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-0.06 Tc
(31-Dec-2)Tj
ET
q
0.2 i
495.5 533.389 19 12.5 re
W n
BT
5 0 0 5 512.58 535.8892 Tm
0 Tc
(0)Tj
ET
Q
BT
5 0 0 5 520.695 541.8892 Tm
(31-Dec-20 )Tj
ET
q
0.2 i
519.5 533.389 19 12.5 re
W n
BT
5 0 0 5 537.41 541.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 538.5 541.8892 Tm
0 Tc
( )Tj
-3.181 -1.2 TD
-0.06 Tc
(31-Dec-21)Tj
4.42 1.2 TD
(31-Dec-21 )Tj
ET
q
0.2 i
543.5 533.389 19 12.5 re
W n
BT
5 0 0 5 561.41 541.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 562.5 541.8892 Tm
0 Tc
( )Tj
-3.181 -1.2 TD
-0.06 Tc
(31-Dec-2)Tj
ET
q
0.2 i
543.5 533.389 19 12.5 re
W n
BT
5 0 0 5 560.58 535.8892 Tm
0 Tc
(2)Tj
ET
Q
q
212.5 520.389 115 13 re
W n
0.132 0.08 0.028 0 k
212.5 533.389 115 -13 re
f
Q
BT
8 0 0 8 217.5 524.8892 Tm
-0.025 Tc
(Fondo \(USD\))Tj
ET
q
327.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
327.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 334.868 524.8892 Tm
(12.5)Tj
ET
q
351.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
351.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 362.22 524.8892 Tm
(5.6)Tj
ET
q
375.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
375.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 386.22 524.8892 Tm
(2.1)Tj
ET
q
399.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
399.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 410.22 524.8892 Tm
(6.5)Tj
ET
q
423.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
423.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 430.868 524.8892 Tm
(11.0)Tj
ET
q
447.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
447.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 456.196 524.8892 Tm
(-6.7)Tj
ET
q
471.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
471.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 478.868 524.8892 Tm
(18.6)Tj
ET
q
495.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
495.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 506.22 524.8892 Tm
(5.1)Tj
ET
q
519.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
519.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 526.868 524.8892 Tm
(16.)Tj
ET
q
0.2 i
519.5 520.389 19 11 re
W n
BT
8 0 0 8 535.148 524.8892 Tm
0 Tc
(4)Tj
ET
Q
q
543.5 520.389 24 13 re
W n
0.132 0.08 0.028 0 k
543.5 533.389 24 -13 re
f
Q
BT
8 0 0 8 548.844 524.8892 Tm
(-15.1)Tj
ET
q
212.5 495.889 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 512.389 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 501.3892 Tm
0 0 0 0 k
-0.015 Tc
(Resumen de rentabilidad \(%\))Tj
/F5 1 Tf
8 0 0 8 397.412 484.3892 Tm
0 0 0 1 k
-0.025 Tc
[(Acumulada)-8819(Anualizada)]TJ
/F2 1 Tf
-6.17 -2.9375 TD
[(Desde Lanz.)-1334(1 mes)-801(3 meses)-1575(YTD)]TJ
ET
q
465.5 456.389 5 23.5 re
W n
0 0 0 1 K
1 w [2 2 ]2 d
469.5 479.889 m
469.5 454.889 l
S
Q
BT
8 0 0 8 475.516 460.8892 Tm
[(1 ao)-763(3 aos)-763(5 aos)]TJ
10.035 1.3125 TD
(10 )Tj
-0.783 -1.3125 TD
(aos)Tj
ET
q
212.5 443.389 128 13 re
W n
0.132 0.08 0.028 0 k
212.5 456.389 128 -13 re
f
Q
BT
8 0 0 8 217.5 447.8892 Tm
(Clase Base \(M-Dist\))Tj
4 0 0 4 271.02 451.3892 Tm
-0.05 Tc
(\(3\))Tj
ET
q
340.5 443.389 45 13 re
W n
0.132 0.08 0.028 0 k
340.5 456.389 45 -13 re
f
Q
BT
8 0 0 8 365.516 447.8892 Tm
-0.025 Tc
(70.6)Tj
ET
q
0.2 i
340.5 443.389 40 11 re
W n
BT
8 0 0 8 377.148 447.8892 Tm
0 Tc
(4)Tj
ET
Q
q
385.5 443.389 27 13 re
W n
0.132 0.08 0.028 0 k
385.5 456.389 27 -13 re
f
Q
BT
8 0 0 8 395.868 447.8892 Tm
(0.47)Tj
ET
q
412.5 443.389 29 13 re
W n
0.132 0.08 0.028 0 k
412.5 456.389 29 -13 re
f
Q
BT
8 0 0 8 424.868 447.8892 Tm
(4.52)Tj
ET
q
441.5 443.389 24 13 re
W n
0.132 0.08 0.028 0 k
441.5 456.389 24 -13 re
f
Q
BT
8 0 0 8 442.364 447.8892 Tm
(\(15.10\))Tj
ET
q
465.5 443.389 5 13 re
W n
0.132 0.08 0.028 0 k
465.5 456.389 5 -13 re
f
0 0 0 1 K
1 w [2 2 ]2 d
469.5 456.389 m
469.5 431.389 l
S
Q
q
470.5 443.389 25 13 re
W n
0.132 0.08 0.028 0 k
470.5 456.389 25 -13 re
f
Q
BT
8 0 0 8 472.364 447.8892 Tm
(\(15.10\))Tj
ET
q
495.5 443.389 24 13 re
W n
0.132 0.08 0.028 0 k
495.5 456.389 24 -13 re
f
Q
BT
8 0 0 8 502.868 447.8892 Tm
(1.26)Tj
ET
q
519.5 443.389 24 13 re
W n
0.132 0.08 0.028 0 k
519.5 456.389 24 -13 re
f
Q
BT
8 0 0 8 526.868 447.8892 Tm
(2.83)Tj
ET
q
543.5 443.389 24 13 re
W n
0.132 0.08 0.028 0 k
543.5 456.389 24 -13 re
f
Q
BT
8 0 0 8 550.868 447.8892 Tm
(5.13)Tj
ET
q
212.5 420.889 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 437.389 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 426.3893 Tm
0 0 0 0 k
-0.015 Tc
(Rentabilidad en el ao natural \(%\))Tj
/F2 1 Tf
8 0 0 8 333.092 412.3892 Tm
0 0 0 1 k
-0.025 Tc
[(2013)-1324(201)]TJ
ET
q
0.2 i
351.5 407.889 19 11 re
W n
BT
8 0 0 8 367.148 412.3892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 381.092 412.3892 Tm
[(2015)-1324(2016)-1324(2017)-1324(2018)-1324(2019)-1324(2020)-1324(2021)-1324(2022)]TJ
ET
q
212.5 394.889 114 13 re
W n
0.132 0.08 0.028 0 k
212.5 407.889 114 -13 re
f
Q
BT
8 0 0 8 217.5 399.3893 Tm
(Clase Base \(M-Dist\))Tj
ET
0.132 0.08 0.028 0 k
326.5 407.889 25 -13 re
f
BT
8 0 0 8 334.868 399.3893 Tm
0 0 0 1 k
(12.5)Tj
ET
q
351.5 394.889 24 13 re
W n
0.132 0.08 0.028 0 k
351.5 407.889 24 -13 re
f
Q
BT
8 0 0 8 362.22 399.3893 Tm
(5.6)Tj
ET
q
375.5 394.889 24 13 re
W n
0.132 0.08 0.028 0 k
375.5 407.889 24 -13 re
f
Q
BT
8 0 0 8 386.22 399.3893 Tm
(2.1)Tj
ET
q
399.5 394.889 24 13 re
W n
0.132 0.08 0.028 0 k
399.5 407.889 24 -13 re
f
Q
BT
8 0 0 8 410.22 399.3893 Tm
(6.5)Tj
ET
0.132 0.08 0.028 0 k
423.5 407.889 24 -13 re
f
BT
8 0 0 8 430.868 399.3893 Tm
0 0 0 1 k
(11.0)Tj
ET
0.132 0.08 0.028 0 k
447.5 407.889 24 -13 re
f
BT
8 0 0 8 456.196 399.3893 Tm
0 0 0 1 k
(-6.7)Tj
ET
0.132 0.08 0.028 0 k
471.5 407.889 24 -13 re
f
BT
8 0 0 8 478.868 399.3893 Tm
0 0 0 1 k
(18.6)Tj
ET
0.132 0.08 0.028 0 k
495.5 407.889 24 -13 re
f
BT
8 0 0 8 506.22 399.3893 Tm
0 0 0 1 k
(5.1)Tj
ET
0.132 0.08 0.028 0 k
519.5 407.889 24 -13 re
f
BT
8 0 0 8 526.868 399.3893 Tm
0 0 0 1 k
(16.)Tj
ET
q
0.2 i
519.5 394.889 19 11 re
W n
BT
8 0 0 8 535.148 399.3893 Tm
0 Tc
(4)Tj
ET
Q
0.132 0.08 0.028 0 k
543.5 407.889 24 -13 re
f
BT
8 0 0 8 548.844 399.3893 Tm
0 0 0 1 k
(-15.1)Tj
/F5 1 Tf
7.5 0 0 7.5 217.5 187.4 Tm
-0.0267 Tc
(La presente es una comunicacin de promocin comercial. )Tj
ET
q
0.2 i
217.5 164.5 350 28.4 re
W n
BT
7.5 0 0 7.5 387.5225 187.4 Tm
0 Tc
(C)Tj
ET
Q
BT
7.5 0 0 7.5 391.4925 187.4 Tm
(onsulte el folleto y el KIID antes de tomar cualquier decisin )Tj
-23.199 -1.24 TD
(de inversin. Consulte el apartado de Informacin Adicional. Todos los datos de rentabilidad y de posiciones de cartera )Tj
T*
(son actuales a 31.dic.2022.)Tj
0 -1.3067 TD
0 Tc
(La rentabilidad histrica no garantiza rentabilidades futuras. La rentabilidad del fondo puede subir o bajar como )Tj
0 -1.24 TD
(consecuencia de las uctuaciones en los tipos de cambio.)Tj
/F2 1 Tf
T*
(* Identicamos dos grandes categoras de fondos para ayudar a los inversores a pensar sobre cmo construir su cartera de )Tj
T*
(inversin total. A los siguientes fondos los denominamos)Tj
/F5 1 Tf
20.6 0 TD
( bsicos)Tj
/F2 1 Tf
4.276 0 TD
( \(core\): \(A\) Fondos de renta variable con un mandato de )Tj
-24.876 -1.24 TD
(inversin global, o concentrados principalmente en los mercados estadounidense y europeo, debido al tamao y la transparencia )Tj
T*
(de estos mercados. \(B\) Fondos de renta ja con un mandato de inversin global, o aquellos concentrados principalmente en los )Tj
T*
(mercados estadounidense, europeo y britnico, y que invierten predominantemente en deuda con grado de inversin, incluida la )Tj
T*
(de emisores gubernamentales. \(C\) Fondos multi-activo con un ndice de referencia que abarca varias clases de activo. Por su )Tj
T*
(naturaleza, los fondos bsicos pueden conllevar mayores niveles de riesgo. A todos los dems fondos los consideramos)Tj
/F5 1 Tf
43.142 0 TD
( )Tj
-43.142 -1.24 TD
(complementarios)Tj
/F2 1 Tf
7.943 0 TD
(, y estos tambin pueden tener niveles de riesgo variados. No se garantiza de ningn modo que estos )Tj
-7.943 -1.24 TD
(objetivos vayan a cumplirse.)Tj
T*
(Para carteras concentradas en regiones especcas, comprendemos que su categorizacin puede ser distinta en funcin de la )Tj
T*
[(perspectiva de cada inversor)70(.)]TJ
/F5 1 Tf
10.48 0 TD
( Antes de invertir debe considerar cuidadosamente sus objetivos nancieros. Su asesor )Tj
ET
q
0.2 i
217.5 24.5 350 140 re
W n
BT
7.5 0 0 7.5 217.5 38.1 Tm
()Tj
ET
Q
BT
7.5 0 0 7.5 221.25 38.1 Tm
(nanciero puede ayudarle a determinar si una inversin en este fondo y la cantidad que desea invertir son )Tj
-0.5 -1.24 TD
(adecuadas.)Tj
ET
0.746 0.676 0.668 0.898 k
0.2 i
108.925 31.419 m
105.949 38.753 l
104.863 38.753 l
104.863 30.486 l
105.831 30.486 l
105.831 36.852 l
105.913 36.544 106.185 35.812 106.244 35.67 c
108.405 30.486 l
109.433 30.486 l
111.594 35.682 l
111.653 35.812 111.925 36.544 112.019 36.852 c
112.019 30.486 l
112.976 30.486 l
112.976 38.753 l
111.889 38.753 l
h
117.452 44.417 m
117.452 45.42 116.719 45.917 115.503 46.152 c
114.523 46.341 113.944 46.637 113.944 47.192 c
113.944 47.711 114.476 47.983 115.113 47.983 c
115.799 47.983 116.377 47.629 116.66 46.885 c
117.393 47.31 l
116.991 48.208 116.306 48.739 115.102 48.739 c
114.003 48.739 113.07 48.148 113.07 47.168 c
113.07 46.152 113.944 45.633 115.066 45.432 c
116.07 45.243 116.53 44.96 116.53 44.369 c
116.53 43.767 116.023 43.365 115.255 43.365 c
114.381 43.365 113.802 43.909 113.531 44.747 c
112.739 44.251 l
113.106 43.342 113.932 42.55 115.255 42.55 c
116.684 42.55 117.452 43.448 117.452 44.417 c
108.252 49.258 m
108.335 49.448 108.429 49.719 108.476 49.884 c
108.524 49.719 108.618 49.448 108.7 49.258 c
109.965 45.999 l
106.988 45.999 l
h
106.657 45.148 m
110.295 45.148 l
111.24 42.716 l
112.291 42.716 l
108.984 50.983 l
107.968 50.983 l
104.662 42.716 l
105.713 42.716 l
h
93.693 30.57 0.476 23.298 re
135.758 31.407 m
134.612 31.407 133.844 32.222 133.844 33.544 c
133.844 34.867 134.612 35.682 135.758 35.682 c
136.903 35.682 137.682 34.867 137.682 33.544 c
137.682 32.222 136.903 31.407 135.758 31.407 c
137.612 35.505 m
137.246 36.096 136.572 36.509 135.639 36.509 c
134.175 36.509 132.899 35.422 132.899 33.544 c
132.899 31.714 134.104 30.581 135.639 30.581 c
136.572 30.581 137.21 31.005 137.612 31.655 c
137.612 30.805 l
137.612 29.387 136.974 28.703 135.781 28.703 c
134.777 28.703 134.163 29.045 134.163 29.6 c
134.163 29.765 134.198 29.895 134.246 30.025 c
133.36 30.285 l
133.265 30.108 133.206 29.895 133.206 29.648 c
133.206 28.655 134.116 27.911 135.781 27.911 c
137.564 27.911 138.568 29.009 138.568 30.876 c
138.568 36.344 l
137.612 36.344 l
h
82.882 48.767 m
82.882 50.366 82.117 51.204 80.742 51.204 c
79.901 51.204 79.061 50.823 78.831 50.062 c
78.755 50.975 l
78.526 50.975 l
76.31 50.747 l
76.31 50.518 l
76.615 50.138 l
76.615 43.513 l
76.31 43.057 l
76.31 42.828 l
79.137 42.828 l
79.137 43.057 l
78.831 43.513 l
78.831 48.919 l
78.831 49.757 79.29 50.366 79.901 50.366 c
80.36 50.366 80.666 49.985 80.666 49.376 c
80.666 43.513 l
80.283 43.057 l
80.283 42.828 l
83.187 42.828 l
83.187 43.057 l
82.882 43.513 l
h
126.581 47.971 m
127.538 47.971 128.388 47.381 128.447 46.259 c
124.573 46.259 l
124.762 47.227 125.565 47.971 126.581 47.971 c
129.238 44.263 m
128.529 44.676 l
128.164 43.909 127.585 43.365 126.581 43.365 c
125.4 43.365 124.633 44.298 124.573 45.491 c
129.404 45.491 l
129.404 45.81 l
129.404 47.523 128.317 48.739 126.593 48.739 c
124.951 48.739 123.64 47.463 123.64 45.645 c
123.64 43.826 124.94 42.55 126.546 42.55 c
127.857 42.55 128.695 43.165 129.238 44.263 c
130.774 33.356 m
130.774 32.222 130.089 31.147 128.908 31.147 c
128.199 31.147 127.738 31.549 127.738 32.151 c
127.738 32.753 128.187 33.167 128.978 33.296 c
130.774 33.592 l
h
131.718 34.572 m
131.718 35.8 130.892 36.509 129.392 36.509 c
128.034 36.509 127.112 35.73 127.112 34.82 c
127.112 34.667 127.148 34.489 127.207 34.359 c
128.022 34.631 l
127.998 34.726 127.998 34.75 127.998 34.796 c
127.998 35.293 128.471 35.753 129.392 35.753 c
130.266 35.753 130.774 35.363 130.774 34.596 c
130.774 34.324 l
128.79 34.005 l
127.727 33.84 126.794 33.261 126.794 32.116 c
126.794 31.065 127.561 30.32 128.754 30.32 c
129.616 30.32 130.467 30.852 130.785 31.643 c
130.785 31.041 130.974 30.663 131.128 30.486 c
132.085 30.486 l
131.801 30.935 131.718 31.277 131.718 31.95 c
h
133.183 43.46 m
133.065 43.424 132.887 43.389 132.722 43.389 c
132.191 43.389 131.919 43.672 131.919 44.287 c
131.919 47.83 l
133.313 47.83 l
133.313 48.574 l
131.919 48.574 l
131.919 50.156 l
130.963 50.156 l
130.963 48.574 l
129.97 48.574 l
129.97 47.83 l
130.963 47.83 l
130.963 44.216 l
130.963 43.011 131.671 42.55 132.51 42.55 c
132.817 42.55 133.065 42.598 133.265 42.669 c
h
156.696 34.029 m
156.885 34.997 157.688 35.741 158.704 35.741 c
159.661 35.741 160.511 35.151 160.57 34.029 c
h
158.716 36.509 m
157.074 36.509 155.763 35.233 155.763 33.415 c
155.763 31.596 157.063 30.32 158.669 30.32 c
159.98 30.32 160.818 30.935 161.361 32.033 c
160.653 32.446 l
160.287 31.679 159.708 31.135 158.704 31.135 c
157.523 31.135 156.756 32.068 156.696 33.261 c
161.527 33.261 l
161.527 33.58 l
161.527 35.293 160.44 36.509 158.716 36.509 c
152.846 36.509 m
152.067 36.509 151.359 36.06 150.992 35.387 c
150.744 36.107 150.13 36.509 149.374 36.509 c
148.618 36.509 147.957 36.06 147.614 35.434 c
147.614 36.344 l
146.67 36.344 l
146.67 30.486 l
147.614 30.486 l
147.614 33.674 l
147.614 34.962 148.3 35.682 149.067 35.682 c
149.8 35.682 150.166 35.186 150.166 34.454 c
150.166 30.486 l
151.122 30.486 l
151.122 33.627 l
151.122 35.033 151.819 35.682 152.563 35.682 c
153.295 35.682 153.697 35.281 153.697 34.489 c
153.697 30.486 l
154.653 30.486 l
154.653 34.761 l
154.653 35.848 153.933 36.509 152.846 36.509 c
118.137 33.356 m
118.137 32.222 117.452 31.147 116.271 31.147 c
115.562 31.147 115.102 31.549 115.102 32.151 c
115.102 32.753 115.55 33.167 116.342 33.296 c
118.137 33.592 l
h
119.082 34.572 m
119.082 35.8 118.255 36.509 116.755 36.509 c
115.397 36.509 114.476 35.73 114.476 34.82 c
114.476 34.667 114.511 34.489 114.57 34.359 c
115.385 34.631 l
115.362 34.726 115.362 34.75 115.362 34.796 c
115.362 35.293 115.834 35.753 116.755 35.753 c
117.629 35.753 118.137 35.363 118.137 34.596 c
118.137 34.324 l
116.153 34.005 l
115.09 33.84 114.157 33.261 114.157 32.116 c
114.157 31.065 114.925 30.32 116.117 30.32 c
116.979 30.32 117.83 30.852 118.149 31.643 c
118.149 31.041 118.338 30.663 118.491 30.486 c
119.448 30.486 l
119.164 30.935 119.082 31.277 119.082 31.95 c
h
123.558 36.509 m
122.719 36.509 121.964 36.037 121.527 35.304 c
121.527 36.344 l
120.582 36.344 l
120.582 30.486 l
121.527 30.486 l
121.527 33.687 l
121.527 34.82 122.342 35.647 123.239 35.647 c
124.089 35.647 124.668 35.139 124.668 34.218 c
124.668 30.486 l
125.612 30.486 l
125.612 34.466 l
125.612 35.859 124.692 36.509 123.558 36.509 c
140.611 34.029 m
140.8 34.997 141.603 35.741 142.619 35.741 c
143.576 35.741 144.426 35.151 144.485 34.029 c
h
142.631 36.509 m
140.989 36.509 139.678 35.233 139.678 33.415 c
139.678 31.596 140.977 30.32 142.584 30.32 c
143.895 30.32 144.733 30.935 145.276 32.033 c
144.568 32.446 l
144.201 31.679 143.623 31.135 142.619 31.135 c
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0 -1.3 TD
(titulizaciones \(% VM\))Tj
ET
q
397.5 510.389 170 29.5 re
W n
0.53 0.32 0.11 0 k
397.5 539.889 170 -29.5 re
f
Q
BT
10 0 0 10 401.5 528.8892 Tm
(Las 3 principales posiciones en )Tj
T*
(renta variable \(% VM\))Tj
/F2 1 Tf
8 0 0 8 217.5 501.8892 Tm
0 0 0 1 k
-0.025 Tc
(LEHMAN XS TRUST 3A3 2007-2N FRN 25 )Tj
0 -1.3125 TD
(FEB 2037)Tj
18.965 1.3125 TD
(2.3)Tj
ET
q
212.5 461.389 120 24.5 re
W n
0.132 0.08 0.028 0 k
212.5 485.889 120 -24.5 re
f
Q
BT
8 0 0 8 217.5 477.3892 Tm
(FREDDIE MAC STAC B1 2020-DNA5 FRN )Tj
0 -1.3125 TD
(25 OCT 2050 144A)Tj
ET
q
332.5 461.389 50 24.5 re
W n
0.132 0.08 0.028 0 k
332.5 485.889 50 -24.5 re
f
Q
BT
8 0 0 8 369.22 477.3892 Tm
(1.)Tj
ET
q
0.2 i
332.5 472.889 45 11 re
W n
BT
8 0 0 8 374.148 477.3892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 217.5 452.8892 Tm
(MORGAN STANLEY ABS CA A2B 2007-)Tj
T*
(NC3 FRN 25 MAY 2037)Tj
18.965 1.3125 TD
(1.)Tj
ET
q
0.2 i
332.5 448.389 45 11 re
W n
BT
8 0 0 8 374.148 452.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 402.5 501.8892 Tm
[(PROLOGIS INC)-13987(3.3)]TJ
ET
q
397.5 482.389 120 14 re
W n
0.132 0.08 0.028 0 k
397.5 496.389 120 -14 re
f
Q
BT
8 0 0 8 402.5 487.8892 Tm
(D.R. HORTON, INC.)Tj
ET
q
517.5 482.389 50 14 re
W n
0.132 0.08 0.028 0 k
517.5 496.389 50 -14 re
f
Q
BT
8 0 0 8 554.22 487.8892 Tm
(2.7)Tj
-18.965 -1.75 TD
[(LENNAR CORPORATION)-10637(2.5)]TJ
ET
q
0.2 i
217.5 127.3 350 37.7 re
W n
BT
/F5 1 Tf
7.5 0 0 7.5 217.5 159.5 Tm
0 Tc
(C)Tj
ET
Q
BT
/F5 1 Tf
7.5 0 0 7.5 221.47 159.5 Tm
-0.0267 Tc
(onsulte el apartado de Informacin Adicional. Todos los datos de rentabilidad y de posiciones de cartera son actuales a )Tj
-0.5293 -1.24 TD
(31.dic.2022. La rentabilidad histrica no garantiza rentabilidades futuras. El valor de las inversiones y de los ingresos )Tj
T*
(derivados de las mismas ucta, y puede tanto caer como aumentar. Por consiguiente, el capital invertido podra sufrir )Tj
T*
(minusvalas.)Tj
ET
q
0.2 i
217.5 24.5 350 102.8 re
W n
BT
/F2 1 Tf
4 0 0 4 217.5 124.6 Tm
0 Tc
(\(1\))Tj
ET
Q
BT
/F2 1 Tf
7.5 0 0 7.5 221.052 121.8 Tm
0 Tc
(El nmero de tenencias se reere a valores, con lo que excluye posiciones en efectivo, equivalentes de efectivo y derivados.)Tj
4 0 0 4 560.0069 124.6 Tm
( )Tj
-85.6267 -2.325 TD
(\(2\))Tj
7.5 0 0 7.5 221.052 112.5 Tm
(La cifra de gastos corrientes se basa en los gastos incurridos durante el ao previo. El Documento de informacin clave para e)Tj
45.752 0 TD
(l )Tj
-46.2256 -1.24 TD
(inversor \(DFI/KIID\) proporciona informacin detallada a este respecto. Los gastos corrientes son las comisiones que el fondo )Tj
T*
(cobra a los inversores para cubrir los costes diarios de funcionamiento de los fondos. Se detraen del fondo y repercuten en su )Tj
T*
(rentabilidad. El fondo incurre en gastos en varias divisas, lo que signica que la cantidad a pagar puede ser mayor o menor en )Tj
T*
[(funcin de las uctuaciones de los tipos de cambio. T)74(odos los gastos se detraern del fondo, lo que afectar a su rentabilidad )]TJ
T*
(general.)Tj
4 0 0 4 241.23 68.8 Tm
( \(3\))Tj
7.5 0 0 7.5 245.67 66 Tm
(Las rentabilidades del fondo se proporcionan netas de comisiones regulares aplicables, con reinversin de dividendos )Tj
-3.756 -1.24 TD
(segn el valor liquidativo ex dividendo. Estas rentabilidades se ofrecen a efectos de comparacin con un ndice especicado. )Tj
T*
(Dado que el inversor podra tener que pagar otras comisiones, cargas y gravmenes, su objetivo no es proporcionar una medida )Tj
T*
[(del rendimiento real para el inversor)70(. Los datos de rendimiento no tienen en cuenta las comisiones y costes incurridos por la )]TJ
T*
(emisin y reembolso de participaciones.)Tj
ET
0.746 0.676 0.668 0.898 k
0.2 i
108.925 31.419 m
105.949 38.753 l
104.863 38.753 l
104.863 30.486 l
105.831 30.486 l
105.831 36.852 l
105.913 36.544 106.185 35.812 106.244 35.67 c
108.405 30.486 l
109.433 30.486 l
111.594 35.682 l
111.653 35.812 111.925 36.544 112.019 36.852 c
112.019 30.486 l
112.976 30.486 l
112.976 38.753 l
111.889 38.753 l
h
117.452 44.417 m
117.452 45.42 116.719 45.917 115.503 46.152 c
114.523 46.341 113.944 46.637 113.944 47.192 c
113.944 47.711 114.476 47.983 115.113 47.983 c
115.799 47.983 116.377 47.629 116.66 46.885 c
117.393 47.31 l
116.991 48.208 116.306 48.739 115.102 48.739 c
114.003 48.739 113.07 48.148 113.07 47.168 c
113.07 46.152 113.944 45.633 115.066 45.432 c
116.07 45.243 116.53 44.96 116.53 44.369 c
116.53 43.767 116.023 43.365 115.255 43.365 c
114.381 43.365 113.802 43.909 113.531 44.747 c
112.739 44.251 l
113.106 43.342 113.932 42.55 115.255 42.55 c
116.684 42.55 117.452 43.448 117.452 44.417 c
108.252 49.258 m
108.335 49.448 108.429 49.719 108.476 49.884 c
108.524 49.719 108.618 49.448 108.7 49.258 c
109.965 45.999 l
106.988 45.999 l
h
106.657 45.148 m
110.295 45.148 l
111.24 42.716 l
112.291 42.716 l
108.984 50.983 l
107.968 50.983 l
104.662 42.716 l
105.713 42.716 l
h
93.693 30.57 0.476 23.298 re
135.758 31.407 m
134.612 31.407 133.844 32.222 133.844 33.544 c
133.844 34.867 134.612 35.682 135.758 35.682 c
136.903 35.682 137.682 34.867 137.682 33.544 c
137.682 32.222 136.903 31.407 135.758 31.407 c
137.612 35.505 m
137.246 36.096 136.572 36.509 135.639 36.509 c
134.175 36.509 132.899 35.422 132.899 33.544 c
132.899 31.714 134.104 30.581 135.639 30.581 c
136.572 30.581 137.21 31.005 137.612 31.655 c
137.612 30.805 l
137.612 29.387 136.974 28.703 135.781 28.703 c
134.777 28.703 134.163 29.045 134.163 29.6 c
134.163 29.765 134.198 29.895 134.246 30.025 c
133.36 30.285 l
133.265 30.108 133.206 29.895 133.206 29.648 c
133.206 28.655 134.116 27.911 135.781 27.911 c
137.564 27.911 138.568 29.009 138.568 30.876 c
138.568 36.344 l
137.612 36.344 l
h
82.882 48.767 m
82.882 50.366 82.117 51.204 80.742 51.204 c
79.901 51.204 79.061 50.823 78.831 50.062 c
78.755 50.975 l
78.526 50.975 l
76.31 50.747 l
76.31 50.518 l
76.615 50.138 l
76.615 43.513 l
76.31 43.057 l
76.31 42.828 l
79.137 42.828 l
79.137 43.057 l
78.831 43.513 l
78.831 48.919 l
78.831 49.757 79.29 50.366 79.901 50.366 c
80.36 50.366 80.666 49.985 80.666 49.376 c
80.666 43.513 l
80.283 43.057 l
80.283 42.828 l
83.187 42.828 l
83.187 43.057 l
82.882 43.513 l
h
126.581 47.971 m
127.538 47.971 128.388 47.381 128.447 46.259 c
124.573 46.259 l
124.762 47.227 125.565 47.971 126.581 47.971 c
129.238 44.263 m
128.529 44.676 l
128.164 43.909 127.585 43.365 126.581 43.365 c
125.4 43.365 124.633 44.298 124.573 45.491 c
129.404 45.491 l
129.404 45.81 l
129.404 47.523 128.317 48.739 126.593 48.739 c
124.951 48.739 123.64 47.463 123.64 45.645 c
123.64 43.826 124.94 42.55 126.546 42.55 c
127.857 42.55 128.695 43.165 129.238 44.263 c
130.774 33.356 m
130.774 32.222 130.089 31.147 128.908 31.147 c
128.199 31.147 127.738 31.549 127.738 32.151 c
127.738 32.753 128.187 33.167 128.978 33.296 c
130.774 33.592 l
h
131.718 34.572 m
131.718 35.8 130.892 36.509 129.392 36.509 c
128.034 36.509 127.112 35.73 127.112 34.82 c
127.112 34.667 127.148 34.489 127.207 34.359 c
128.022 34.631 l
127.998 34.726 127.998 34.75 127.998 34.796 c
127.998 35.293 128.471 35.753 129.392 35.753 c
130.266 35.753 130.774 35.363 130.774 34.596 c
130.774 34.324 l
128.79 34.005 l
127.727 33.84 126.794 33.261 126.794 32.116 c
126.794 31.065 127.561 30.32 128.754 30.32 c
129.616 30.32 130.467 30.852 130.785 31.643 c
130.785 31.041 130.974 30.663 131.128 30.486 c
132.085 30.486 l
131.801 30.935 131.718 31.277 131.718 31.95 c
h
133.183 43.46 m
133.065 43.424 132.887 43.389 132.722 43.389 c
132.191 43.389 131.919 43.672 131.919 44.287 c
131.919 47.83 l
133.313 47.83 l
133.313 48.574 l
131.919 48.574 l
131.919 50.156 l
130.963 50.156 l
130.963 48.574 l
129.97 48.574 l
129.97 47.83 l
130.963 47.83 l
130.963 44.216 l
130.963 43.011 131.671 42.55 132.51 42.55 c
132.817 42.55 133.065 42.598 133.265 42.669 c
h
156.696 34.029 m
156.885 34.997 157.688 35.741 158.704 35.741 c
159.661 35.741 160.511 35.151 160.57 34.029 c
h
158.716 36.509 m
157.074 36.509 155.763 35.233 155.763 33.415 c
155.763 31.596 157.063 30.32 158.669 30.32 c
159.98 30.32 160.818 30.935 161.361 32.033 c
160.653 32.446 l
160.287 31.679 159.708 31.135 158.704 31.135 c
157.523 31.135 156.756 32.068 156.696 33.261 c
161.527 33.261 l
161.527 33.58 l
161.527 35.293 160.44 36.509 158.716 36.509 c
152.846 36.509 m
152.067 36.509 151.359 36.06 150.992 35.387 c
150.744 36.107 150.13 36.509 149.374 36.509 c
148.618 36.509 147.957 36.06 147.614 35.434 c
147.614 36.344 l
146.67 36.344 l
146.67 30.486 l
147.614 30.486 l
147.614 33.674 l
147.614 34.962 148.3 35.682 149.067 35.682 c
149.8 35.682 150.166 35.186 150.166 34.454 c
150.166 30.486 l
151.122 30.486 l
151.122 33.627 l
151.122 35.033 151.819 35.682 152.563 35.682 c
153.295 35.682 153.697 35.281 153.697 34.489 c
153.697 30.486 l
154.653 30.486 l
154.653 34.761 l
154.653 35.848 153.933 36.509 152.846 36.509 c
118.137 33.356 m
118.137 32.222 117.452 31.147 116.271 31.147 c
115.562 31.147 115.102 31.549 115.102 32.151 c
115.102 32.753 115.55 33.167 116.342 33.296 c
118.137 33.592 l
h
119.082 34.572 m
119.082 35.8 118.255 36.509 116.755 36.509 c
115.397 36.509 114.476 35.73 114.476 34.82 c
114.476 34.667 114.511 34.489 114.57 34.359 c
115.385 34.631 l
115.362 34.726 115.362 34.75 115.362 34.796 c
115.362 35.293 115.834 35.753 116.755 35.753 c
117.629 35.753 118.137 35.363 118.137 34.596 c
118.137 34.324 l
116.153 34.005 l
115.09 33.84 114.157 33.261 114.157 32.116 c
114.157 31.065 114.925 30.32 116.117 30.32 c
116.979 30.32 117.83 30.852 118.149 31.643 c
118.149 31.041 118.338 30.663 118.491 30.486 c
119.448 30.486 l
119.164 30.935 119.082 31.277 119.082 31.95 c
h
123.558 36.509 m
122.719 36.509 121.964 36.037 121.527 35.304 c
121.527 36.344 l
120.582 36.344 l
120.582 30.486 l
121.527 30.486 l
121.527 33.687 l
121.527 34.82 122.342 35.647 123.239 35.647 c
124.089 35.647 124.668 35.139 124.668 34.218 c
124.668 30.486 l
125.612 30.486 l
125.612 34.466 l
125.612 35.859 124.692 36.509 123.558 36.509 c
140.611 34.029 m
140.8 34.997 141.603 35.741 142.619 35.741 c
143.576 35.741 144.426 35.151 144.485 34.029 c
h
142.631 36.509 m
140.989 36.509 139.678 35.233 139.678 33.415 c
139.678 31.596 140.977 30.32 142.584 30.32 c
143.895 30.32 144.733 30.935 145.276 32.033 c
144.568 32.446 l
144.201 31.679 143.623 31.135 142.619 31.135 c
141.438 31.135 140.67 32.068 140.611 33.261 c
145.442 33.261 l
145.442 33.58 l
145.442 35.293 144.355 36.509 142.631 36.509 c
72.641 44.96 m
72.641 44.199 72.336 43.589 71.801 43.589 c
71.19 43.589 70.96 44.123 70.96 45.112 c
70.96 46.331 71.419 47.092 72.336 47.473 c
72.641 47.625 l
h
74.858 48.767 m
74.858 50.29 73.864 51.204 72.03 51.204 c
71.19 51.204 70.273 50.975 69.279 50.67 c
69.279 48.082 l
70.043 48.082 l
70.502 49.376 l
70.884 50.29 71.266 50.594 71.801 50.594 c
72.412 50.594 72.641 50.213 72.641 49.3 c
72.641 48.158 l
71.648 47.777 l
69.432 46.864 68.668 46.026 68.668 44.732 c
68.668 43.361 69.508 42.676 70.731 42.676 c
71.648 42.676 72.412 43.133 72.641 43.818 c
72.795 42.828 l
75.24 42.828 l
75.24 43.057 l
74.858 43.513 l
h
32.369 47.929 m
33.515 47.168 l
33.515 43.361 l
33.21 43.285 32.904 43.285 32.751 43.285 c
30.993 43.285 30.611 44.808 30.611 48.158 c
30.611 51.356 31.299 53.183 32.751 53.183 c
33.515 53.183 33.974 52.726 34.432 51.508 c
34.891 50.213 l
35.655 50.213 l
35.655 53.564 l
34.585 53.792 33.668 53.868 33.21 53.868 c
29.694 53.868 27.86 51.813 27.86 48.082 c
27.86 44.732 29.236 42.676 32.674 42.676 c
33.439 42.676 34.661 42.752 35.731 42.904 c
35.731 48.31 l
32.369 48.31 l
h
40.546 32.702 m
40.546 31.864 40.24 31.331 39.629 31.331 c
39.094 31.331 38.864 31.864 38.864 32.854 c
38.864 33.996 39.247 34.757 40.24 35.214 c
40.546 35.367 l
h
42.762 36.509 m
42.762 38.031 41.768 38.869 39.934 38.869 c
39.094 38.869 38.1 38.717 37.183 38.412 c
37.183 35.823 l
37.947 35.823 l
38.406 37.118 l
38.788 38.031 39.17 38.336 39.705 38.336 c
40.24 38.336 40.546 37.955 40.546 37.042 c
40.546 35.899 l
39.552 35.519 l
37.336 34.605 36.572 33.768 36.572 32.473 c
36.572 31.103 37.413 30.341 38.635 30.341 c
39.552 30.341 40.317 30.798 40.546 31.56 c
40.622 30.57 l
43.068 30.57 l
43.068 30.798 l
42.762 31.255 l
h
33.591 36.965 m
31.987 37.879 l
31.146 38.336 30.688 38.945 30.688 39.63 c
30.688 40.392 31.299 40.925 32.216 40.925 c
33.133 40.925 33.515 40.468 33.974 39.173 c
34.432 37.955 l
35.196 37.955 l
35.196 41.381 l
34.127 41.534 33.439 41.534 32.827 41.534 c
30.305 41.534 28.777 40.392 28.777 38.565 c
28.777 37.346 29.465 36.28 30.688 35.671 c
32.293 34.757 l
33.21 34.3 33.591 33.615 33.591 32.778 c
33.591 31.712 32.904 31.027 31.987 31.027 c
31.07 31.027 30.535 31.712 29.847 33.844 c
29.542 34.757 l
28.777 34.757 l
28.777 30.646 l
29.694 30.494 30.764 30.341 31.529 30.341 c
34.127 30.341 35.578 31.56 35.578 33.768 c
35.578 35.138 34.967 36.204 33.591 36.965 c
171.86 35.6 m
171.86 36.344 l
170.466 36.344 l
170.466 37.926 l
169.51 37.926 l
169.51 36.344 l
168.518 36.344 l
168.518 35.6 l
169.51 35.6 l
169.51 31.986 l
169.51 30.781 170.218 30.32 171.057 30.32 c
171.364 30.32 171.612 30.368 171.813 30.439 c
171.73 31.23 l
171.612 31.194 171.435 31.159 171.27 31.159 c
170.738 31.159 170.466 31.442 170.466 32.057 c
170.466 35.6 l
h
120.7 43.365 m
119.826 43.365 119.247 43.909 118.975 44.747 c
118.184 44.251 l
118.55 43.342 119.377 42.55 120.7 42.55 c
122.129 42.55 122.896 43.448 122.896 44.417 c
122.896 45.42 122.164 45.917 120.947 46.152 c
119.967 46.341 119.389 46.637 119.389 47.192 c
119.389 47.711 119.92 47.983 120.558 47.983 c
121.243 47.983 121.821 47.629 122.105 46.885 c
122.837 47.31 l
122.436 48.208 121.751 48.739 120.546 48.739 c
119.448 48.739 118.515 48.148 118.515 47.168 c
118.515 46.152 119.389 45.633 120.51 45.432 c
121.514 45.243 121.975 44.96 121.975 44.369 c
121.975 43.767 121.467 43.365 120.7 43.365 c
47.729 43.057 m
47.424 43.513 l
47.424 53.336 l
44.825 53.107 l
44.825 52.878 l
45.131 52.422 l
45.131 43.513 l
44.825 43.057 l
44.825 42.828 l
47.729 42.828 l
h
62.936 35.367 m
61.485 36.128 l
60.72 36.585 60.415 36.889 60.415 37.422 c
60.415 37.955 60.797 38.336 61.485 38.336 c
62.172 38.336 62.478 38.031 62.86 37.194 c
63.166 36.356 l
63.853 36.356 l
63.853 38.641 l
63.089 38.793 62.402 38.869 61.79 38.869 c
59.88 38.869 58.733 38.031 58.733 36.509 c
58.733 35.595 59.192 34.91 60.109 34.377 c
61.561 33.615 l
62.325 33.235 62.707 32.778 62.707 32.169 c
62.707 31.331 62.249 30.875 61.408 30.875 c
60.568 30.875 60.185 31.407 59.651 32.93 c
59.421 33.539 l
58.733 33.539 l
58.733 30.646 l
59.956 30.418 60.72 30.341 61.255 30.341 c
63.471 30.341 64.312 31.483 64.312 33.006 c
64.312 34.072 63.853 34.834 62.936 35.367 c
52.238 50.594 m
53.078 50.594 53.308 49.376 53.308 47.016 c
53.308 44.503 53.078 43.285 52.238 43.285 c
51.473 43.285 51.168 44.123 51.168 46.94 c
51.168 49.681 51.473 50.594 52.238 50.594 c
53.384 44.046 m
53.537 42.828 l
55.829 42.828 l
55.829 43.057 l
55.524 43.513 l
55.524 53.336 l
52.925 53.107 l
52.925 52.878 l
53.308 52.422 l
53.308 50.213 l
53.078 50.823 52.544 51.204 51.779 51.204 c
49.945 51.204 48.875 49.757 48.875 47.016 c
48.875 44.199 49.869 42.676 51.703 42.676 c
52.62 42.676 53.155 43.057 53.384 44.046 c
40.469 43.209 m
39.705 43.209 39.476 43.97 39.476 46.94 c
39.476 49.909 39.705 50.67 40.469 50.67 c
41.157 50.67 41.463 49.909 41.463 46.94 c
41.463 43.97 41.157 43.209 40.469 43.209 c
40.469 51.204 m
38.559 51.204 37.107 49.681 37.107 46.94 c
37.107 44.199 38.559 42.676 40.469 42.676 c
42.303 42.676 43.756 44.199 43.756 46.94 c
43.756 49.681 42.303 51.204 40.469 51.204 c
57.281 36.433 m
57.281 38.107 56.593 38.869 55.218 38.869 c
54.378 38.869 53.613 38.565 53.308 37.803 c
53.308 41.077 l
50.71 40.849 l
50.71 40.62 l
51.092 40.163 l
51.092 31.255 l
50.71 30.798 l
50.71 30.57 l
53.613 30.57 l
53.613 30.798 l
53.308 31.255 l
53.308 36.661 l
53.308 37.499 53.766 38.031 54.378 38.031 c
54.836 38.031 55.065 37.651 55.065 37.042 c
55.065 31.255 l
54.759 30.798 l
54.759 30.57 l
57.663 30.57 l
57.663 30.798 l
57.281 31.255 l
h
67.445 48.767 m
67.445 50.366 66.758 51.204 65.458 51.204 c
64.465 51.204 63.7 50.67 63.395 49.909 c
63.089 50.747 62.478 51.204 61.485 51.204 c
60.568 51.204 59.803 50.823 59.498 50.062 c
59.421 50.975 l
59.268 50.975 l
57.052 50.747 l
57.052 50.518 l
57.358 50.138 l
57.358 43.513 l
57.052 43.057 l
57.052 42.828 l
59.88 42.828 l
59.88 43.057 l
59.574 43.513 l
59.574 48.919 l
59.574 49.757 59.956 50.366 60.568 50.366 c
61.026 50.366 61.255 49.909 61.255 49.376 c
61.255 43.513 l
60.949 43.057 l
60.949 42.828 l
63.853 42.828 l
63.853 43.057 l
63.548 43.513 l
63.548 48.919 l
63.548 49.757 63.93 50.366 64.465 50.366 c
65 50.366 65.229 49.909 65.229 49.376 c
65.229 43.513 l
64.924 43.057 l
64.924 42.828 l
67.751 42.828 l
67.751 43.057 l
67.445 43.513 l
h
47.729 31.179 m
46.812 31.179 46.43 32.092 46.43 34.529 c
46.43 37.499 46.888 38.336 47.576 38.336 c
47.958 38.336 48.264 38.031 48.646 36.813 c
48.952 35.823 l
49.716 35.823 l
49.716 38.565 l
49.028 38.793 48.188 38.869 47.653 38.869 c
45.36 38.869 44.061 37.422 44.061 34.605 c
44.061 31.94 45.207 30.341 47.271 30.341 c
48.57 30.341 49.258 30.951 49.792 32.321 c
49.334 32.549 l
48.875 31.56 48.417 31.179 47.729 31.179 c
165.731 36.509 m
164.892 36.509 164.136 36.037 163.699 35.304 c
163.699 36.344 l
162.755 36.344 l
162.755 30.486 l
163.699 30.486 l
163.699 33.687 l
163.699 34.82 164.514 35.647 165.412 35.647 c
166.262 35.647 166.841 35.139 166.841 34.218 c
166.841 30.486 l
167.786 30.486 l
167.786 34.466 l
167.786 35.859 166.864 36.509 165.731 36.509 c
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0 0 0 0 k
/GS1 gs
-0.0007 Tc
0 Tw
(Goldman Sachs US Real Estate Balanced Portfolio)Tj
/F5 1 Tf
8.5 0 0 8.5 27.5 757.8893 Tm
0.53 0.32 0.11 0 k
0 Tc
(Consideraciones de riesgo importantes)Tj
ET
q
0.6 i
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W n
1 0.84 0.31 0.17 K
0 J 0 j 2 w 10 M []0 d
27.5 750.389 m
567.5 750.389 l
S
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BT
/F6 1 Tf
6 0 0 6 27.5 737.3893 Tm
()Tj
/F5 1 Tf
8 0 0 8 37.5 737.3893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a bonos convertibles contingentes )Tj
ET
q
0.2 i
27.5 703.689 540 39.7 re
W n
BT
8 0 0 8 196.372 737.3893 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 198.3961 737.3893 Tm
("CoCo")Tj
ET
q
0.2 i
27.5 703.689 540 39.7 re
W n
BT
8 0 0 8 219.4201 737.3893 Tm
0 Tc
(\))Tj
ET
Q
BT
/F1 1 Tf
8 0 0 8 221.4441 737.3893 Tm
(: La inversin en este tipo concreto de bonos podra provocar prdidas importantes en la Cartera en caso de )Tj
-22.993 -1.225 TD
(concurrir determinados acontecimientos preestablecidas. La concurrencia de estos acontecimientos genera un tipo de riesgo difer)Tj
49.313 0 TD
(ente al de los bonos tradicionales y es ms )Tj
-49.313 -1.225 TD
(susceptible de provocar una prdida parcial o total del valor; y, en caso de que los bonos se conviertan en acciones de la empr)Tj
47.588 0 TD
(esa emisora, esta tambin podra haber sufrido )Tj
-47.588 -1.225 TD
(una prdida de valor.)Tj
/F6 1 Tf
6 0 0 6 27.5 696.8892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 696.8892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de contraparte)Tj
/F1 1 Tf
8.419 0 TD
(: la contraparte con la que la Cartera negocia una operacin puede incurrir en un incumplimiento de sus obligaciones, lo cual p)Tj
47.5909 0 TD
(odra causar prdidas.)Tj
/F6 1 Tf
6 0 0 6 27.5 685.7892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 685.7892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo crediticio)Tj
/F1 1 Tf
6.52 0 TD
(: el incumplimiento de las obligaciones de pago por parte del emisor o de la contraparte de un activo nanciero mantenido en la)Tj
47.8129 0 TD
( Cartera repercutir )Tj
-54.3329 -1.225 TD
(negativamente en los rendimientos ofrecidos por ella.)Tj
/F6 1 Tf
6 0 0 6 27.5 664.8892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 664.8892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de custodia)Tj
/F1 1 Tf
7.272 0 TD
(: la quiebra, los incumplimientos del deber de diligencia o una conducta indebida del depositario o subdepositario encargado de)Tj
47.9239 0 TD
( la custodia de los activos de )Tj
-55.1959 -1.225 TD
(la Cartera puede acarrear prdidas a la misma.)Tj
/F6 1 Tf
6 0 0 6 27.5 643.9893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 643.9893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de derivados)Tj
/F1 1 Tf
7.746 0 TD
(: los instrumentos derivados son enormemente sensibles a las variaciones del valor del activo subyacente en el que se basan. Al)Tj
48.1409 0 TD
(gunos derivados pueden )Tj
-55.8869 -1.225 TD
(conllevar prdidas superiores al importe invertido inicialmente.)Tj
/F6 1 Tf
6 0 0 6 27.5 623.0892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 623.0892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a los tipos de cambio)Tj
/F1 1 Tf
14.629 0 TD
(: las variaciones de los tipos de cambio pueden reducir o incrementar las rentabilidades que cabra esperar que percibieran los)Tj
47.7539 0 TD
0 Tc
( )Tj
-62.3829 -1.225 TD
-0.025 Tc
(inversores con independencia del rendimiento de dichos activos. Las tcnicas de inversin que se empleen, en su caso, para inte)Tj
48.532 0 TD
(ntar mitigar el riesgo de las uctuaciones de )Tj
-48.532 -1.225 TD
(divisas \(cobertura\) pueden no resultar ecaces. La cobertura tambin conlleva riesgos adicionales asociados a los derivados.)Tj
/F6 1 Tf
6 0 0 6 27.5 592.3892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 592.3892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a productos de "alta rentabilidad")Tj
/F1 1 Tf
19.304 0 TD
(: los instrumentos de alta rentabilidad, es decir, inversiones que pagan un volumen de rendimientos elevado, por lo general )Tj
-19.304 -1.225 TD
(entraan un riesgo crediticio ms alto y son ms sensibles a los acontecimientos econmicos, lo que da lugar a uctuaciones de )Tj
48.533 0 TD
(precios superiores a las registradas por )Tj
-48.533 -1.225 TD
(instrumentos que ofrecen una menor rentabilidad.)Tj
/F6 1 Tf
6 0 0 6 27.5 561.6892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 561.6892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de tipos de inters)Tj
/F1 1 Tf
9.849 0 TD
(: cuando los tipos de inters suben, los precios de los bonos bajan, lo que muestra la capacidad de los inversores para obtener)Tj
47.4759 0 TD
( un tipo de inters ms )Tj
-57.3249 -1.225 TD
(atractivo por su dinero en otra parte. Por lo tanto, los precios de los bonos estn expuestos a las uctuaciones de los tipos d)Tj
46.478 0 TD
(e inters, que pueden variar por distintas razones, )Tj
-46.478 -1.225 TD
(tanto polticas como econmicas.)Tj
/F6 1 Tf
6 0 0 6 27.5 530.9893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 530.9893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de liquidez)Tj
/F1 1 Tf
6.995 0 TD
(: la Cartera no siempre podr encontrar a otra parte dispuesta a comprar un activo del cual desea desprenderse, lo que podra i)Tj
47.7559 0 TD
(ncidir en la capacidad de la )Tj
-54.7509 -1.225 TD
(Cartera para atender las solicitudes de reembolso presentadas.)Tj
/F6 1 Tf
6 0 0 6 27.5 510.0893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 510.0893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de mercado)Tj
/F1 1 Tf
7.352 0 TD
(: el valor de los activos mantenidos en la Cartera suele venir determinado por una serie de factores, entre ellos los niveles d)Tj
46.1979 0 TD
(e conanza del mercado en que )Tj
-53.5499 -1.225 TD
(cotizan dichos activos.)Tj
/F6 1 Tf
6 0 0 6 27.5 489.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 489.1892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo operativo)Tj
/F1 1 Tf
6.433 0 TD
(: la Cartera puede incurrir en prdidas sustanciales como consecuencia de un error humano, un fallo del sistema o del proceso, )Tj
48.0329 0 TD
(o por el empleo de )Tj
-54.4659 -1.225 TD
(procedimientos o controles inadecuados.)Tj
/F6 1 Tf
6 0 0 6 27.5 468.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 468.2892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a activos inmobiliarios)Tj
/F1 1 Tf
15.246 0 TD
(: la Cartera invierte principalmente en un sector muy especco de la economa que puede estar especialmente expuesto a un dete)Tj
49.1469 0 TD
(rioro )Tj
-64.3929 -1.225 TD
(de las condiciones macroeconmicas o a determinadas condiciones que afecten al mercado inmobiliario.)Tj
/F6 1 Tf
6 0 0 6 27.5 447.3893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 447.3893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de volatilidad)Tj
/F1 1 Tf
8.031 0 TD
(: las inversiones incluidas en la Cartera pueden exponer a los inversores a niveles de volatilidad ms altos de los que normalm)Tj
47.1959 0 TD
(ente se asociaran a )Tj
-55.2269 -1.225 TD
(estrategias de inversin "equilibradas"; por tanto, el valor de su inversin puede sufrir cambios signicativos a corto plazo.)Tj
/F6 1 Tf
6 0 0 6 27.5 426.4893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 426.4893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a ttulos con garanta hipotecaria )Tj
ET
q
0.2 i
27.5 412.389 540 20.1 re
W n
BT
8 0 0 8 192.6281 426.4893 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 194.6521 426.4893 Tm
(MBS)Tj
ET
q
0.2 i
27.5 412.389 540 20.1 re
W n
BT
8 0 0 8 216.7561 426.4893 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 218.7801 426.4893 Tm
( y a ttulos con garanta de activos )Tj
ET
q
0.2 i
27.5 412.389 540 20.1 re
W n
BT
8 0 0 8 324.252 426.4893 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 326.276 426.4893 Tm
(ABS)Tj
ET
q
0.2 i
27.5 412.389 540 20.1 re
W n
BT
8 0 0 8 346.6039 426.4893 Tm
0 Tc
(\))Tj
ET
Q
BT
/F1 1 Tf
8 0 0 8 348.6279 426.4893 Tm
(: los prstamos hipotecarios que garantizan MBS y los activos que )Tj
-38.891 -1.225 TD
(garantizan ABS puede que se amorticen ms pronto de lo requerido, lo que producira una merma de la rentabilidad.)Tj
/F6 1 Tf
6 0 0 6 27.5 405.5893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F1 1 Tf
8 0 0 8 37.5 405.5893 Tm
0 0 0 1 k
-0.025 Tc
(En el folleto del Fondo se ofrece informacin exhaustiva sobre los riesgos de invertir en l.)Tj
/F5 1 Tf
8.5 0 0 8.5 27.5 272.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
(Glosario)Tj
ET
q
0.6 i
27.5 257.789 540 7 re
W n
1 0.84 0.31 0.17 K
0 J 0 j 2 w 10 M []0 d
27.5 264.789 m
567.5 264.789 l
S
Q
BT
/F6 1 Tf
6 0 0 6 27.5 251.7892 Tm
()Tj
/F5 1 Tf
8 0 0 8 37.5 251.7892 Tm
0 0 0 1 k
-0.025 Tc
(Beta)Tj
/F1 1 Tf
1.789 0 TD
( Medida de la sensibilidad de la rentabilidad del fondo a la evolucin del ndice de referencia )Tj
ET
q
0.2 i
27.5 227.889 540 29.9 re
W n
BT
8 0 0 8 336.1319 251.7892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 338.1559 251.7892 Tm
(anualizada)Tj
ET
q
0.2 i
27.5 227.889 540 29.9 re
W n
BT
8 0 0 8 370.8198 251.7892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 372.8438 251.7892 Tm
(. Cuanto ms cerca est de 1,00, ms se han correspondido las )Tj
-41.918 -1.225 TD
(uctuaciones histricas del valor del fondo con las del indicador. Si su valor es mayor que 1,00, indica que las uctuaciones )Tj
46.698 0 TD
(del fondo han sido superiores a las del ndice de )Tj
-46.698 -1.225 TD
(referencia.)Tj
/F6 1 Tf
6 0 0 6 27.5 221.0892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 221.0892 Tm
0 0 0 1 k
-0.025 Tc
(Comisiones)Tj
/F1 1 Tf
4.472 0 TD
( Cantidad total pagada a corredores ejecutantes en concepto de operaciones de compra y venta de inversiones en el fondo duran)Tj
49.4259 0 TD
(te un periodo anual nalizado a )Tj
-53.8979 -1.225 TD
(30 de noviembre 2022.)Tj
/F6 1 Tf
6 0 0 6 27.5 200.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 200.1892 Tm
0 0 0 1 k
-0.025 Tc
(Rentabilidad excedente)Tj
/F1 1 Tf
9.118 0 TD
( La rentabilidad generada por el fondo por encima de la de un ndice de referencia )Tj
ET
q
0.2 i
27.5 195.889 540 10.3 re
W n
BT
8 0 0 8 363.6038 200.1892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 365.6278 200.1892 Tm
(anualizada)Tj
ET
q
0.2 i
27.5 195.889 540 10.3 re
W n
BT
8 0 0 8 398.2917 200.1892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 400.3157 200.1892 Tm
0 Tc
(.)Tj
/F6 1 Tf
6 0 0 6 27.5 189.0892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8 0 0 8 37.5 189.0892 Tm
0 0 0 1 k
-0.025 Tc
(Error de seguimiento histrico)Tj
/F1 1 Tf
11.526 0 TD
( Medida de la desviacin registrada por la rentabilidad del fondo respecto a la evolucin del ndice de referencia )Tj
ET
q
0.2 i
27.5 174.989 540 20.1 re
W n
BT
8 0 0 8 474.2114 189.0892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 476.2354 189.0892 Tm
(anualizada)Tj
ET
q
0.2 i
27.5 174.989 540 20.1 re
W n
BT
8 0 0 8 508.8993 189.0892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 510.9232 189.0892 Tm
(. Una cifra elevada )Tj
-59.1779 -1.225 TD
(indica que el fondo est asumiendo ms riesgo respecto al indicador.)Tj
/F6 1 Tf
6 0 0 6 27.5 168.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 168.1892 Tm
0 0 0 1 k
-0.025 Tc
(Volatilidad histrica de la cartera)Tj
/F1 1 Tf
12.792 0 TD
( Ilustra la dispersin de las rentabilidades mensuales del fondo respecto a la rentabilidad mensual media, e indica lo volti)Tj
46.3659 0 TD
(l que es la )Tj
-59.1579 -1.225 TD
(rentabilidad del fondo con el tiempo. Cuanto mayor sea esta cifra, ms voltiles son las rentabilidades del fondo.)Tj
/F6 1 Tf
6 0 0 6 27.5 147.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 147.2892 Tm
0 0 0 1 k
-0.025 Tc
(Valor liquidativo)Tj
/F1 1 Tf
6.298 0 TD
( Representa los activos netos del fondo )Tj
ET
q
0.2 i
27.5 142.989 540 10.3 re
W n
BT
8 0 0 8 212.7881 147.2892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 214.8121 147.2892 Tm
(ex-dividendo)Tj
ET
q
0.2 i
27.5 142.989 540 10.3 re
W n
BT
8 0 0 8 253.7321 147.2892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 255.7561 147.2892 Tm
( divididos por el nmero total de acciones o participaciones emitidas por el fondo.)Tj
/F6 1 Tf
6 0 0 6 27.5 136.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 136.1892 Tm
0 0 0 1 k
-0.025 Tc
(Gastos corrientes)Tj
/F1 1 Tf
6.74 0 TD
( La cifra de gastos corrientes se basa en los gastos incurridos por el fondo en los 12 meses previos )Tj
ET
q
0.2 i
27.5 122.089 540 20.1 re
W n
BT
8 0 0 8 394.2517 136.1892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 396.2757 136.1892 Tm
(es decir, en periodos mviles de doce meses)Tj
ET
q
0.2 i
27.5 122.089 540 20.1 re
W n
BT
8 0 0 8 531.1792 136.1892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 533.2032 136.1892 Tm
(. Excluye )Tj
-61.9629 -1.225 TD
(costes de operacin y comisiones de rendimiento.)Tj
/F6 1 Tf
6 0 0 6 27.5 115.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 115.2892 Tm
0 0 0 1 k
-0.025 Tc
(Otros gastos)Tj
/F1 1 Tf
4.754 0 TD
(: Cargos deducidos del patrimonio del Fondo incurridos en el marco de sus actividades, incluyendo si procede costes resultant)Tj
48.3659 0 TD
(es de invertir en otros fondos.)Tj
/F6 1 Tf
6 0 0 6 27.5 104.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 104.1892 Tm
0 0 0 1 k
-0.025 Tc
(Otros costes)Tj
/F1 1 Tf
4.754 0 TD
(: Cantidad total de costes incurridos por el Fondo, exceptuando Comisiones, durante el ao nalizado el 30 de noviembre 2022. P)Tj
47.8669 0 TD
(ueden incluir, entre otros, cargos de )Tj
-52.6209 -1.225 TD
(mercado e impuestos locales.)Tj
/F6 1 Tf
6 0 0 6 27.5 83.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 83.2892 Tm
0 0 0 1 k
(R)Tj
/F2 1 Tf
4 0 0 4 41.748 86.2892 Tm
(2)Tj
/F1 1 Tf
8 0 0 8 43.324 83.2892 Tm
-0.025 Tc
( Medida del porcentaje del movimiento de una cartera que obedece a movimientos del ndice de referencia )Tj
ET
q
0.2 i
27.5 69.189 540 20.1 re
W n
BT
8 0 0 8 372.2678 83.2892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 374.2917 83.2892 Tm
(anualizados)Tj
ET
q
0.2 i
27.5 69.189 540 20.1 re
W n
BT
8 0 0 8 410.3076 83.2892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 412.3316 83.2892 Tm
(. Cuanto ms cerca est de )Tj
ET
q
0.2 i
27.5 69.189 540 20.1 re
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-56.9639 -1.25 TD
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-47.7473 -1.25 TD
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