores fluctuaciones en el valor del fondo. Esto podría afectar negativamente al valor del propio fondo y de su inversión.
Puede encontrar una descripción detallada de los riesgos y otra información general en las secciones sobre riesgos del folleto de venta. | # Risk and reward profile
Lower risk Higher risk
Potentially lower reward Potentially higher reward
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| --- | --- | --- | --- | --- | --- | --- |
The calculation of the risk and reward profile is based on simulated data that cannot be used as a reliable indicator for the future risk profile. This risk indicator is subject to changes; the classification of the fund may change over time and cannot be guaranteed. Even a fund that is classified in the lowest category (category 1) does not represent a completely risk-free investment. The fund is classified in category 6 because its share price may fluctuate strongly and the likelihood of both losses and gains may therefore be high. The following risks could be of particular significance for the fund: The fund will attempt to replicate the performance of the index less costs, but your investment is not expected to match the performance of the index precisely. Exceptional circumstances may arise, such as, but not limited to, disruptive market conditions, additional costs/taxes or extremely volatile markets, which may cause the fund's performance to be substantially different from the
activity such as mergers and acquisitions. To achieve the aim, the fund will i) attempt to replicate the index, before fees and expenses, by buying all or a substantial number of the securities in the index and ii) enter into financial contracts (derivatives) which attempt to reduce the effect of exchange rate fluctuations between the currency of the fund’s assets and the currency of your shares. The fund may employ techniques and instruments in order to manage risk, reduce costs and improve results. These techniques and instruments may include the use of derivatives. The fund may also engage in secured lending of its investments to certain eligible third parties to generate additional income to offset the costs of the fund. The currency of the fund is USD. Returns and gains are not distributed but are reinvested in the fund. You may request the redemption of shares generally on a daily basis.
performance of the index. DWS entities and related companies may act in several roles in relation to the fund such as distributor and management company which may involve conflicts of interest. The fund is not guaranteed and your investment is at risk. The value of your investment may go down as well as up. The value of an investment in shares will depend on a number of factors including, but not limited to, market and economic conditions, sector, geographical region and political events. The index is rules- based and is not capable of being adjusted to take into account changing market circumstances. As a result you may be negatively affected by, or may not benefit from, the lack of such adjustments in changing market circumstances. The fund may use derivatives to i) try to manage its investments more efficiently; and ii) try to reduce movements in currency exchange rates between the currency of the fund’s assets and the currency of the fund’s shares. This may not always be successful and may result in greater fluctuations in the value of the fund. This may negatively affect the value of the fund and your investment.
A more detailed description of risks and other general information can be found in the risk section(s) of the prospectus. | en | es |
DOLFIN1477 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
How it works: on the Hong Kong market, the Sub-Funds may invest in more than 500 stocks listed in Shanghai (also known as the A Market or the local market); this new system is called Stock Connect. Investing in Shares on the A Market via the Hong Kong market is done within the limit of two quotas: (i) an overall quota of RMB 300bn and (ii) a daily quota of RMB 13bn.
Settlement/delivery: securities are settled on T+0 and cash on T+1, both through a clearing house. A statement of cash provision for a purchase or provision of securities for a sale must be sent to the local financial intermediary on T-1. However, the cash and securities remain with the Depositary in the name of the Sub-Fund. The local depositary bank will notify the selected financial intermediaries of the securities and cash positions held by the funds each day. Each financial intermediary selected will then ensure that:
- For sale orders: the funds concerned own the necessary securities;
- For purchase orders: the funds concerned hold sufficient cash. | Funcionamiento: en el mercado de Hong Kong, los Subfondos pueden invertir en más de 500 valores cotizados en Shanghái (también llamado Mercado A o local); a este nuevo sistema se le conoce como Stock Connect. La inversión en Acciones A a través del mercado de Hong Kong se realiza dentro del límite establecido por dos cupos: (i) un cupo global de 300.000 millones de RMB y (ii) un cupo diario de 13.000 millones de RMB.
Liquidación/entrega: la liquidación de los títulos se realiza en el periodo T+0 y del efectivo en el periodo T+1, ambos a través de una cámara de compensación. Debe transmitirse una provisión en efectivo para una compra o en títulos para una venta al intermediario financiero local en el periodo T-1. No obstante, el efectivo y los títulos son custodiados por el Depositario en nombre del Subfondo. El depositario local comunicará diariamente a los intermediarios financieros seleccionados las posiciones de títulos y efectivo que posean los fondos. Por consiguiente, cada intermediario financiero seleccionado se asegurará de los siguientes puntos:
- En cuanto a las órdenes de venta: que los fondos correspondientes poseen los títulos necesarios;
- En cuanto a las órdenes de compra: que los fondos correspondientes poseen suficiente liquidez. | How it works: on the Hong Kong market, the Sub-Funds may invest in more than 500 stocks listed in Shanghai (also known as the A Market or the local market); this new system is called Stock Connect. Investing in Shares on the A Market via the Hong Kong market is done within the limit of two quotas: (i) an overall quota of RMB 300bn and (ii) a daily quota of RMB 13bn.
Settlement/delivery: securities are settled on T+0 and cash on T+1, both through a clearing house. A statement of cash provision for a purchase or provision of securities for a sale must be sent to the local financial intermediary on T-1. However, the cash and securities remain with the Depositary in the name of the Sub-Fund. The local depositary bank will notify the selected financial intermediaries of the securities and cash positions held by the funds each day. Each financial intermediary selected will then ensure that:
- For sale orders: the funds concerned own the necessary securities;
- For purchase orders: the funds concerned hold sufficient cash. | en | es |
DOLFIN1484 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI EMU Low Carbon SRI Leaders Index (index). The index is based on the MSCI EMU Index (Parent Index), which is designed to reflect the performance of certain shares in large and medium- capitalisation companies in the European Economic and Monetary Union. In order to be eligible for inclusion in the index, companies must be eligible for inclusion in the Parent Index and must display high environmental, social and governance (ESG) performance and low current and potential carbon exposure relative to their peers. The constituent selection process is based on three sets of rules applied sequentially: (i) Low Carbon Transition Risk Assessment Rules, used to assess a company’s current risk exposure and its efforts to manage the risks and opportunities presented by the low carbon transition, (ii) High ESG Performance Selection Rules which are used to assess the ESG performance of constituents of the Parent Index and to exclude companies involved in industries with a high potential for negative ESG impact or companies which have been involved in severe ESG related controversies, and (iii) Low Carbon Emissions Rules, whereby, if current selected carbon | # Objetivos y política de inversión
El fondo se gestiona pasivamente. El objetivo consiste en que su inversión replique el rendimiento, antes de comisiones y gastos, del índice MSCI EMU Low Carbon SRI Leaders (el “índice”). El índice toma como base el índice MSCI EMU (el “índice principal”), que está diseñado para reflejar la evolución del valor de determinadas acciones de empresas con una capitalización mediana y grande en la Unión Económica y Monetaria europea. Para poder ser incluidas en el índice, las empresas deben resultar admisibles para su inclusión en el índice principal y presentar un alto rendimiento medioambiental, social y de gobierno corporativo (ESG, por sus siglas en inglés), además de una baja exposición actual o potencial al carbono, en comparación con empresas semejantes. El proceso de selección de los componentes se basa en tres conjuntos de reglas aplicadas de forma secuencial: (i) las reglas de evaluación del riesgo de la transición a unas bajas emisiones de carbono, que se emplean para valorar la exposición actual de la empresa al riesgo, así como sus esfuerzos por gestionar los riesgos y oportunidades que plantea la transición a unas bajas emisiones de carbono, (ii) las reglas de selección por alto rendimiento ESG, que se emplean para evaluar el rendimiento ESG de los componentes del índice principal y excluir aquellas empresas que participen en sectores con un elevado potencial de impacto ESG negativo o que se hayan visto envueltas en graves controversias relacionadas con el ESG, y (iii) las reglas de bajas emisiones de carbono, por las | # Objectives and investment policy
The fund is passively managed. The aim is for your investment to track the performance, before fees and expenses, of the MSCI EMU Low Carbon SRI Leaders Index (index). The index is based on the MSCI EMU Index (Parent Index), which is designed to reflect the performance of certain shares in large and medium- capitalisation companies in the European Economic and Monetary Union. In order to be eligible for inclusion in the index, companies must be eligible for inclusion in the Parent Index and must display high environmental, social and governance (ESG) performance and low current and potential carbon exposure relative to their peers. The constituent selection process is based on three sets of rules applied sequentially: (i) Low Carbon Transition Risk Assessment Rules, used to assess a company’s current risk exposure and its efforts to manage the risks and opportunities presented by the low carbon transition, (ii) High ESG Performance Selection Rules which are used to assess the ESG performance of constituents of the Parent Index and to exclude companies involved in industries with a high potential for negative ESG impact or companies which have been involved in severe ESG related controversies, and (iii) Low Carbon Emissions Rules, whereby, if current selected carbon | en | es |
DOLFIN1486 | 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 | 1.00 % |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.09 % of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | Maximum 30% p.a. of the performance above that of the benchmark index, calculated using the “reference assets” methodology |
| This fee amounted to 0.02% of average net assets at the end of the previous financial year | | | Gastos no recurrentes percibidos con anterioridad o con posterioridad a la inversión |
| --- |
| Gastos de entrada | 1,00 % |
| Gastos de salida | Cero |
| Estos tipos corresponden al porcentaje máximo que puede detraerse de su capital antes de proceder a la inversión (entrada) o antes de abonar el producto de la inversión (salida). |
| Gastos detraídos del Fondo a lo largo de un año |
| Gastos corrientes | 0,09 % del activo neto medio |
| Gastos detraídos del Fondo en determinadas condiciones específicas |
| Comisión de rentabilidad | 30 % anual máximo de la rentabilidad por encima de la del índice de referencia, calculada según la metodología del «activo de referencia». |
| Al cierre del ejercicio anterior, esta comisión representaba el 0,02% del activo neto medio. | | | One-off charges taken before or after you invest |
| --- |
| Entry charge | 1.00 % |
| Exit charge | None |
| The percentage indicated is the maximum that can be deducted from your capital before it is invested (entry) or redeemed (exit). |
| Charges taken from the Fund over a year |
| Operating expenses | 0.09 % of average net assets |
| Charges taken from the Fund under certain specific conditions |
| Performance fee | Maximum 30% p.a. of the performance above that of the benchmark index, calculated using the “reference assets” methodology |
| This fee amounted to 0.02% of average net assets at the end of the previous financial year | | en | es |
DOLFIN1489 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Subscriptions
The Company accepts subscription requests on each Valuation Day unless otherwise stated in the Sub-Fund factsheets and according to the order cut-off rules laid down in the glossary or in the Sub-Fund factsheets.
Shares are issued on the contractual settlement date. In case of subscriptions Shares are issued within three (3) Business Days after acceptance of the subscription request unless otherwise stated in the relevant Sub-Fund factsheet and/or the Glossary. This period may be extended up to five (5) Business Days or reduced upon approval of the Management Company. | ### Suscripciones
La Sociedad acepta las solicitudes de suscripción en cada Día de valoración, a menos que se establezca lo contrario en las fichas descriptivas de los Subfondos, y de acuerdo con las normas de límite de las órdenes, según se establecen en la ficha descriptiva de cada Subfondo.
Las Acciones se emiten en la fecha de liquidación contractual. En el caso de las suscripciones, las Acciones se emiten en los tres (3) Días hábiles siguientes a la aceptación de la solicitud de suscripción, salvo que se indique lo contrario en la ficha descriptiva y/o en el Glosario del Subfondo correspondiente. Este periodo puede ampliarse hasta cinco (5) Días hábiles o ser reducido si así lo aprueba la Sociedad gestora. | ### Subscriptions
The Company accepts subscription requests on each Valuation Day unless otherwise stated in the Sub-Fund factsheets and according to the order cut-off rules laid down in the glossary or in the Sub-Fund factsheets.
Shares are issued on the contractual settlement date. In case of subscriptions Shares are issued within three (3) Business Days after acceptance of the subscription request unless otherwise stated in the relevant Sub-Fund factsheet and/or the Glossary. This period may be extended up to five (5) Business Days or reduced upon approval of the Management Company. | en | es |
DOLFIN1490 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2014-30/06/2019.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,446
4.5%
CHF 12,014
3.7% | # Este tipo de escenario se produjo para una inversión Swiss Re Cat Bond Index (TR) entre 30/06/2014-30/06/2019.
Escenario moderado
Lo que podría recibir una vez deducidos los costes
Rendimiento promedio cada año
10 446 CHF
4,5%
12 014 CHF
3,7% | # This type of scenario occurred for an investment Swiss Re Cat Bond Index (TR) between 30/06/2014-30/06/2019.
Moderate scenario
What you might get back after costs
Average return each year
CHF 10,446
4.5%
CHF 12,014
3.7% | en | es |
DOLFIN1492 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives and Investment Policy
- The fund aims to provide long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2025.
- The fund will typically invest in a wide range of markets throughout the world, providing exposure to shares of companies, bonds, interest rate bearing securities, money market securities and commodities.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund is managed in accordance with an asset allocation that will become increasingly conservative as the target year is approached.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- 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.
- Income earned by the fund is accumulated in the share price.
- The fund is actively managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at 30 June 2021, the Market Indices consist of ICE BofA Euro Large Cap; MSCI Europe (N); MSCI Emerging Markets (N); MSCI World ex Europe (N). Further information on the current list of Market Indices as well as past weightings is available on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund may not be appropriate for investors who plan to withdraw their money before the target date. Whilst the fund should be regarded as a long-term investment, it will become shorter as the target date approaches. | # Objetivos y política de inversión
- El fondo tiene como objetivo lograr un crecimiento de capital a largo plazo para aquellos inversores que planeen retirar en el año 2025 partes considerables de su inversión.
- Normalmente, el fondo invierte en una amplia gama de mercados de todo el mundo que proporcionan exposición a acciones de empresas, bonos, valores que generen intereses, valores del mercado monetario y materias primas.
- El fondo puede invertir en bonos emitidos por gobiernos, empresas y otros organismos.
- El fondo se gestiona de acuerdo con una asignación de activos que se irá haciendo cada vez más conservadora a medida que se acerque el año fijado como objetivo.
- El fondo tiene libertad para invertir fuera de sus límites principales en cuanto a zonas geográficas, sectores del mercado, industrias o clases de activos.
- Puesto que el Subfondo podrá invertir en todo el mundo, es posible que lo haga en países considerados mercados emergentes.
- El fondo puede invertir en activos directamente o lograr exposición de forma indirecta a través de otros medios aptos, también derivados. El fondo puede utilizar derivados con el fin de reducir riesgos o costes, o para generar capital o ingresos adicionales, además de con fines de inversión, de acuerdo con el perfil de riesgo del fondo.
- 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.
- Los ingresos obtenidos por el fondo se acumulan en el precio de sus acciones.
- El Subfondo se gestiona de forma activa y utiliza como referencia diversos índices de mercado (cada uno de ellos, un Índice de mercado), a efectos de establecer directrices sobre la ponderación de las asignaciones a las distintas clases de activos a nivel interno. A medida que la exposición a las distintas clases de activos vaya evolucionando con el tiempo, conforme a su política de inversión, también se modificarán los Índices de mercado que utiliza como referencia y sus ponderaciones según corresponda. Aunque el Subfondo podrá lograr una exposición directa o indirecta a los componentes de los Índices de mercado, no existen restricciones relativas a la medida en que la cartera y la rentabilidad del mismo pueden desviarse de los Índices de mercado. A efectos de comparación de la rentabilidad, los Índices de mercado están representados por un Índice mixto. A 30 de junio de 2021, los Índices de mercado se componen de ICE BofA Euro Large Cap; MSCI Europe (N); MSCI Emerging Markets (N); MSCI World ex Europe (N). Hay disponible información sobre la lista actual de Índices de mercado, así como sobre las ponderaciones anteriores, previa solicitud.
- Normalmente, las Acciones pueden comprarse y venderse cada día hábil del Subfondo.
- Este Subfondo puede no resultar apropiado para inversores que tengan previsto retirar su dinero antes de la fecha objetivo. Aunque la inversión en el Subfondo debería considerarse a largo plazo, el plazo se irá acortando conforme se acerque la fecha objetivo. | # Objectives and Investment Policy
- The fund aims to provide long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2025.
- The fund will typically invest in a wide range of markets throughout the world, providing exposure to shares of companies, bonds, interest rate bearing securities, money market securities and commodities.
- The fund can invest in bonds issued by governments, companies and other bodies.
- The fund is managed in accordance with an asset allocation that will become increasingly conservative as the target year is approached.
- The fund has the freedom to invest outside its principal geographies, market sectors, industries or asset classes.
- As this fund may invest globally, it may invest in countries considered to be emerging markets.
- The fund may invest in assets directly or achieve exposure indirectly through other eligible means including derivatives. The fund can use derivatives with the aim of risk or cost reduction or to generate additional capital or income, including for investment purposes, in line with the fund’s risk profile.
- 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.
- Income earned by the fund is accumulated in the share price.
- The fund is actively managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at 30 June 2021, the Market Indices consist of ICE BofA Euro Large Cap; MSCI Europe (N); MSCI Emerging Markets (N); MSCI World ex Europe (N). Further information on the current list of Market Indices as well as past weightings is available on request.
- Shares can usually be bought and sold each business day of the fund.
- This fund may not be appropriate for investors who plan to withdraw their money before the target date. Whilst the fund should be regarded as a long-term investment, it will become shorter as the target date approaches. | en | es |
DOLFIN1500 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Investment Policy:
The Fund will invest normally at least 90% of its assets in equity securities (i.e. shares) or similar securities of companies of developed European countries. This means companies based in developed European countries or companies from any country, but which carry out most of their business in developed European countries.
The Fund includes the identification and analysis of a company’s ESG Credentials as an integral part of the investment decision making process to reduce risk and enhance returns. The Fund will not invest companies with involvement in specific excluded activities, such as: companies involved in the production of controversial weapons and tobacco; companies with more than 10% revenue generated from thermal coal extraction; and companies with more than 10% revenue generated from coal-fired power generation. The Fund conducts enhanced due diligence on companies that are considered to be non- compliant with the UN Global Compact Principles.
ESG Credentials, Excluded Activities and the need for enhanced due diligence will be identified and analysed using both HSBC’s proprietary ESG Materiality Framework as well as research & expertise from well- | ### Política de inversión:
Por lo general, el Fondo invertirá al menos el 90 % de sus activos en valores de renta variable (es decir, acciones) o valores similares de sociedades de países europeos desarrollados. Esto hace referencia a sociedades con sede en países europeos desarrollados o sociedades de cualquier país, pero que lleven a cabo la mayor parte de su actividad en países europeos desarrollados.
El Fondo incluye la identificación y el análisis de las Credenciales ESG de una sociedad como parte del proceso de toma de decisiones de inversión para reducir el riesgo y mejorar la rentabilidad. El Fondo no invertirá en sociedades que participen en actividades excluidas específicas, como aquellas dedicadas a la producción de armas controvertidas y tabaco, y aquellas con más del 10 % de ingresos generados a partir de la extracción de carbón térmico o con más del 10 % de ingresos procedentes de la generación de electricidad a partir de carbón. El Fondo lleva a cabo una diligencia debida mejorada en sociedades que se considere que infringen los Principios del Pacto Mundial de las Naciones Unidas.
Las Credenciales ESG, las Actividades excluidas y la necesidad de un proceso exhaustivo de diligencia debida se identificarán y analizarán mediante el Marco de materialidad ESG de HSBC, así como con los análisis y la experiencia de proveedores | ### Investment Policy:
The Fund will invest normally at least 90% of its assets in equity securities (i.e. shares) or similar securities of companies of developed European countries. This means companies based in developed European countries or companies from any country, but which carry out most of their business in developed European countries.
The Fund includes the identification and analysis of a company’s ESG Credentials as an integral part of the investment decision making process to reduce risk and enhance returns. The Fund will not invest companies with involvement in specific excluded activities, such as: companies involved in the production of controversial weapons and tobacco; companies with more than 10% revenue generated from thermal coal extraction; and companies with more than 10% revenue generated from coal-fired power generation. The Fund conducts enhanced due diligence on companies that are considered to be non- compliant with the UN Global Compact Principles.
ESG Credentials, Excluded Activities and the need for enhanced due diligence will be identified and analysed using both HSBC’s proprietary ESG Materiality Framework as well as research & expertise from well- | en | es |
DOLFIN1501 | 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 21 December 1998 and its I class on 21 December 1998.
0.4%
0.2%
0.1%
0.1%
0.2%
0.3% | # El Fondo se creó el 21 de diciembre de 1998 y su clase I el 21 de diciembre de 1998.
0,4%
0,2%
0,1%
0,1%
0,2%
0,3% | # The Fund was launched on 21 December 1998 and its I class on 21 December 1998.
0.4%
0.2%
0.1%
0.1%
0.2%
0.3% | en | es |
DOLFIN1504 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Practical information
- Custodian: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH.
- Further information about the Fund including the latest Prospectus, latest published prices of share(s), annual report and half yearly report may be obtained free of charge, in English, from BNP PARIBAS ASSET MANAGEMENT Luxembourg or online at .
- Luxembourg tax legislation may have an impact on the personal tax position of the investor.
- Details of the updated remuneration policy (including a description of how the remuneration and benefits are calculated), the identity of the people responsible for granting the remuneration and benefits and the composition of the remuneration committee are available on the website. A hard copy of the remuneration policy will be available upon request.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg 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.
- Investors may switch between Funds of BNP PARIBAS FLEXI I. Please see the prospectus or contact your financial adviser for details.
- Additional information about the Master Fund, including net asset values, KIID, latest prospectus, and latest annual and interim reports may be obtained free of charge in english online at www.alfredberg.no.
This Fund is authorised in Grand Duchy of Luxembourg and regulated by the "Commission de Surveillance du Secteur Financier". This key investor information is accurate as at 26 August 2022. | # Información útil
- Depositario: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH.
- Si desea más información sobre el Fondo, incluidos el último folleto informativo, los últimos precios de acciones publicados, así como el informe anual y el informe semestral, puede obtenerla gratuitamente, en inglés, de BNP PARIBAS ASSET MANAGEMENT Luxembourg o en línea en la página .
- La legislación fiscal de Luxemburgo puede incidir en la situación tributaria personal del inversor.
- Encontrará más información sobre la política de remuneración actualizada (incluida una descripción de cómo se calculan la remuneración y los beneficios), la identidad de las personas responsables de garantizar la remuneración y los beneficios y la composición del comité de remuneración en la página web. Si lo desea, puede solicitar una copia impresa de la política de remuneración.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg 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 informativo del Fondo.
- Los inversores pueden hacer cambios entre los Fondos de BNP PARIBAS FLEXI I. Si desea más información, consulte el folleto informativo o póngase en contacto con su asesor financiero.
- Si desea más información sobre el Master Fund, incluidos los valores liquidativos, el documento de datos fundamentales para el inversor y el último folleto informativo, así como los últimos informes anuales y provisionales, puede obtenerla gratuitamente, en inglés y en línea en www.alfredberg.no.
Este Fondo está autorizado en el Gran Ducado de Luxemburgo y está regulado por la «Commission de Surveillance du Secteur Financier» (Comisión de Supervisión del Sector Financiero de Luxemburgo).
Los presentes datos fundamentales para el inversor son exactos a 26 agosto 2022. | # Practical information
- Custodian: BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH.
- Further information about the Fund including the latest Prospectus, latest published prices of share(s), annual report and half yearly report may be obtained free of charge, in English, from BNP PARIBAS ASSET MANAGEMENT Luxembourg or online at .
- Luxembourg tax legislation may have an impact on the personal tax position of the investor.
- Details of the updated remuneration policy (including a description of how the remuneration and benefits are calculated), the identity of the people responsible for granting the remuneration and benefits and the composition of the remuneration committee are available on the website. A hard copy of the remuneration policy will be available upon request.
- BNP PARIBAS ASSET MANAGEMENT Luxembourg 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.
- Investors may switch between Funds of BNP PARIBAS FLEXI I. Please see the prospectus or contact your financial adviser for details.
- Additional information about the Master Fund, including net asset values, KIID, latest prospectus, and latest annual and interim reports may be obtained free of charge in english online at www.alfredberg.no.
This Fund is authorised in Grand Duchy of Luxembourg and regulated by the "Commission de Surveillance du Secteur Financier". This key investor information is accurate as at 26 August 2022. | en | es |
DOLFIN1509 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# SFDR MANAGEMENT REPORT/Taxonomy
### 3.1. Fund report
- Reminder of the investment objective and ESG criteria:The fund is a financial product that promotes environmental and social factors as defined in Article 8 (1) of Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR), the ESG (Environmental and/or Social and/or Governance) policy of which is presented below.
European Union taxonomy (Regulation (EU) 2020/852) (hereinafter “Taxonomy”) is aimed at identifying environmentally sustainable economic activities.
The Taxonomy identifies these activities based on their contribution to six major environmental objectives:
- climate change mitigation;
- climate change adaptation;
- the sustainable use and protection of water and marine resources;
- the transition to a circular economy (waste, prevention and recycling);
- pollution prevention and control;
- the protection and restoration of biodiversity and ecosystems.
- Report on the fund’s non-financial performance:As at 31/03/2022, based on the portfolio management company’s rating criteria, the portfolio’s overall rating was 3.6 on a scale of 1 to 5. It was 3.1 at 31/03/2021.
During the year the portfolio’s average ESG rating varied between 3.1 and 3.6. It stayed equivalent to its investment universe and moved as follows:
Quarterly change versus benchmark
Quarterly changes in the three ESG criteria versus benchmark
### 2.2. ODDO BHF Asset Management’s methods for incorporating ESG criteria into the investment strategy:
ODDO BHF Asset Management carries out an ESG analysis of the investment universe and portfolio, and awards an ESG rating to the portfolio, which is compared with that of its investment universe.
All of the information on how ESG criteria are factored into the investment process, and on sustainable finance, is available on the website at: https://www.am.oddo- bhf.com/france/fr/investisseur_professionnel/ad/investissement_durable.
Taxonomy Disclaimer: “The underlying investments do not take into account EU criteria on environmentally sustainable economic activities.”
- | # INFORME DE GESTIÓN SFDR/Taxonomía
### 3.1. Información sobre el Fondo
- Recordatorio del objetivo de gestión y de los criterios ESG:El Fondo es un producto financiero que promueve características ambientales y sociales en el sentido del artículo 8, apartado 1, del Reglamento (UE) 2019/2088, de 27 de noviembre de 2019, sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (el «Reglamento SFDR»), cuya política ESG (ambiental y/o social y/o de gobierno corporativo) se describe más adelante.
La taxonomía de la Unión Europea (Reglamento (UE) 2020/852) (en adelante, la «Taxonomía») tiene como finalidad determinar si una actividad económica se considera medioambientalmente sostenible.
La Taxonomía identifica estas actividades en función de su contribución a los seis objetivos medioambientales que se especifican a continuación:
- la mitigación del cambio climático;
- la adaptación al cambio climático;
- el uso sostenible y la protección de los recursos hídricos y marinos;
- la transición hacia una economía circular (residuos, prevención y reciclado);
- la prevención y control de la contaminación;
- la protección y restauración de la biodiversidad y los ecosistemas.
- Información sobre la rentabilidad extrafinanciera del Fondo:A 31/03/2022, según los criterios de calificación de la sociedad gestora de carteras, la calificación global de la cartera es de 3,6 en un escala del 1 al 5. La calificación a 31/03/2021 era de 3,1.
Durante el ejercicio, la calificación ESG media de la cartera osciló entre 3,1 y 3,6.
La calificación siguió siendo equivalente a la de su universo de inversión y experimentó las siguientes variaciones:
Evolución trimestral con respecto al índice
Evolución trimestral de los tres criterios ESG con respecto al índice
### 2.2. Métodos adoptados por ODDO BHF Asset Management con el fin de integrar los criterios ESG en la estrategia de gestión:
ODDO BHF Asset Management lleva a cabo un análisis ESG del universo de inversión y de la cartera, atribuye una calificación ESG a la cartera y la compara con la del universo de inversión.
Toda la información sobre la integración de los criterios ESG en el proceso de gestión y sobre las finanzas sostenibles puede consultarse en el siguiente sitio web: https://www.am.oddo- bhf.com/france/fr/investisseur_professionnel/ad/investissement_durable.
Declaración - Taxonomía: «Las inversiones subyacentes a este producto financiero no tienen en cuenta los criterios de la Unión Europea para las actividades económicas medioambientalmente sostenibles.»
- | # SFDR MANAGEMENT REPORT/Taxonomy
### 3.1. Fund report
- Reminder of the investment objective and ESG criteria:The fund is a financial product that promotes environmental and social factors as defined in Article 8 (1) of Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR), the ESG (Environmental and/or Social and/or Governance) policy of which is presented below.
European Union taxonomy (Regulation (EU) 2020/852) (hereinafter “Taxonomy”) is aimed at identifying environmentally sustainable economic activities.
The Taxonomy identifies these activities based on their contribution to six major environmental objectives:
- climate change mitigation;
- climate change adaptation;
- the sustainable use and protection of water and marine resources;
- the transition to a circular economy (waste, prevention and recycling);
- pollution prevention and control;
- the protection and restoration of biodiversity and ecosystems.
- Report on the fund’s non-financial performance:As at 31/03/2022, based on the portfolio management company’s rating criteria, the portfolio’s overall rating was 3.6 on a scale of 1 to 5. It was 3.1 at 31/03/2021.
During the year the portfolio’s average ESG rating varied between 3.1 and 3.6. It stayed equivalent to its investment universe and moved as follows:
Quarterly change versus benchmark
Quarterly changes in the three ESG criteria versus benchmark
### 2.2. ODDO BHF Asset Management’s methods for incorporating ESG criteria into the investment strategy:
ODDO BHF Asset Management carries out an ESG analysis of the investment universe and portfolio, and awards an ESG rating to the portfolio, which is compared with that of its investment universe.
All of the information on how ESG criteria are factored into the investment process, and on sustainable finance, is available on the website at: https://www.am.oddo- bhf.com/france/fr/investisseur_professionnel/ad/investissement_durable.
Taxonomy Disclaimer: “The underlying investments do not take into account EU criteria on environmentally sustainable economic activities.”
- | en | es |
DOLFIN1514 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| FOSSIL FUEL FREE NORDIC HIGH YIELD, a subfund of the SICAV BNP PARIBAS FLEXI I Class ''IH EUR Capitalisation'' - ISIN code LU2212613561 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed without reference to an index. The Fund is a feeder fund of the Swedish master fund ALFRED BERG Nordic High Yield ESG (the «Master Fund»). The Fund seeks to increase the value of its assets over the medium term by investing at least 85% of its assets in the Master Fund which has primarily exposure to Nordic high yield bonds and money market instruments denominated in various currencies. The Master Fund observes specific criteria regarding ethics and sustainability in its investments. The Fund and Master Fund performance may differ due to ancillary assets held by the Fund, and potential discrepancies in operating expenses across both structures. The Master Fund is actively managed and as such may invest in securities that are not included in the index which is [BMK]. 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 its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. |
| 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 relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | | FOSSIL FUEL FREE NORDIC HIGH YIELD, un subfondo de la SICAV BNP PARIBAS FLEXI I Clase «IH EUR Capitalisation» - Código ISIN LU2212613561 Este Fondo está gestionado por BNP PARIBAS ASSET MANAGEMENT Luxembourg, sociedad del Grupo BNP Paribas. |
| --- |
| Objetivos y política de inversión |
| El Fondo se gestiona de manera activa y sin referencia a ningún índice. El Fondo es un fondo subordinado del fondo principal de Suecia ALFRED BERG Nordic High Yield ESG (el «Fondo Principal»). El Fondo trata de incrementar el valor de sus activos a medio plazo invirtiendo como mínimo el 85 % de sus activos en el Fondo Principal, que tiene exposición principalmente a instrumentos del mercado monetario y bonos de alto rendimiento nórdicos denominados en varias divisas. El Fondo Principal cumple con criterios específicos relacionados con la ética y la sostenibilidad de sus inversiones. La rentabilidad del Fondo y del Fondo Principal podrá variar a causa de los activos complementarios mantenidos por el Fondo y podría haber discrepancias en cuanto a los gastos operativos en ambas estructuras. El Fondo Principal se gestiona de manera activa y, por tanto, puede invertir en valores que no estén incluidos en el índice [BMK]. Los ingresos se reinvierten sistemáticamente. Los inversores podrán efectuar reembolsos diariamente (los días hábiles bancarios en Luxemburgo), como se describe en el folleto. El objetivo de esta clase de acciones es ofrecer cobertura del riesgo de cambio frente a la exposición de divisas de la cartera del Fondo. No obstante, el riesgo de cambio no puede neutralizarse por completo, puesto que la técnica de cobertura se basa en el valor liquidativo del Fondo. |
| 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 hace referencia a la capacidad de un emisor para cumplir sus compromisos: las rebajas en la calificación crediticia de una emisión o de un emisor pueden ocasionar una caída en el valor de los bonos relacionados. | | FOSSIL FUEL FREE NORDIC HIGH YIELD, a subfund of the SICAV BNP PARIBAS FLEXI I Class ''IH EUR Capitalisation'' - ISIN code LU2212613561 This Fund is managed by BNP PARIBAS ASSET MANAGEMENT Luxembourg, part of the BNP Paribas Group. |
| --- |
| Objectives and investment policy |
| The Fund is actively managed without reference to an index. The Fund is a feeder fund of the Swedish master fund ALFRED BERG Nordic High Yield ESG (the «Master Fund»). The Fund seeks to increase the value of its assets over the medium term by investing at least 85% of its assets in the Master Fund which has primarily exposure to Nordic high yield bonds and money market instruments denominated in various currencies. The Master Fund observes specific criteria regarding ethics and sustainability in its investments. The Fund and Master Fund performance may differ due to ancillary assets held by the Fund, and potential discrepancies in operating expenses across both structures. The Master Fund is actively managed and as such may invest in securities that are not included in the index which is [BMK]. 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 its currency exchange risk against the Fund's portfolio exposure currency. However, the currency exchange risk cannot be completely neutralized as the hedging technique is based of the Fund's NAV. |
| 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 relates to the ability of an issuer to honour its commitments: downgrades of an issue or issuer rating may lead to a drop in the value of associated bonds. | en | es |
DOLFIN1518 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# FUND MANAGEMENT
Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. | This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. MARKETING COMMUNICATION. Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell units in Wellington Management Funds (Luxembourg) or Wellington Management Funds (Luxembourg) III SICAV (the Funds). Investment in the Funds may not be suitable for all investors. The Funds only accept professional clients or investment through financial advisers. Fund units are made available only in jurisdictions where such offer or solicitation is lawful. Please read the latest Key Investor Information Document (KIID) Prospectus, and latest annual report (and semi-annual report) before investing. For each country where the Funds are registered for sale, the prospectus and summary of investor rights in English, and the KIID in English and an official language), are available at the Funds Transfer Agent State Street Bank International GmbH, Luxembourg Branch, 49, Avenue J.F. Kennedy L - 1855 Luxembourg and from www.Wellington.com/KIIDs. The Funds are authorised and regulated as a UCITS scheme by the Commission de Surveillance du Secteur Financier. Complaints can be submitted to the Complaints Officer at WELLINGTON LUXEMBOURG S.à r.l, 33 avenue de la Liberté, L - 1931 Luxembourg, the complaint procedure is also available free of charge at this address. In addition, the CSSF is acting as an out-of-court resolution body. The Fund may decide to terminate marketing arrangements for shares in an EU Member State by giving 30 working days’ notice. | In Switzerland, the Fund offering documents can be obtained from the local Representative and Paying Agent, BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectuses are available in English, French and Swiss French. | Risk and Reward Profile: based on share class volatility. Historical data may not be a reliable indication for the future. Risk category shown is not guaranteed and may shift over time. The lowest category does not mean ‘risk free’. Please refer to page 2 for more details about risks. | # GESTIÓN DEL FONDO
Wellington Management Company LLP (WMC) es un asesor de inversiones independiente registrado en la Securities and Exchange Commission de EE. UU. WMC y sus filiales (en conjunto, Wellington Management) prestan servicios de gestión y asesoramiento de inversión a entidades de todo el mundo. | Este material y su contenido no podrán ser reproducidos ni distribuidos en parte ni en su totalidad sin el consentimiento expreso y por escrito de Wellington Management. COMUNICACIÓN RELATIVA A LA COMERCIALIZACIÓN. Ninguna parte de este documento debe considerarse con carácter de asesoramiento ni es una recomendación para vender o comprar participaciones de un fondo de Wellington Management Funds (Luxembourg) o de Wellington Management Funds (Luxembourg) III SICAV (los Fondos). La inversión en los Fondos podría no ser apta para todos los inversores. Los Fondos solo aceptan clientes profesionales o inversiones mediante asesores financieros. Las participaciones de los Fondos se ofertan únicamente en aquellas jurisdicciones en las que la ley permite su oferta o solicitud. Por favor, consulte el documento de datos fundamentales para el inversor (KIID) más reciente, el Folleto y el último informe anual (e informe semestral) antes de invertir. En cada país en el que los Fondos están registrados para su venta, se puede obtener el folleto y el resumen de los derechos de los inversores en inglés, y el KIID en inglés y en el idioma oficial, en el Agente de transferencia de los Fondos, State Street Bank International GmbH, Luxembourg Branch, 49, Avenue J.F. Kennedy L - 1855 Luxemburgo, y en www.Wellington.com/KIIDs. Los Fondos están autorizados y regulados como OICVM por la Commission de Surveillance du Secteur Financier. Las reclamaciones pueden presentarse al Agente de reclamaciones en WELLINGTON LUXEMBOURG S.à r.l, 33 avenue de la Liberté, L - 1931 Luxemburgo; el proceso de reclamación también está disponible de forma gratuita en esta dirección. Además, la CSSF actúa como órgano de resolución extrajudicial. El Fondo puede tomar la decisión de extinguir los acuerdos de comercialización de las acciones de un Estado miembro de la UE con un aviso de 30 días hábiles de antelación. | En Suiza, los documentos del Fondo podrán solicitarse al Representante y Agente de pagos local BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zúrich, Suiza. Los Folletos están en inglés, francés y francés suizo. | Perfil de riesgo y remuneración: basado en la volatilidad de la clase de acciones. Los datos históricos pueden no ser una indicación fiable del futuro. La categoría de riesgo no está garantizada, puede variar con el tiempo y la más baja no indica ausencia de riesgo. La página 2 ofrece más información sobre los riesgos. | # FUND MANAGEMENT
Wellington Management Company LLP (WMC) is an independently owned investment adviser registered with the US Securities and Exchange Commission. WMC, along with its affiliates (collectively, Wellington Management), provides investment management and investment advisory services to institutions around the world. | This material and its contents may not be reproduced or distributed, in whole or in part, without the express written consent of Wellington Management. MARKETING COMMUNICATION. Nothing in this document should be interpreted as advice, nor is it a recommendation to buy or sell units in Wellington Management Funds (Luxembourg) or Wellington Management Funds (Luxembourg) III SICAV (the Funds). Investment in the Funds may not be suitable for all investors. The Funds only accept professional clients or investment through financial advisers. Fund units are made available only in jurisdictions where such offer or solicitation is lawful. Please read the latest Key Investor Information Document (KIID) Prospectus, and latest annual report (and semi-annual report) before investing. For each country where the Funds are registered for sale, the prospectus and summary of investor rights in English, and the KIID in English and an official language), are available at the Funds Transfer Agent State Street Bank International GmbH, Luxembourg Branch, 49, Avenue J.F. Kennedy L - 1855 Luxembourg and from www.Wellington.com/KIIDs. The Funds are authorised and regulated as a UCITS scheme by the Commission de Surveillance du Secteur Financier. Complaints can be submitted to the Complaints Officer at WELLINGTON LUXEMBOURG S.à r.l, 33 avenue de la Liberté, L - 1931 Luxembourg, the complaint procedure is also available free of charge at this address. In addition, the CSSF is acting as an out-of-court resolution body. The Fund may decide to terminate marketing arrangements for shares in an EU Member State by giving 30 working days’ notice. | In Switzerland, the Fund offering documents can be obtained from the local Representative and Paying Agent, BNP Paribas Securities Services, Selnaustrasse 16, 8002 Zurich, Switzerland. The Prospectuses are available in English, French and Swiss French. | Risk and Reward Profile: based on share class volatility. Historical data may not be a reliable indication for the future. Risk category shown is not guaranteed and may shift over time. The lowest category does not mean ‘risk free’. Please refer to page 2 for more details about risks. | en | es |
DOLFIN1519 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
Copies of the contracts mentioned above are available for inspection, and copies of the Articles, the current Prospectus, the current Key Investor Information Documents and the latest financial reports may be obtained free of charge during normal office hours at the Registered Office of the Fund in Luxembourg. The Articles and reports form an integral part of this Prospectus.
Additional information is made available by the Management Company at its Registered Office, upon request, in accordance with the provisions of Luxembourg laws and regulations. This additional information includes the procedures relating to complaints handling, the strategy followed for the exercise of voting rights of the Fund, the policy for placing orders to deal on behalf of the Fund with other entities, the best execution policy as well as the arrangements relating to the fee, commission or non-monetary benefit in relation to the investment management and administration of the Fund.
The following information will also be made available on the website www.jpmgloballiquidity.com at least on a weekly basis in accordance with the MMF Regulation;
- The maturity breakdown of the portfolio of the Sub-Funds;
- The credit profile of the Sub-Funds;
- The WAM and WAL of the Sub-Funds;
- Details of the 10 largest holdings in each Sub-Fund;
- The total value of the assets of the Sub-Funds;
- The net yield of the Sub-Funds. | Los contratos mencionados anteriormente están disponibles para su consulta en el domicilio social del Fondo en Luxemburgo, en el horario comercial habitual, donde pueden obtenerse asimismo ejemplares de los Estatutos, el Folleto en vigor, los Documentos de datos fundamentales para el inversor y los informes financieros más recientes de forma gratuita. Los Estatutos y los informes forman parte integrante del presente Folleto.
Puede obtenerse información adicional en el domicilio social de la Sociedad gestora, previa solicitud, conforme a lo previsto en las disposiciones legales y reglamentarias de Luxemburgo. Esta información adicional incluye los procedimientos relativos a la gestión de las reclamaciones, la estrategia aplicada para el ejercicio de los derechos de voto del Fondo, la política de impartición de órdenes para negociar en nombre del Fondo con otras entidades, la política de ejecución óptima, así como los pactos relativos a las comisiones, los honorarios o las remuneraciones no pecuniarias que deban abonarse en relación con la gestión de las inversiones y la administración del Fondo.
La siguiente información también estará disponible en el sitio web www.jpmgloballiquidity.com al menos una vez por semana, de conformidad con el Reglamento sobre FMM;
- El desglose por vencimientos de la cartera de los Subfondos;
- El perfil de crédito de los Subfondos;
- El vencimiento medio ponderado y la vida media ponderada de los Subfondos;
- Información sobre las diez mayores posiciones de cada Subfondo;
- El valor total de los activos de los Subfondos;
- El rendimiento neto de los Subfondos. | Copies of the contracts mentioned above are available for inspection, and copies of the Articles, the current Prospectus, the current Key Investor Information Documents and the latest financial reports may be obtained free of charge during normal office hours at the Registered Office of the Fund in Luxembourg. The Articles and reports form an integral part of this Prospectus.
Additional information is made available by the Management Company at its Registered Office, upon request, in accordance with the provisions of Luxembourg laws and regulations. This additional information includes the procedures relating to complaints handling, the strategy followed for the exercise of voting rights of the Fund, the policy for placing orders to deal on behalf of the Fund with other entities, the best execution policy as well as the arrangements relating to the fee, commission or non-monetary benefit in relation to the investment management and administration of the Fund.
The following information will also be made available on the website www.jpmgloballiquidity.com at least on a weekly basis in accordance with the MMF Regulation;
- The maturity breakdown of the portfolio of the Sub-Funds;
- The credit profile of the Sub-Funds;
- The WAM and WAL of the Sub-Funds;
- Details of the 10 largest holdings in each Sub-Fund;
- The total value of the assets of the Sub-Funds;
- The net yield of the Sub-Funds. | en | es |
DOLFIN1521 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# PRACTICAL INFORMATION
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
This SICAV consists of compartments, and its latest consolidated annual report is available from CA Indosuez Wealth (Asset Management). The assets in each compartment are segregated from the other compartments in the SICAV.
The Fund offers other units for the investor categories set out in its prospectus.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
Depending on your tax regime, any capital gains and income arising from the ownership of shares in the Fund may be subject to taxation. We advise you to consult your financial advisor for more information on taxation.
CA Indosuez Wealth (Asset Management) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
The Fund is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
This key investor information is accurate as at 18 February 2022.
The ISIN code LU1073905298 (G USD) represents the following unit: LU1073905454 (GX USD)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | # INFORMACIÓN PRÁCTICA
Depositario: CACEIS Bank, Luxembourg Branch
El último folleto y los últimos documentos normativos periódicos, así como otra información práctica, están disponibles en francés de forma gratuita en CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Gran Ducado de Luxemburgo.
Esta SICAV se divide en varios compartimentos y su último informe anual consolidado está disponible en CA Indosuez Wealth (Asset Management). Los activos de cada compartimento están separados del resto de compartimentos que forman la SICAV.
El Fondo ofrece otras clases de acciones para las categorías de inversores definidas en su folleto.
Se puede solicitar el valor liquidativo a la Sociedad Gestora o consultarlo en los sitios web: www.fundsquare.net y www.ca-indosuez-am.com.
Encontrará información detallada y actualizada de la política remunerativa, que incluye, en particular, una descripción de la forma en que se calculan la remuneración y los beneficios, la identidad de las personas responsables de hacerlo y, en su caso, la composición del comité de remuneraciones, en la página web http://www.ca-indosuez-am.com/Es/compliance. Se podrá obtener gratuitamente un ejemplar en papel de dicha información previa solicitud.
En función de su régimen fiscal, las plusvalías o los ingresos derivados de la posesión de acciones del Fondo pueden estar sujetos a impuestos. Le recomendamos que consulte a su asesor financiero para obtener más información sobre el régimen fiscal.
CA Indosuez Wealth (Asset Management) únicamente incurrirá en responsabilidad por las declaraciones contenidas en el presente documento que resulten engañosas, inexactas o incoherentes con respecto a las correspondientes secciones del folleto del Fondo.
El Fondo está autorizado en Luxemburgo y está sujeto a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) está autorizada en Luxemburgo y está sujeta a la supervisión de la Commission de Surveillance du Secteur Financier (CSSF).
Los presentes datos fundamentales para el inversor son exactos a 18 de febrero de 2022.
El código ISIN LU1073905298 (G USD) corresponde a la siguiente acción:
LU1073905454 (GX USD)
En el caso de las participaciones de capitalización, los dividendos se reinvierten, mientras que, en el caso de las participaciones de distribución, los dividendos se reparten. | # PRACTICAL INFORMATION
Depositary: CACEIS Bank, Luxembourg Branch
The latest prospectus and the latest periodical regulatory documents, as well as all other practical information, are available in French free of charge from CA Indosuez Wealth (Asset Management), 31-33 Avenue Pasteur, L-2311 Luxembourg, Grand Duchy of Luxembourg.
This SICAV consists of compartments, and its latest consolidated annual report is available from CA Indosuez Wealth (Asset Management). The assets in each compartment are segregated from the other compartments in the SICAV.
The Fund offers other units for the investor categories set out in its prospectus.
The net asset value is available upon simple request from the Management Company and on the websites www.fundsquare.net and www.ca-indosuez-am.com.
Details of the updated remuneration policy, including, in particular, a description of the method used to calculate remuneration and benefits, and the identity of the persons responsible for the allocation of remuneration and benefits, including the composition of the remuneration committee, when such a committee exists, are available at http://www.ca-indosuez-am.com/En/compliance. A paper copy of the remuneration policy will be provided free of charge on request.
Depending on your tax regime, any capital gains and income arising from the ownership of shares in the Fund may be subject to taxation. We advise you to consult your financial advisor for more information on taxation.
CA Indosuez Wealth (Asset Management) may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund.
The Fund is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
CA Indosuez Wealth (Asset Management) is authorised in Luxembourg and is supervised by the Commission de Surveillance du Secteur Financier (CSSF).
This key investor information is accurate as at 18 February 2022.
The ISIN code LU1073905298 (G USD) represents the following unit: LU1073905454 (GX USD)
For accumulation units, dividends are reinvested; for distribution units, dividends are distributed. | en | es |
DOLFIN1526 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).
INVESTMENT PROCESS
Investment approach
- Uses an investment process based on macroeconomic research to identify global investment themes and opportunities.
- Flexible and focused approach to take advantage of global trends and changes through traditional and non-traditional assets.
- Fully integrated, risk management framework provides detailed portfolio analysis.
Share Class Benchmark ICE BofA SOFR Overnight Rate Index Total Return in USD Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Primarily invests, either directly or through derivatives, in debt securities, equities, convertible securities, currencies and cash and cash equivalents. Issuers of these securities may be located in any country, including emerging markets.
The Sub-Fund may also invest in below investment grade and unrated debt securities. The Sub-Fund may invest up to 10% of its assets in onshore PRC securities including China A-Shares through the China- Hong Kong Stock Connect Programmes and onshore debt securities issued within the PRC through China-Hong Kong Bond Connect. | # Objetivos, proceso y política de inversión
OBJETIVO DE INVERSIÓN
Conseguir, en un horizonte a medio plazo (entre 2 y 3 años), una rentabilidad superior a la de su índice de referencia monetario, invirtiendo a escala mundial en una cartera de valores y recurriendo al uso de derivados cuando proceda. El Subfondo pretende registrar una volatilidad inferior a dos tercios de la volatilidad del MSCI All Country World (Total Return Net).
PROCESO DE INVERSIÓN
Enfoque de inversión
- Aplica un proceso de inversión basado en el análisis macroeconómico con el fin de identificar temas y oportunidades de inversión a escala internacional.
- Enfoque flexible y concentrado para sacar partido de las tendencias y los cambios a escala mundial empleando activos tradicionales y no tradicionales.
- El sistema de gestión del riesgo totalmente integrado proporciona un análisis detallado de la cartera.
Índice de referencia de la Clase de Acciones ICE BofA SOFR Overnight Rate Index Total Return in USD Hedged to EUR
Usos y semejanza con el índice de referencia
- Comparación de rentabilidad.
El Subfondo se gestiona de forma activa, con total libertad respecto a su índice de referencia.
POLÍTICAS
Exposición de inversión principal Invierte principalmente, bien de forma directa, bien a través de derivados, en títulos de deuda, valores de renta variable, valores convertibles, divisas y efectivo y equivalentes de efectivo. Los emisores de estos valores podrán estar situados en cualquier país, incluidos los mercados emergentes.
Asimismo, el Subfondo podrá invertir en títulos de deuda con calificación inferior a investment grade y sin calificación. El Subfondo podrá invertir hasta un 10% de su patrimonio en títulos onshore de la RPC, incluidas las Acciones A de China, a través de los Programas «China-Hong Kong Stock Connect» y en títulos de deuda onshore emitidos en la RPC a través de China-Hong Kong Bond Connect.
Las asignaciones pueden variar significativamente, y el Subfondo podrá estar concentrado en determinados mercados, sectores o divisas o | # Objectives, Process and Policies
INVESTMENT OBJECTIVE
To achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivatives where appropriate. The Sub-Fund seeks to have a volatility lower than two-thirds of the MSCI All Country World Index (Total Return Net).
INVESTMENT PROCESS
Investment approach
- Uses an investment process based on macroeconomic research to identify global investment themes and opportunities.
- Flexible and focused approach to take advantage of global trends and changes through traditional and non-traditional assets.
- Fully integrated, risk management framework provides detailed portfolio analysis.
Share Class Benchmark ICE BofA SOFR Overnight Rate Index Total Return in USD Hedged to EUR
Benchmark uses and resemblance
- Performance comparison.
The Sub-Fund is actively managed without reference or constraints relative to its benchmark.
POLICIES
Main investment exposure Primarily invests, either directly or through derivatives, in debt securities, equities, convertible securities, currencies and cash and cash equivalents. Issuers of these securities may be located in any country, including emerging markets.
The Sub-Fund may also invest in below investment grade and unrated debt securities. The Sub-Fund may invest up to 10% of its assets in onshore PRC securities including China A-Shares through the China- Hong Kong Stock Connect Programmes and onshore debt securities issued within the PRC through China-Hong Kong Bond Connect. | en | es |
DOLFIN1527 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI ACF Asia ex-Japan TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests mainly in equity securities issued by companies with a clear and specific focus on Asia from Asian issuers or companies having their main activity in Asia excluding Japan. The Sub-Fund can also have an exposure to China by investing in A shares (issued by mainland China- based companies) through the Shanghai-Hong Kong Stock Connect. Investing in Asian countries may expose the Sub-Funds to local currency which may be only partially hedge. This exposure to emerging markets currencies may increase the volatility and the risk of the Sub-Fund. The Investment Manager will use its discretion with regard to the selection of issuers, countries (including emerging markets), sectors, assets classes,
size of companies and currencies. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | ### Objetivos y política de inversión
El Subfondo se gestiona activamente. El índice MSCI ACF Asia ex- Japan TR ND se utiliza a efectos de comparación de la rentabilidad y seguimiento del riesgo interno, y no implica limitaciones particulares en cuanto a las inversiones del Subfondo. Los valores que el Subfondo tiene previsto mantener pueden asemejarse a los del índice en una medida que varía a lo largo del tiempo, pero se prevé que su ponderación difiera significativamente. La rentabilidad del Subfondo podrá diferir sustancialmente de la del índice. El subfondo invierte principalmente en títulos de renta variable emitidos por empresas con un enfoque claro y concreto hacia Asia o por emisores o empresas asiáticas cuya actividad principal se desarrolla en Asia (excluido Japón). El subfondo también puede tener exposición a China invirtiendo en acciones A (emitidas por empresas radicadas en la China continental) a través del Shanghai-Hong Kong Stock Connect. Invertir en países asiáticos podría exponer al subfondo a las divisas locales, que pueden tener cobertura solamente parcial. Esta exposición a divisas de mercados emergentes puede incrementar la volatilidad y el riesgo del subfondo. El gestor de inversiones aplicará discreción a la selección de emisores, países (incluidos mercados emergentes), sectores, clases de
activos, tamaño de las empresas y divisas. El subfondo es un producto que promueve características medioambientales o sociales, o una combinación de dichas características, a los efectos del Artículo 8 del Reglamento sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros. El gestor de inversiones adopta un enfoque multidimensional hacia la forma en que analiza el perfil de sostenibilidad de las inversiones del subfondo (incluidas la selección y puntuación, exclusiones, restricciones y revisiones cualitativas y cuantitativas centradas en la sostenibilidad). | ### Objectives and Investment Policy
The Sub-Fund is actively managed. The MSCI ACF Asia ex-Japan TR ND index is used for performance comparison as well as internal risk monitoring purposes, without implying any particular constraints to the Sub-Fund’s investments. Securities targeted by the Sub-Fund can be similar to those of the index to an extent that varies overtime but their weighting is expected to materially differ. The performance of the Sub- Fund may deviate materially from that of the index. The Sub-Fund invests mainly in equity securities issued by companies with a clear and specific focus on Asia from Asian issuers or companies having their main activity in Asia excluding Japan. The Sub-Fund can also have an exposure to China by investing in A shares (issued by mainland China- based companies) through the Shanghai-Hong Kong Stock Connect. Investing in Asian countries may expose the Sub-Funds to local currency which may be only partially hedge. This exposure to emerging markets currencies may increase the volatility and the risk of the Sub-Fund. The Investment Manager will use its discretion with regard to the selection of issuers, countries (including emerging markets), sectors, assets classes,
size of companies and currencies. The Sub-Fund is a product which promotes environmental or social characteristics or a combination of those characteristics for the purposes of article 8 of the Sustainable Finance Disclosure Regulation. The Investment Manager adopts a multifaceted approach to the way it analyses the sustainable profile of the Sub-Fund’s investments (including sustainability focused screening & scoring, exclusions, restrictions and qualitative and quantitative reviews). | en | es |
DOLFIN1534 | 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 June 2006.
1.9
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### El Fondo se lanzó el 01 junio 2006.
1.9
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | ### The Fund was launched on 01 June 2006.
1.9
3.3
-6.3
-30%
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 | en | es |
DOLFIN1538 | 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 | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 133 | 737 |
| Annual cost impact (%)² | 1.3% | 1.3% | | | En caso de salida después de: | 1 año | 5 años¹ |
| --- | --- | --- |
| Costes totales (EUR) | 133 | 737 |
| Incidencia anual de los costes (%)² | 1,3% | 1,3% | | | If you exit after: | 1 year | 5 years¹ |
| --- | --- | --- |
| Total costs (EUR) | 133 | 737 |
| Annual cost impact (%)² | 1.3% | 1.3% | | en | es |
DOLFIN1540 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | €10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2,250 | €1,710 |
| Average return each year | -77.5% | -25.5% |
| Unfavourable | What you might get back after costs | €5,930 | €5,420 |
| Average return each year | -40.7% | -9.7% |
| Moderate | What you might get back after costs | €10,900 | €15,250 |
| Average return each year | 9.0% | 7.3% |
| Favourable | What you might get back after costs | €16,450 | €20,340 |
| Average return each year | 64.5% | 12.6% | | | Periodo de mantenimiento recomendado: | 6 años |
| --- | --- |
| Ejemplo de inversión: | €10,000 |
| | En caso de salida después de 1 año | En caso de salida después de 6 años |
| Escenarios |
| Mínimo | No hay un rendimiento mínimo garantizado en caso de salida antes de 6 años. Podría perder parte o la totalidad de su inversión. |
| Tensión | Lo que podría recibir tras deducir los costes | €2,250 | €1,710 |
| Rendimiento medio cada año | -77.5% | -25.5% |
| Desfavorable | Lo que podría recibir tras deducir los costes | €5,930 | €5,420 |
| Rendimiento medio cada año | -40.7% | -9.7% |
| Moderado | Lo que podría recibir tras deducir los costes | €10,900 | €15,250 |
| Rendimiento medio cada año | 9.0% | 7.3% |
| Favorable | Lo que podría recibir tras deducir los costes | €16,450 | €20,340 |
| Rendimiento medio cada año | 64.5% | 12.6% | | | Recommended holding period: | 6 years |
| --- | --- |
| Example Investment: | €10,000 |
| | If you exit after 1 year | If you exit after 6 years |
| Scenarios |
| Minimum | There is no minimum guaranteed return if you exit before 6 years. You could lose some or all of your investment. |
| Stress | What you might get back after costs | €2,250 | €1,710 |
| Average return each year | -77.5% | -25.5% |
| Unfavourable | What you might get back after costs | €5,930 | €5,420 |
| Average return each year | -40.7% | -9.7% |
| Moderate | What you might get back after costs | €10,900 | €15,250 |
| Average return each year | 9.0% | 7.3% |
| Favourable | What you might get back after costs | €16,450 | €20,340 |
| Average return each year | 64.5% | 12.6% | | en | es |
DOLFIN1549 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
##### Note 19 - Connected party transactions
Certain Directors of the Company are or may also be Officers and/or Directors of one or more of the various Investment Managers of the Funds, among others, Franklin Templeton Investimentos (Brasil) Ltda., Franklin Templeton Investments (Asia) Limited, Templeton Investment Counsel, LLC and Franklin Templeton Institutional, LLC. All transactions with connected parties were entered into in the ordinary course of business and under normal commercial terms. The investment management fees that are accrued by the Company in respect of the Management Company are detailed in note 16 to the financial statements.
There are no connected brokers in Franklin Templeton, and no transactions were entered into with connected brokers during the period ended December 31, 2021.
During the period ended December 31, 2021, the Company accrued administration and transfer agency fees and shares’ maintenance and service charges in respect of Franklin Templeton International Services S.à r.l. as Management Company and Principal Distributor of the Funds.
Any investment in Cross Funds as defined in Note 3 or products issued by Franklin Templeton are made at normal market
condition. | ##### Nota 19: Transacciones con partes vinculadas
Determinados Consejeros de la Sociedad son o pueden ser también Ejecutivos y/o Consejeros de uno o más de los diversos Gestores de Inversiones asignados a los Fondos, entre otros, Franklin Templeton Investimentos (Brasil) Ltda., Franklin Templeton Investments (Asia) Limited, Templeton Investment Counsel, LLC y Franklin Templeton Institutional, LLC. Todas las transacciones celebradas con partes vinculadas se formalizaron en el desarrollo ordinario de la actividad y en términos comerciales normales. Las comisiones de gestión de las inversiones que devenga la Sociedad con respecto a la Sociedad Gestora se detallan en la nota 16 de los estados financieros.
No hay agentes de bolsa vinculados en Franklin Templeton, y no se formalizaron transacciones con agentes vinculados durante el ejercicio cerrado a 31 de diciembre de 2021.
Durante el periodo cerrado a 31 de diciembre de 2021, la Sociedad devengó comisiones de administración y agencia de transferencias, así como gastos de mantenimiento y servicio de acciones en relación con Franklin Templeton International Services S.à r.l. en calidad de Sociedad Gestora y Distribuidor Principal de los Fondos.
Todas las inversiones en Fondos cruzados, tal y como se definen en la nota 3, o los productos emitidos por Franklin Templeton se llevan a cabo en condiciones normales de mercado. | ##### Note 19 - Connected party transactions
Certain Directors of the Company are or may also be Officers and/or Directors of one or more of the various Investment Managers of the Funds, among others, Franklin Templeton Investimentos (Brasil) Ltda., Franklin Templeton Investments (Asia) Limited, Templeton Investment Counsel, LLC and Franklin Templeton Institutional, LLC. All transactions with connected parties were entered into in the ordinary course of business and under normal commercial terms. The investment management fees that are accrued by the Company in respect of the Management Company are detailed in note 16 to the financial statements.
There are no connected brokers in Franklin Templeton, and no transactions were entered into with connected brokers during the period ended December 31, 2021.
During the period ended December 31, 2021, the Company accrued administration and transfer agency fees and shares’ maintenance and service charges in respect of Franklin Templeton International Services S.à r.l. as Management Company and Principal Distributor of the Funds.
Any investment in Cross Funds as defined in Note 3 or products issued by Franklin Templeton are made at normal market
condition. | en | es |
DOLFIN1550 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
## The Fund will typically hold 35 -45 positions.
The Fund is a long-only Fund which invest at least two thirds of its net assets in equity securities of issuers with a registered office in Asia ex Japan or of issuers which derive the majority of their revenues from activities in Asia ex Japan. The Fund may also invest directly or indirectly (through financial derivative instruments) in China A Shares.
The Investment Manager takes a flexible investment approach which is not driven by any particular style, avoiding any permanent bias towards a particular investment style or market capitalisation. The Fund will not have a particular industry or sector focus. The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies as well as the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund.
The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
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 security, or where it is more economically effective than directly holding the underlying asset.
Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI All Countries Asia ex Japan Total Return (the “Benchmark”) but may be constrained by it to a limited extent. The Investment Manager's risk management function will perform additional monitoring of Fund positions relative to Benchmark weights. These weights will be assessed with reference to a threshold which is reviewed on an ongoing basis to evaluate the Fund's risk-profile compared to the Benchmark. The Benchmark does not dictate the risk profile. While the Fund focusses on individual issuers that may belong to the Benchmark,
such investment may be in different weights to the Benchmark weights. The Benchmark does not define the Fund's investment universe and the Fund may actively invest outside of the Benchmark. The Benchmark is also used for performance comparison purposes.
The Fund may also invest up to one third in a number of other assets including money market instruments, investment grade debt securities (including government and corporate bonds), other funds, cash and other liquid assets of any geographical focus, including Japan. The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities | ## Normalmente, el Fondo mantendrá entre 35 y 45 posiciones.
Se trata de un Fondo exclusivamente a largo plazo, que invierte al menos dos tercios de su patrimonio neto en valores de renta variable de emisores con domicilio social en Asia, excepto Japón, o de emisores que obtengan la mayoría de sus ingresos de actividades en Asia, excepto Japón. El Fondo también podrá invertir directa o indirectamente (a través de instrumentos financieros derivados) en Acciones A de China.
El Gestor de inversiones aplica un enfoque de inversión flexible que no está impulsado por ningún estilo concreto, evitando así una tendencia permanente hacia un estilo de inversión o capitalización bursátil en particular. El Fondo no se centrará en una industria o sector específicos. El Gestor de inversiones implementará un análisis detallado de las posibles inversiones evaluando tanto las empresas individuales como el mercado en conjunto, para garantizar la inclusión en el Fondo de países, industrias o estilos de inversión favorables.
El Fondo promueve, entre otras, características ambientales y sociales según lo estipulado en el artículo 8 del Reglamento europeo sobre la divulgación de información relativa a la sostenibilidad en el sector de los servicios financieros (también conocido por el acrónimo inglés SFDR). Asimismo, el Gestor de inversiones aplica una lista de exclusión de valores o sectores controvertidos que pueden estar relacionados con armas y municiones, armas nucleares y con actividades orientadas al tabaco y al carbón.
El Fondo puede utilizar instrumentos financieros derivados (es decir, instrumentos cuyo precio dependa de uno o más activos subyacentes [«IFD»]) de forma activa 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.
Valores de referencia. El Fondo se gestiona de forma activa. El Fondo no tiene previsto replicar el MSCI All Countries Asia ex Japan Total Return (el «Valor de referencia»), pero puede verse limitado por él en cierta medida. 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 Valor de referencia. Estas ponderaciones se evaluarán con referencia a un umbral que se revisa continuamente para evaluar el perfil de riesgo del Fondo en comparación con el Valor de referencia. El Valor de referencia no determina el perfil de riesgo. Si bien el Fondo se centra en emisores individuales que pueden
pertenecer al Valor de referencia, dicha inversión puede tener ponderaciones diferentes a las del Valor de referencia. El Valor de referencia no define el universo de inversión del Fondo y el Fondo puede invertir de forma activa fuera del Valor de referencia. El Valor de referencia también se utiliza a efectos de comparación de rentabilidad.
El Fondo también podrá invertir hasta un tercio de su patrimonio en otros activos, entre ellos, instrumentos del mercado monetario, títulos de deuda con grado de inversión (lo que incluye bonos corporativos y del Estado), otros fondos, efectivo y otros activos líquidos de cualquier ámbito geográfico, incluido Japón. El Fondo puede incrementar sus posiciones en efectivo y otros activos líquidos durante periodos de circunstancias excepcionales del mercado o cuando se considere que no hay suficientes oportunidades de inversión. | ## The Fund will typically hold 35 -45 positions.
The Fund is a long-only Fund which invest at least two thirds of its net assets in equity securities of issuers with a registered office in Asia ex Japan or of issuers which derive the majority of their revenues from activities in Asia ex Japan. The Fund may also invest directly or indirectly (through financial derivative instruments) in China A Shares.
The Investment Manager takes a flexible investment approach which is not driven by any particular style, avoiding any permanent bias towards a particular investment style or market capitalisation. The Fund will not have a particular industry or sector focus. The Investment Manager will implement a detailed analysis of potential investments, evaluating individual companies as well as the market as a whole, to ensure that favourable countries, industries or investment styles are included in the Fund.
The Fund promotes, among other characteristics, environmental and social characteristics within the meaning of Article 8 of the Sustainable Finance Disclosure Regulation (SFDR). The Investment Manager also applies an exclusion list of controversial stocks or industries which may be related to arms and munitions, nuclear weapons, tobacco and coal oriented activities.
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 security, or where it is more economically effective than directly holding the underlying asset.
Benchmarks. The Fund is actively managed. The Fund does not intend to track the MSCI All Countries Asia ex Japan Total Return (the “Benchmark”) but may be constrained by it to a limited extent. The Investment Manager's risk management function will perform additional monitoring of Fund positions relative to Benchmark weights. These weights will be assessed with reference to a threshold which is reviewed on an ongoing basis to evaluate the Fund's risk-profile compared to the Benchmark. The Benchmark does not dictate the risk profile. While the Fund focusses on individual issuers that may belong to the Benchmark,
such investment may be in different weights to the Benchmark weights. The Benchmark does not define the Fund's investment universe and the Fund may actively invest outside of the Benchmark. The Benchmark is also used for performance comparison purposes.
The Fund may also invest up to one third in a number of other assets including money market instruments, investment grade debt securities (including government and corporate bonds), other funds, cash and other liquid assets of any geographical focus, including Japan. The Fund may increase its holdings of cash and other liquid assets in times of exceptional market circumstances or where it is of the opinion that there are insufficient investment opportunities | en | es |
DOLFIN1551 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
60%
40%
20%
0%
-20%
-40% | ### Fecha de lanzamiento y Moneda de referencia
Fecha de lanzamiento del subfondo: 7 de agosto de 2003. La moneda de referencia del Subfondo es USD.
La rentabilidad pasada se calculó en USD.
60%
40%
20%
0%
-20%
-40% | ### Launch Date and Currency
Sub-Fund's launch date: August 7, 2003.
The reference currency of the Sub-Fund is USD. Past performance was calculated in USD.
60%
40%
20%
0%
-20%
-40% | en | es |
DOLFIN1562 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The Management Company and/or the Investment Managers may pay, or be responsible for the payment of, soft commissions only insofar as:
- the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons act at all times in the best interest of the Company and Shareholders when entering into soft commission arrangements,
- the goods and services relate directly to the activities of the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons and such activities are of demonstrable benefits to the Shareholders,
- transaction execution is consistent with best execution standards and brokerage rates are not in excess of customary institutional full-service brokerage rates,
- any such soft commissions are paid by the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons to broker-dealers which are corporate entities and not individuals, and
- the availability of soft commission arrangements is not the sole or primary purpose to perform or arrange transaction with such broker or dealer. | La Sociedad Gestora y/o los Gestores de inversiones podrán pagar comisiones por servicios o ser responsables de su pago únicamente si:
- la Sociedad Gestora y/o los Gestores de inversiones y/o los Subgestores de inversiones (en su caso) y/o sus personas vinculadas actúan en todo momento en interés de la Sociedad y los Accionistas al celebrar los acuerdos de comisiones en especie,
- los bienes y los servicios se relacionan directamente con las actividades de la Sociedad Gestora y/o los Gestores de inversiones y/o los Subgestores de inversiones (en su caso) y/o sus personas vinculadas y dichas actividades tienen ventajas demostrables para los Accionistas,
- la ejecución de la operación es coherente con los estándares de mejor ejecución y las tarifas de intermediación no superan las tarifas habituales institucionales por el servicio de intermediación,
- todas estas comisiones en especie son pagadas por la Sociedad Gestora y/o los Gestores de inversiones y/o los Subgestores de inversiones (en su caso) y/o sus personas vinculadas a intermediarios bursátiles que sean personas jurídicas y no personas físicas, y
- la disponibilidad de acuerdos de comisión en especie no es el único o principal propósito para celebrar o concertar una transacción con dicho intermediario bursátil. | The Management Company and/or the Investment Managers may pay, or be responsible for the payment of, soft commissions only insofar as:
- the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons act at all times in the best interest of the Company and Shareholders when entering into soft commission arrangements,
- the goods and services relate directly to the activities of the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons and such activities are of demonstrable benefits to the Shareholders,
- transaction execution is consistent with best execution standards and brokerage rates are not in excess of customary institutional full-service brokerage rates,
- any such soft commissions are paid by the Management Company and/or the Investment Managers and/or the Sub-Investment Managers (if any) and/or their connected persons to broker-dealers which are corporate entities and not individuals, and
- the availability of soft commission arrangements is not the sole or primary purpose to perform or arrange transaction with such broker or dealer. | en | es |
DOLFIN1565 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# The reference currency is the pound sterling (GBP).
0.9%
0.5%
1.1%
0.4%
0.7%
0.3%
0.4
0.2
0
2013 2014 2015 2016 2017
Practical information | # La divisa de referencia es la libra esterlina (GBP).
0,9%
0,5%
1,1%
0,4%
0,7%
0,3%
0.4
0.2
0
2013 2014 2015 2016 2017
Información práctica | # The reference currency is the pound sterling (GBP).
0.9%
0.5%
1.1%
0.4%
0.7%
0.3%
0.4
0.2
0
2013 2014 2015 2016 2017
Practical information | en | es |
DOLFIN1567 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What are the costs?
The person advising on or selling you this product (including through an insurance or capitalization contract, if applicable) may charge you other costs that are not taken into account in this document. If so, this person will provide you with information about these costs and how they affect your investment.
Cost over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product, and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods:
We have assumed:
- In the first year, you would get back the amount that you invested (0 % annual return). For the other holding periods, we have assumed the product performs as shown in the moderate scenario.
- USD 10 000 is invested. | # ¿Cuáles son los costes?
La persona que le asesore sobre este producto o se lo venda (incluso a través de un contrato de seguros o capitalización, si procede) puede cobrarle otros costes que no se tienen en cuenta en este documento. En tal caso, esa persona le facilitará información acerca de estos costes y de la incidencia que tienen en su inversión.
Costes a lo largo del tiempo
Los cuadros muestran los importes que se detraen de su inversión para cubrir diferentes tipos de costes. Estos importes dependen de cuánto invierte, de cuánto tiempo mantiene el producto y de lo buenos que sean los resultados del producto. Los importes indicados aquí ilustran un ejemplo de inversión de una determinada cuantía durante diferentes períodos de inversión posibles:
Hemos partido de los siguientes supuestos:
- El primer año recuperaría usted el importe invertido (rendimiento anual del 0 %). En relación con los demás períodos de mantenimiento, hemos supuesto que el producto evoluciona tal como muestra el escenario moderado.
- Se invierten 10 000 USD. | # What are the costs?
The person advising on or selling you this product (including through an insurance or capitalization contract, if applicable) may charge you other costs that are not taken into account in this document. If so, this person will provide you with information about these costs and how they affect your investment.
Cost over Time
The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product, and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods:
We have assumed:
- In the first year, you would get back the amount that you invested (0 % annual return). For the other holding periods, we have assumed the product performs as shown in the moderate scenario.
- USD 10 000 is invested. | en | es |
DOLFIN1570 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# What happens if HSBC Investment Funds (Luxembourg) S.A. is unable to pay out?
The Fund's ability to pay out would not be affected by the default of HSBC Investment Funds (Luxembourg) S.A.. The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds. This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. There is a potential liability risk for the Depositary if the assets of the Fund are lost. The Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations.
In the event of a bankruptcy or insolvency of the Depositary or other service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of shares) or other disruptions and there may be a risk of default. The Fund is not covered by an investor compensation or guarantee scheme. | # ¿Qué pasa si HSBC Investment Funds (Luxembourg) S.A. no puede pagar?
La capacidad del Fondo para pagarle no se vería afectada por el incumplimiento de HSBC Investment Funds (Luxembourg) S.A.. El Depositario es el encargado de custodiar los activos del Fondo, que están segregados de los activos de otros Fondos. Esto significa que las inversiones de un Fondo se mantienen separadas de las de los demás Fondos y la inversión que usted realiza en el Fondo no puede utilizarse para satisfacer los pasivos de cualquier otro Fondo. Es posible que el Depositario se exponga a un riesgo de responsabilidad en caso de que se pierdan los activos del Fondo. El Depositario es responsable en caso de incumplimiento, intencionado o por negligencia, de sus obligaciones.
En caso de quiebra o insolvencia del Depositario u otro proveedor de servicios, los inversores podrían sufrir retrasos (por ejemplo, retrasos en el procesamiento de suscripciones, conversiones y reembolsos de acciones o participaciones) u otros trastornos, y puede haber un riesgo de impago. El Fondo no está cubierto por un sistema de indemnización a los inversores ni de garantías. | # What happens if HSBC Investment Funds (Luxembourg) S.A. is unable to pay out?
The Fund's ability to pay out would not be affected by the default of HSBC Investment Funds (Luxembourg) S.A.. The Fund’s assets are kept safe by the Depositary and are segregated from the assets of other Funds. This means that the holdings of one Fund are kept separate from the holdings of the other Funds and your investment in the Fund cannot be used to pay the liabilities of any other Fund. There is a potential liability risk for the Depositary if the assets of the Fund are lost. The Depositary is liable in case of its negligent or intentional failure to properly fulfil its obligations.
In the event of a bankruptcy or insolvency of the Depositary or other service provider, investors could experience delays (for example, delays in the processing of subscriptions, conversions and redemption of shares) or other disruptions and there may be a risk of default. The Fund is not covered by an investor compensation or guarantee scheme. | en | es |
DOLFIN1572 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
### There are no plans for a regional focus or limit. Securities can be purchased from all OECD countries. Investments in emerging countries are also permitted.
The sub-fund may hold ancillary liquid assets. In addition, depending on the assessment of the market situation, a short- term (maximum of 15 days) exception to the aforementioned investment focus is permitted and investment in liquid assets is permitted if, in such a case, the investment focus is on the whole adhered to when the liquid assets are included.
Units in UCITS or other UCI (“target funds”) will be acquired only up to a maximum limit of 10% of the sub-fund assets, making the sub-fund eligible as a target fund. With respect to the target funds that can be acquired for the sub-fund, there are no restrictions on the permissible types of target funds that can be acquired.
The use of derived financial instruments (“derivatives”) is planned in order to achieve the aforementioned investment objectives, as well as for investment and hedging purposes. Derivatives do not contribute towards the investment focus. In addition to option rights, this includes, inter alia, swaps and futures contracts on securities, money market instruments, financial indices within the meaning of Article 9 (1) of Directive 2007/16/EC and Article XIII of ESMA Guidelines 2014/937, interest rates, exchange rates, currencies and investment funds pursuant to Article 41 (1) (e) of the Law of 17 December 2010. Derivatives may be used only within the limits outlined in Article 4 of the management regulations. Further details on techniques and instruments can be found in the sales prospectus in the chapter titled “Investment policy” in the “Information on derivatives and other techniques and instruments” section. | ### No está prevista ninguna focalización o limitación regional. Pueden adquirirse valores mobiliarios de todos los países de la OCDE. Adicionalmente, es posible invertir en países emergentes.
Además, el Subfondo podrá incluir recursos líquidos. Asimismo, en función de la valoración de la situación del mercado, también puede desviarse por un breve espacio de tiempo (hasta 15 días) del objetivo de inversión arriba indicado e invertir en recursos líquidos siempre que, en tal caso, al sumar los recursos líquidos el objetivo de inversión se mantenga de forma global.
Únicamente se adquirirán participaciones de OICVM u otros OIC (“Fondos subyacentes”) hasta un límite máximo del 10% del patrimonio del subfondo y, por tanto, el subfondo tiene capacidad para actuar como Fondo subyacente. Por lo que se refiere a los Fondos subyacentes que puede adquirir el subfondo, no existe ninguna restricción en cuanto a los tipos admisibles de Fondos subyacentes que pueden adquirirse.
Se prevé la utilización de instrumentos financieros derivados (“derivados”) para alcanzar los objetivos de inversión mencionados, así como para fines de inversión y de cobertura. Una consideración de derivados sobre el enfoque de inversión principal no tiene lugar. Aquí se incluyen, además de los derechos de opción, otros instrumentos como permutas financieras y contratos de futuros sobre valores mobiliarios, instrumentos del mercado monetario, índices financieros en el sentido del artículo 9, apartado 1, de la Directiva 2007/16/CE y el artículo XIII de la Directiva 2014/937 de la AEVM, tipos de interés, tipos de cambio, divisas y fondos de inversión conforme al artículo 41, apartado 1 e), de la Ley de 17 de diciembre de 2010. Estos derivados únicamente podrán emplearse dentro de los límites del artículo 4 del Reglamento de Gestión. En el apartado “Información sobre derivados y otras técnicas e instrumentos” del capítulo “Política de inversión” del folleto de venta se indican más detalles acerca de las técnicas e instrumentos. | ### There are no plans for a regional focus or limit. Securities can be purchased from all OECD countries. Investments in emerging countries are also permitted.
The sub-fund may hold ancillary liquid assets. In addition, depending on the assessment of the market situation, a short- term (maximum of 15 days) exception to the aforementioned investment focus is permitted and investment in liquid assets is permitted if, in such a case, the investment focus is on the whole adhered to when the liquid assets are included.
Units in UCITS or other UCI (“target funds”) will be acquired only up to a maximum limit of 10% of the sub-fund assets, making the sub-fund eligible as a target fund. With respect to the target funds that can be acquired for the sub-fund, there are no restrictions on the permissible types of target funds that can be acquired.
The use of derived financial instruments (“derivatives”) is planned in order to achieve the aforementioned investment objectives, as well as for investment and hedging purposes. Derivatives do not contribute towards the investment focus. In addition to option rights, this includes, inter alia, swaps and futures contracts on securities, money market instruments, financial indices within the meaning of Article 9 (1) of Directive 2007/16/EC and Article XIII of ESMA Guidelines 2014/937, interest rates, exchange rates, currencies and investment funds pursuant to Article 41 (1) (e) of the Law of 17 December 2010. Derivatives may be used only within the limits outlined in Article 4 of the management regulations. Further details on techniques and instruments can be found in the sales prospectus in the chapter titled “Investment policy” in the “Information on derivatives and other techniques and instruments” section. | en | es |
DOLFIN1577 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Other relevant information
### Investment Manager: FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France
Past performance: The information about past performance for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7HB53_en_IE-LU.pdf).
### This chart shows the fund’s performance as the percentage loss or gain per year over the last 0 years.
Performance scenarios: The previous performance scenarios for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7HB53_en_IE-LU.csv). | # Otros datos de interés
### Gestor de inversiones: FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France
Rentabilidad histórica: La información sobre la rentabilidad histórica de este producto se puede encontrar en fundlogic.morganstanley.com, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7HB53_es_ES.pdf).
### Este diagrama muestra la rentabilidad del fondo como pérdida o ganancia porcentual anual durante los últimos 0 años.
Escenarios de rentabilidad: Los escenarios de rentabilidad anterior de este producto se pueden encontrar en fundlogic.morganstanley.com, así como directamente a través de este enlace (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7HB53_es_ES.csv). | # Other relevant information
### Investment Manager: FundLogic SAS, 61 Rue de Monceau, 75008 Paris, France
Past performance: The information about past performance for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KPP_IE00BMT7HB53_en_IE-LU.pdf).
### This chart shows the fund’s performance as the percentage loss or gain per year over the last 0 years.
Performance scenarios: The previous performance scenarios for this product can be found on fundlogic.morganstanley.com and directly via this link (https://api.kneip.com/v1/documentdata/permalinks/KMS_IE00BMT7HB53_en_IE-LU.csv). | en | es |
DOLFIN1578 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
# Other relevant information
This Key Information Document has been produced by Baillie Gifford Investment Management (Europe) Limited. You can obtain further information on the Fund, as well as documents which we are legally required to make available such as the Prospectus, past performance up to 10 years, the latest share prices and the latest annual and interim reports from Baillie Gifford or by visiting the website at www.bailliegifford.com. All such documents are available in English on paper and are free of charge on request. The Prospectus is also available in French and German. Tax laws in Ireland may have an impact on your own tax position. Performance scenarios are calculated on a monthly basis and these calculations are available on the Fund's website at www.bailliegifford.com. The person advising on or selling the product may have to provide you with additional information as required by their financial regulator or national law. The most up to date version of this Key Information Document can be found on the Company's website at www.bailliegifford.com. The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. If you are in any doubt about the action you should take, you should seek independent financial advice. | # Otros datos de interés
Este Documento de Datos Fundamentales ha sido producido por Baillie Gifford Investment Management (Europe) Limited. Puede obtener más información sobre el Fondo, así como los documentos que tenemos la obligación legal de poner a disposición, como el Folleto, la rentabilidad histórica de los últimos 10 años, los últimos precios de las acciones y los últimos informes anuales y semestrales de Baillie Gifford o visitando el sitio web www.bailliegifford.com. Todos esos documentos están disponibles en inglés, en papel y se entregan gratuitamente al solicitarlos. El Folleto también está disponible en francés y alemán. La legislación tributaria de Irlanda puede incidir en su situación tributaria personal. Los escenarios de rentabilidad se calculan mensualmente y estos cálculos están disponibles en el sitio web del Fondo en www.bailliegifford.com. Es posible que la persona que le asesore o venda el producto tenga que proporcionarle información adicional según lo requiera el regulador financiero o la legislación nacional. La versión más actualizada de este Documento de Datos Fundamentales se puede encontrar en el sitio web de la Sociedad en www.bailliegifford.com. El Gestor únicamente incurrirá en responsabilidad por las declaraciones contenidas en presente documento que resulten engañosas, inexactas o incoherentes frente a las correspondientes partes del Folleto. Si tiene alguna duda sobre la acción que debe tomar, busque asesoramiento financiero independiente. | # Other relevant information
This Key Information Document has been produced by Baillie Gifford Investment Management (Europe) Limited. You can obtain further information on the Fund, as well as documents which we are legally required to make available such as the Prospectus, past performance up to 10 years, the latest share prices and the latest annual and interim reports from Baillie Gifford or by visiting the website at www.bailliegifford.com. All such documents are available in English on paper and are free of charge on request. The Prospectus is also available in French and German. Tax laws in Ireland may have an impact on your own tax position. Performance scenarios are calculated on a monthly basis and these calculations are available on the Fund's website at www.bailliegifford.com. The person advising on or selling the product may have to provide you with additional information as required by their financial regulator or national law. The most up to date version of this Key Information Document can be found on the Company's website at www.bailliegifford.com. The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. If you are in any doubt about the action you should take, you should seek independent financial advice. | en | es |
DOLFIN1580 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The selection focuses on issuers that – by international standards – stand out through the positive performance of key corporate indic- ators, such as market position, cash flow, diversified earnings struc- ture and leverage. The investment policy does not provide for capit- al protection. At least 80% of the foreign currency risk is hedged against the reference currency of the respective unit class. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's in- vestment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transaction costs may have a material im- pact on performance. The Fund may not be appropriate for in- vestors who plan to withdraw their money within less than 3 years.
-
# Risk and Reward Profile | El objetivo de este Fondo es generar una revalorización razonable del capital. El Fondo tratará de alcanzar su objetivo de inversión in- virtiendo principalmente en valores de deuda que devengan intere- ses o en valores equivalentes. La selección se centra en los emisores que, según los estándares internacionales, destacan por la rentabili- dad positiva de los principales indicadores corporativos, como la si- tuación de mercado, el flujo de caja, la estructura de beneficios di- versificada y el apalancamiento. La política de inversión no prevé la protección del capital. Al menos el 80 % del riesgo cambiario está cubierto frente a la divisa de referencia de la clase de participacio- nes correspondiente. El Fondo podrá invertir en derivados (instru- mentos financieros derivados de otros valores o activos) con fines
de cobertura. Los aspectos ambientales, sociales y de gobernanza ("ESG") se consideran parte del proceso de inversión del Fondo. La cartera del Fondo se gestiona de forma activa. El Fondo no se ges- tiona con relación a ningún índice de referencia. El Fondo podrá te- ner posiciones en efectivo y equivalentes de efectivo. Los inversores pueden suscribir acciones del Fondo diariamente y pueden reem- bolsarlas diariamente. Se distribuyen todos los ingresos generados por el Fondo. Los costes de transacción de la cartera pueden tener un impacto importante en el rendimiento. El Fondo puede no resul- tar adecuado para aquellos inversores que planeen retirar su dinero en menos de 3 años.
-
# Perfil de riesgo y beneficio | The objective of this Fund is to achieve reasonable capital growth. The Fund will seek to achieve the investment objective by investing primarily in interest-bearing debt securities or equivalent securities. The selection focuses on issuers that – by international standards – stand out through the positive performance of key corporate indic- ators, such as market position, cash flow, diversified earnings struc- ture and leverage. The investment policy does not provide for capit- al protection. At least 80% of the foreign currency risk is hedged against the reference currency of the respective unit class. The Fund may invest in derivatives (financial instruments derived from other
securities or assets) for hedging purposes. Environmental, social and governance ("ESG") aspects are considered as part of the Fund's in- vestment process. The Fund’s portfolio is actively managed. The Fund is not managed in reference to a benchmark. The Fund may have positions in cash and cash equivalents. Investors may on a daily basis subscribe for shares of the Fund and may on a daily basis redeem shares of the Fund. Any income generated by the Fund is distributed. The portfolio transaction costs may have a material im- pact on performance. The Fund may not be appropriate for in- vestors who plan to withdraw their money within less than 3 years.
-
# Risk and Reward Profile | en | es |
DOLFIN1581 | Translate the following text in en into es. Only provide the translation without any other text. The text to translate:
| Charges |
| --- |
| The charges you pay are used to pay the Fund's running costs, including the costs of marketing and distribution. These charges reduce the potential growth of your investment. |
| | One-off charges taken before or after you invest | The shown are maximum figures. In some cases you might pay less. You can find this out from your financial adviser. (*) The figure is based on past expenses determined as of 31 March 2022. This figure may vary from year to year. It excludes: - Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | | Gastos |
| --- |
| Los gastos que usted soporta están destinados a sufragar los costes de funcionamiento del Fondo, incluidos los costes de comercialización y distribución. Estos gastos reducen el potencial de crecimiento de su inversión. |
| | Gastos extraordinarios antes o después de la inversión | Los mostrados son las cifras máximas. En algunos casos usted pagará menos. Puede obtener más información a través de su asesor financiero. (*) La cifra de se basa en los gastos correspondientes pasados determinados el 31 marzo 2022. Dicha cifra puede variar de un año a otro. No incluye: - Costes de transacción de la cartera, exceptuados los gastos de entrada y salida pagados por el Fondo al comprar o vender participaciones de otro organismo de inversión colectiva. | | Charges |
| --- |
| The charges you pay are used to pay the Fund's running costs, including the costs of marketing and distribution. These charges reduce the potential growth of your investment. |
| | One-off charges taken before or after you invest | The shown are maximum figures. In some cases you might pay less. You can find this out from your financial adviser. (*) The figure is based on past expenses determined as of 31 March 2022. This figure may vary from year to year. It excludes: - Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. | en | es |
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