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0 Tc
(%)Tj
ET
Q
BT
8 0 0 8 419.728 526.8892 Tm
( JPM GBI EM GL Div)Tj
ET
q
0.2 i
407 512.389 153.5 20.5 re
W n
BT
8 0 0 8 481.44 526.8892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 483.464 526.8892 Tm
(GBP)Tj
ET
q
0.2 i
407 512.389 153.5 20.5 re
W n
BT
8 0 0 8 497.088 526.8892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 499.112 526.8892 Tm
(, 25)Tj
ET
q
0.2 i
407 512.389 153.5 20.5 re
W n
BT
8 0 0 8 508.968 526.8892 Tm
0 Tc
(%)Tj
ET
Q
BT
8 0 0 8 514.992 526.8892 Tm
( EMB GL Div)Tj
-13.499 -1.25 TD
(\(GBP Hdg\), 25% CEMBI Brd Div\(GBP Hdg\))Tj
/F2 1 Tf
4 0 0 4 532.472 519.9892 Tm
-0.05 Tc
(\(3\))Tj
7.5 0 0 7.5 212.5 491.8893 Tm
0 Tc
(Este fondo se gestiona de forma activa y no est diseado para emular la evolucin de su indicador de referencia. Por )Tj
0 -1.2667 TD
[(consiguiente, la rentabilidad del fondo y la de su indicador de referencia podran discrepar)70(. Adems, a diferencia de las del )]TJ
T*
(indicador de referencia, las rentabilidades del fondo reejan cargos de gestin y dems comisiones.)Tj
/F5 1 Tf
36.088 0 TD
( Las rentabilidades )Tj
-36.088 -1.2667 TD
[(obtenidas en el pasado no garantizan los resultados futuros, que pueden variar)70(. El valor de las inversiones y de los )]TJ
T*
[(ingresos derivados de las mismas ucta, y puede tanto caer como aumentar)70(. Por consiguiente, el capital invertido )]TJ
T*
(podra sufrir minusvalas.)Tj
ET
q
212.5 415.389 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 431.889 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 420.8892 Tm
0 0 0 0 k
[(R)20(esumen de rentabilidad \(%\))]TJ
/F5 1 Tf
8 0 0 8 397.412 403.8893 Tm
0 0 0 1 k
-0.025 Tc
[(Acumulada)-9444(Anualizada)]TJ
/F2 1 Tf
-5.92 -1.625 TD
[(Desde Lanz.)-1709(1 mes)-926(3 meses)-2325(YTD)]TJ
ET
q
477.5 386.389 5 13 re
W n
0 0 0 1 K
1 w [2 2 ]2 d
481.5 399.389 m
481.5 374.389 l
S
Q
BT
8 0 0 8 487.516 390.8892 Tm
[(1 ao)-1513(3 aos)-1513(5 aos)]TJ
ET
q
212.5 362.889 130 23.5 re
W n
0.132 0.08 0.028 0 k
212.5 386.389 130 -23.5 re
f
Q
BT
8 0 0 8 217.5 377.8892 Tm
(Clase de Mandato IO \(Acu.\) \(cobertura parcial )Tj
0 -1.3125 TD
(en GBP\))Tj
4 0 0 4 238.756 370.8892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
342.5 362.889 45 23.5 re
W n
0.132 0.08 0.028 0 k
342.5 386.389 45 -23.5 re
f
Q
BT
8 0 0 8 367.516 377.8892 Tm
-0.025 Tc
(36.12)Tj
ET
q
387.5 362.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
387.5 386.389 30 -23.5 re
f
Q
BT
8 0 0 8 397.716 377.8892 Tm
(\(0.71\))Tj
ET
q
417.5 362.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
417.5 386.389 30 -23.5 re
f
Q
BT
8 0 0 8 427.716 377.8892 Tm
(\(2.42\))Tj
ET
q
447.5 362.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
447.5 386.389 30 -23.5 re
f
Q
BT
8 0 0 8 457.516 377.8892 Tm
(11.8)Tj
ET
q
0.2 i
447.5 373.389 25 11 re
W n
BT
8 0 0 8 469.148 377.8892 Tm
0 Tc
(4)Tj
ET
Q
q
477.5 362.889 5 23.5 re
W n
0.132 0.08 0.028 0 k
477.5 386.389 5 -23.5 re
f
0 0 0 1 K
1 w [2 2 ]2 d
481.5 386.389 m
481.5 361.389 l
S
Q
q
482.5 362.889 25 23.5 re
W n
0.132 0.08 0.028 0 k
482.5 386.389 25 -23.5 re
f
Q
BT
8 0 0 8 487.516 377.8892 Tm
(14.35)Tj
ET
q
507.5 362.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
507.5 386.389 30 -23.5 re
f
Q
BT
8 0 0 8 520.868 377.8892 Tm
(3.46)Tj
ET
q
537.5 362.889 30 23.5 re
W n
0.132 0.08 0.028 0 k
537.5 386.389 30 -23.5 re
f
Q
BT
8 0 0 8 550.868 377.8892 Tm
(5.27)Tj
-41.671 -2.9375 TD
(50% JPM GBI EM GL Div\(GBP\), 25% EMB GL )Tj
0 -1.3125 TD
(Div\(GBP Hdg\), 25% CEMBI Brd Div\(GBP Hdg\))Tj
4 0 0 4 337.468 347.3892 Tm
-0.05 Tc
(\(3\))Tj
8 0 0 8 367.516 354.3892 Tm
-0.025 Tc
[(35.00)-1902(\(0.79\))-1902(\(1.83\))-1877(10.0)]TJ
ET
q
0.2 i
447.5 349.889 25 11 re
W n
BT
8 0 0 8 469.148 354.3892 Tm
0 Tc
(4)Tj
ET
Q
q
477.5 339.389 5 23.5 re
W n
0 0 0 1 K
1 w [2 2 ]2 d
481.5 362.889 m
481.5 337.889 l
S
Q
BT
8 0 0 8 487.516 354.3892 Tm
[(12.73)-2296(3.10)-2296(4.90)]TJ
ET
0.53 0.32 0.11 0 k
212.5 333.389 355 -16.5 re
f
BT
/F4 1 Tf
10 0 0 10 216.5 322.3892 Tm
0 0 0 0 k
0 Tc
[(R)20(entabilidad en el ao natural \(%\))]TJ
/F2 1 Tf
8 0 0 8 449.092 308.3892 Tm
0 0 0 1 k
-0.025 Tc
(201)Tj
ET
q
0.2 i
442.5 303.889 20 11 re
W n
BT
8 0 0 8 459.148 308.3892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 474.092 308.3892 Tm
[(2015)-1449(2016)-1449(2017)-1449(2018)]TJ
ET
q
212.5 290.889 230 13 re
W n
0.132 0.08 0.028 0 k
212.5 303.889 230 -13 re
f
Q
BT
8 0 0 8 217.5 295.3892 Tm
(Clase de Mandato IO \(Acu.\) \(cobertura parcial en GBP\))Tj
ET
q
442.5 290.889 25 13 re
W n
0.132 0.08 0.028 0 k
442.5 303.889 25 -13 re
f
Q
BT
8 0 0 8 460.476 295.3892 Tm
0 Tc
(-)Tj
ET
q
467.5 290.889 25 13 re
W n
0.132 0.08 0.028 0 k
467.5 303.889 25 -13 re
f
Q
BT
8 0 0 8 477.196 295.3892 Tm
-0.025 Tc
(-5.2)Tj
ET
q
492.5 290.889 25 13 re
W n
0.132 0.08 0.028 0 k
492.5 303.889 25 -13 re
f
Q
BT
8 0 0 8 500.868 295.3892 Tm
(20.7)Tj
ET
q
517.5 290.889 25 13 re
W n
0.132 0.08 0.028 0 k
517.5 303.889 25 -13 re
f
Q
BT
8 0 0 8 529.22 295.3892 Tm
(9.)Tj
ET
q
0.2 i
517.5 290.889 20 11 re
W n
BT
8 0 0 8 534.148 295.3892 Tm
0 Tc
(4)Tj
ET
Q
q
542.5 290.889 25 13 re
W n
0.132 0.08 0.028 0 k
542.5 303.889 25 -13 re
f
Q
BT
8 0 0 8 552.196 295.3892 Tm
(-4.6)Tj
-41.837 -1.625 TD
(50% JPM GBI EM GL Div\(GBP\), 25% EMB GL Div\(GBP Hdg\), 25% CEMBI Brd Div)Tj
0 -1.3125 TD
(\(GBP Hdg\))Tj
30.372 1.3125 TD
[(-)-1837(-4.)]TJ
ET
q
0.2 i
467.5 277.889 20 11 re
W n
BT
8 0 0 8 484.148 282.3892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 500.868 282.3892 Tm
[(20.3)-2090(6.7)-1837(-2.5)]TJ
ET
q
0.2 i
217.5 158 350 19.5 re
W n
BT
/F5 1 Tf
7.5 0 0 7.5 217.5 172 Tm
0 Tc
(C)Tj
ET
Q
BT
/F5 1 Tf
7.5 0 0 7.5 221.47 172 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 -1.2667 TD
(31.oct.2019.)Tj
0 -1.3333 TD
0 Tc
[(Las rentabilidades obtenidas en el pasado no son garanta de resultados futuros, que podrn variar)70(.)]TJ
/F2 1 Tf
0 -1.2667 TD
(* 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 -1.2667 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 -1.2667 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 -1.2667 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 24.5 350 133.5 re
W n
BT
7.5 0 0 7.5 217.5 38.5 Tm
()Tj
ET
Q
BT
7.5 0 0 7.5 221.25 38.5 Tm
(nanciero puede ayudarle a determinar si una inversin en este fondo y la cantidad que desea invertir son )Tj
-0.5 -1.2667 TD
(adecuadas.)Tj
ET
0 0 0 0 k
38.75 67.95 90 -36.2 re
f
0 0 0 1 k
0.2 i
83.354 58.153 m
83.331 58.153 l
82.558 54.657 l
84.171 54.657 l
h
80.092 51.62 m
82.333 59.711 l
84.564 59.711 l
86.758 51.62 l
84.978 51.62 l
84.529 53.414 l
82.221 53.414 l
81.762 51.62 l
f
88.833 53.436 m
88.822 53.177 88.833 52.931 88.911 52.752 c
89 52.574 89.168 52.484 89.482 52.484 c
89.796 52.484 90.064 52.685 90.064 53.065 c
90.064 54.264 87.287 53.995 87.287 55.799 c
87.287 57.021 88.496 57.392 89.516 57.392 c
90.592 57.392 91.566 56.875 91.477 55.654 c
89.93 55.654 l
89.93 56.047 89.887 56.283 89.773 56.383 c
89.673 56.483 89.539 56.505 89.371 56.505 c
89.024 56.505 88.833 56.283 88.833 55.901 c
88.833 55.005 91.611 55.049 91.611 53.233 c
91.611 52.246 90.805 51.51 89.492 51.51 c
88.115 51.51 87.195 51.855 87.287 53.436 c
88.833 53.436 l
f
94.087 53.436 m
94.076 53.177 94.087 52.931 94.166 52.752 c
94.254 52.574 94.425 52.484 94.737 52.484 c
95.051 52.484 95.32 52.685 95.32 53.065 c
95.32 54.264 92.54 53.995 92.54 55.799 c
92.54 57.021 93.75 57.392 94.772 57.392 c
95.846 57.392 96.821 56.875 96.733 55.654 c
95.187 55.654 l
95.187 56.047 95.142 56.283 95.026 56.383 c
94.928 56.483 94.793 56.505 94.626 56.505 c
94.277 56.505 94.087 56.283 94.087 55.901 c
94.087 55.005 96.866 55.049 96.866 53.233 c
96.866 52.246 96.059 51.51 94.748 51.51 c
93.369 51.51 92.452 51.855 92.54 53.436 c
94.087 53.436 l
f
100.777 55.084 m
100.777 55.632 100.798 56.415 100.047 56.415 c
99.32 56.415 99.331 55.564 99.331 55.084 c
h
99.331 54.197 m
99.331 53.524 99.352 52.518 100.047 52.518 c
100.607 52.518 100.719 53.055 100.719 53.524 c
102.322 53.524 l
102.3 52.909 102.099 52.405 101.718 52.058 c
101.347 51.709 100.788 51.51 100.047 51.51 c
98.008 51.51 97.74 52.752 97.74 54.523 c
97.74 56.068 97.964 57.392 100.047 57.392 c
102.175 57.392 102.412 56.013 102.355 54.197 c
99.331 54.197 l
f
103.117 57.278 m
103.757 57.278 l
103.757 58.175 l
105.336 58.881 l
105.336 57.278 l
106.154 57.278 l
106.154 56.304 l
105.336 56.304 l
105.336 53.279 l
105.336 52.851 105.324 52.574 105.84 52.574 c
105.942 52.574 106.042 52.574 106.12 52.595 c
106.12 51.62 l
105.908 51.599 105.684 51.565 105.304 51.565 c
103.935 51.565 103.757 52.47 103.757 52.819 c
103.757 56.304 l
103.117 56.304 l
103.117 57.278 l
f
80.093 40.002 m
80.093 48.092 l
82.817 48.092 l
84.083 42.59 l
84.105 42.59 l
85.449 48.092 l
88.083 48.092 l
88.083 40.002 l
86.436 40.002 l
86.436 46.242 l
86.412 46.242 l
84.856 40.002 l
83.242 40.002 l
81.763 46.242 l
81.74 46.242 l
81.74 40.002 l
f
90.704 41.761 m
90.704 41.357 90.771 40.865 91.285 40.865 c
92.217 40.865 92.071 42.118 92.071 42.735 c
91.285 42.701 90.704 42.77 90.704 41.761 c
93.618 41.054 m
93.618 40.706 93.663 40.349 93.696 40.002 c
92.227 40.002 l
92.159 40.751 l
92.137 40.751 l
91.801 40.169 91.344 39.891 90.659 39.891 c
89.561 39.891 89.157 40.706 89.157 41.693 c
89.157 43.564 90.601 43.642 92.071 43.62 c
92.071 44.057 l
92.071 44.538 92.003 44.887 91.432 44.887 c
90.884 44.887 90.838 44.472 90.838 44.023 c
89.292 44.023 l
89.292 44.707 89.504 45.144 89.874 45.401 c
90.232 45.672 90.749 45.772 91.353 45.772 c
93.359 45.772 93.618 44.91 93.618 43.877 c
93.618 41.054 l
f
96.451 45.088 m
96.474 45.088 l
96.632 45.346 96.821 45.514 97.033 45.614 c
97.26 45.727 97.516 45.772 97.807 45.772 c
98.556 45.772 99.22 45.322 99.22 44.538 c
99.22 40.002 l
97.64 40.002 l
97.64 43.9 l
97.64 44.403 97.549 44.797 97.046 44.797 c
96.541 44.797 96.451 44.403 96.451 43.9 c
96.451 40.002 l
94.871 40.002 l
94.871 45.66 l
96.451 45.66 l
96.451 45.088 l
f
101.795 41.761 m
101.795 41.357 101.862 40.865 102.379 40.865 c
103.309 40.865 103.164 42.118 103.164 42.735 c
102.379 42.701 101.795 42.77 101.795 41.761 c
104.709 41.054 m
104.709 40.706 104.754 40.349 104.789 40.002 c
103.318 40.002 l
103.253 40.751 l
103.231 40.751 l
102.896 40.169 102.436 39.891 101.753 39.891 c
100.652 39.891 100.25 40.706 100.25 41.693 c
100.25 43.564 101.695 43.642 103.164 43.62 c
103.164 44.057 l
103.164 44.538 103.097 44.887 102.525 44.887 c
101.975 44.887 101.931 44.472 101.931 44.023 c
100.386 44.023 l
100.386 44.707 100.598 45.144 100.967 45.401 c
101.326 45.672 101.841 45.772 102.446 45.772 c
104.453 45.772 104.709 44.91 104.709 43.877 c
104.709 41.054 l
f
108.061 41.054 m
108.63 41.054 108.708 41.648 108.708 42.848 c
108.708 44.091 108.653 44.797 108.072 44.797 c
107.476 44.797 107.374 44.382 107.374 42.657 c
107.374 42.129 107.296 41.054 108.061 41.054 c
110.29 45.66 m
110.29 39.765 l
110.29 39.374 110.311 37.826 108.136 37.826 c
106.959 37.826 105.953 38.131 105.919 39.509 c
107.465 39.509 l
107.465 39.274 107.499 39.072 107.599 38.938 c
107.702 38.791 107.881 38.713 108.126 38.713 c
108.519 38.713 108.708 39.082 108.708 39.655 c
108.708 40.741 l
108.687 40.741 l
108.453 40.303 108.003 40.08 107.488 40.08 c
105.751 40.08 105.83 41.67 105.83 42.949 c
105.83 44.192 105.852 45.772 107.499 45.772 c
108.061 45.772 108.54 45.525 108.765 44.997 c
108.787 44.997 l
108.787 45.66 l
110.29 45.66 l
f
114.523 43.464 m
114.523 44.012 114.546 44.797 113.795 44.797 c
113.067 44.797 113.08 43.944 113.08 43.464 c
h
113.08 42.578 m
113.08 41.904 113.101 40.898 113.795 40.898 c
114.356 40.898 114.468 41.435 114.468 41.904 c
116.071 41.904 l
116.048 41.288 115.846 40.785 115.464 40.439 c
115.095 40.091 114.535 39.891 113.795 39.891 c
111.757 39.891 111.488 41.133 111.488 42.903 c
111.488 44.45 111.713 45.772 113.795 45.772 c
115.924 45.772 116.16 44.393 116.105 42.578 c
113.08 42.578 l
f
118.85 45.088 m
118.873 45.088 l
119.186 45.593 119.612 45.772 120.205 45.772 c
120.767 45.772 121.213 45.502 121.471 45.055 c
121.842 45.546 122.29 45.772 122.938 45.772 c
123.69 45.772 124.351 45.322 124.351 44.538 c
124.351 40.002 l
122.771 40.002 l
122.771 43.9 l
122.771 44.403 122.682 44.797 122.176 44.797 c
121.674 44.797 121.584 44.403 121.584 43.9 c
121.584 40.002 l
120.039 40.002 l
120.039 43.9 l
120.039 44.403 119.948 44.797 119.444 44.797 c
118.94 44.797 118.85 44.403 118.85 43.9 c
118.85 40.002 l
117.271 40.002 l
117.271 45.66 l
118.85 45.66 l
118.85 45.088 l
f
128.441 43.464 m
128.441 44.012 128.462 44.797 127.712 44.797 c
126.983 44.797 126.994 43.944 126.994 43.464 c
h
126.994 42.578 m
126.994 41.904 127.016 40.898 127.712 40.898 c
128.272 40.898 128.384 41.435 128.384 41.904 c
129.986 41.904 l
129.965 41.288 129.762 40.785 129.381 40.439 c
129.011 40.091 128.453 39.891 127.712 39.891 c
125.673 39.891 125.405 41.133 125.405 42.903 c
125.405 44.45 125.628 45.772 127.712 45.772 c
129.84 45.772 130.076 44.393 130.02 42.578 c
126.994 42.578 l
f
132.777 45.088 m
132.798 45.088 l
132.955 45.346 133.146 45.514 133.359 45.614 c
133.582 45.727 133.842 45.772 134.131 45.772 c
134.882 45.772 135.544 45.322 135.544 44.538 c
135.544 40.002 l
133.963 40.002 l
133.963 43.9 l
133.963 44.403 133.875 44.797 133.37 44.797 c
132.867 44.797 132.777 44.403 132.777 43.9 c
132.777 40.002 l
131.197 40.002 l
131.197 45.66 l
132.777 45.66 l
132.777 45.088 l
f
q
27.594 27.518 111.827 41.827 re
W n
136.385 45.66 m
137.024 45.66 l
137.024 46.556 l
138.602 47.262 l
138.602 45.66 l
139.421 45.66 l
139.421 44.685 l
138.602 44.685 l
138.602 41.659 l
138.602 41.233 138.591 40.954 139.108 40.954 c
139.209 40.954 139.309 40.954 139.387 40.975 c
139.387 40.002 l
139.175 39.978 138.95 39.944 138.57 39.944 c
137.203 39.944 137.024 40.852 137.024 41.2 c
137.024 44.685 l
136.385 44.685 l
136.385 45.66 l
f
0.5 0.25 0 0.1 k
27.595 69.345 41.778 -41.827 re
f
Q
0 0 0 0 k
39.023 62.533 m
39.023 61.455 39.023 60.486 38.811 60.031 c
38.705 59.804 38.549 59.675 38.266 59.675 c
37.984 59.675 37.826 59.804 37.721 60.031 c
37.507 60.486 37.508 61.455 37.508 62.533 c
37.508 63.612 37.507 64.582 37.721 65.037 c
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38.549 65.39 38.705 65.262 38.811 65.037 c
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247.221 682.539 249.855 682.889 252.5 682.889 c
h
252.5 652.889 m
S
0 0 0 0 k
267.5 652.889 m
267.5 661.173 260.784 667.889 252.5 667.889 c
244.216 667.889 237.5 661.173 237.5 652.889 c
237.5 644.605 244.216 637.889 252.5 637.889 c
260.784 637.889 267.5 644.605 267.5 652.889 c
f
267.5 652.889 m
267.5 661.173 260.784 667.889 252.5 667.889 c
244.216 667.889 237.5 661.173 237.5 652.889 c
237.5 644.605 244.216 637.889 252.5 637.889 c
260.784 637.889 267.5 644.605 267.5 652.889 c
S
BT
/F5 1 Tf
6 0 0 6 290.508 687.3892 Tm
0 0.97 1 0.5 k
-0.0333 Tc
(44.1)Tj
ET
q
0.2 i
287.5 683.889 16 8 re
W n
BT
6 0 0 6 299.032 687.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 687.3892 Tm
0 0 0 1 k
(Soberana local)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.832 -1.5 TD
(19.8)Tj
ET
q
0.2 i
287.5 674.889 16 8 re
W n
BT
6 0 0 6 299.032 678.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 678.3892 Tm
0 0 0 1 k
(Corporativa externa)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.832 -1.5 TD
(17.1)Tj
ET
q
0.2 i
287.5 665.889 16 8 re
W n
BT
6 0 0 6 299.032 669.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 669.3892 Tm
0 0 0 1 k
(Soberana externa)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(8.3)Tj
ET
q
0.2 i
287.5 656.889 16 8 re
W n
BT
6 0 0 6 299.032 660.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 660.3892 Tm
0 0 0 1 k
(Cuasisoberana externa)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(1.7)Tj
ET
q
0.2 i
287.5 647.889 16 8 re
W n
BT
6 0 0 6 299.032 651.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 651.3892 Tm
0 0 0 1 k
(Supranacionales)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(1.4)Tj
ET
q
0.2 i
287.5 638.889 16 8 re
W n
BT
6 0 0 6 299.032 642.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 642.3892 Tm
0 0 0 1 k
(Corporativa local)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(3.3)Tj
ET
q
0.2 i
287.5 629.889 16 8 re
W n
BT
6 0 0 6 299.032 633.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 633.3892 Tm
0 0 0 1 k
(Otros)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(4.2)Tj
ET
q
0.2 i
287.5 620.889 16 8 re
W n
BT
6 0 0 6 299.032 624.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 624.3892 Tm
0 0 0 1 k
(Efectivo)Tj
ET
0 0 0 0.4 K
0.2 w
469.5 535.966 m
564.5 535.966 l
469.5 549.043 m
564.5 549.043 l
469.5 562.12 m
564.5 562.12 l
469.5 575.197 m
564.5 575.197 l
469.5 588.274 m
564.5 588.274 l
469.5 601.351 m
564.5 601.351 l
469.5 614.428 m
564.5 614.428 l
469.5 627.505 m
564.5 627.505 l
469.5 640.581 m
564.5 640.581 l
469.5 653.658 m
564.5 653.658 l
469.5 666.735 m
564.5 666.735 l
469.5 679.812 m
564.5 679.812 l
469.5 692.889 m
564.5 692.889 l
S
0 0.97 1 0.5 k
469.5 534.466 1.187 -10.077 re
f
BT
/F2 1 Tf
5 0 0 5 475.3575 527.4277 Tm
/Cs7 cs 0 scn
0 Tc
(0.5 )Tj
ET
0 0.97 1 0.5 k
469.5 547.543 9.975 -10.077 re
f
BT
5 0 0 5 484.145 540.5046 Tm
/Cs7 cs 0 scn
(4.2 )Tj
ET
0 0.97 1 0.5 k
469.5 560.62 14.25 -10.077 re
f
BT
5 0 0 5 488.42 553.5815 Tm
/Cs7 cs 0 scn
(6.0 )Tj
ET
0 0.97 1 0.5 k
469.5 563.62 m
469.5 573.697 l
469.5 563.62 l
f
BT
5 0 0 5 474.17 566.6584 Tm
/Cs7 cs 0 scn
(0.0 )Tj
ET
0 0.97 1 0.5 k
469.5 586.774 0.475 -10.077 re
f
BT
5 0 0 5 474.645 579.7354 Tm
/Cs7 cs 0 scn
(0.2 )Tj
ET
0 0.97 1 0.5 k
469.5 589.774 m
469.5 599.851 l
469.5 589.774 l
f
BT
5 0 0 5 474.17 592.8123 Tm
/Cs7 cs 0 scn
(0.0 )Tj
ET
0 0.97 1 0.5 k
469.5 612.928 2.85 -10.077 re
f
BT
5 0 0 5 477.02 605.8892 Tm
/Cs7 cs 0 scn
(1.2 )Tj
ET
0 0.97 1 0.5 k
469.5 626.005 25.175 -10.077 re
f
BT
5 0 0 5 498.235 618.9661 Tm
/Cs7 cs 0 scn
(10.6 )Tj
ET
0 0.97 1 0.5 k
469.5 639.081 38 -10.077 re
f
BT
5 0 0 5 511.06 632.043 Tm
/Cs7 cs 0 scn
(16.0 )Tj
ET
0 0.97 1 0.5 k
469.5 652.158 80.75 -10.077 re
f
BT
5 0 0 5 553.8099 645.12 Tm
/Cs7 cs 0 scn
(34.0 )Tj
ET
0 0.97 1 0.5 k
469.5 665.235 48.213 -10.077 re
f
BT
5 0 0 5 521.2725 658.1969 Tm
/Cs7 cs 0 scn
(20.3 )Tj
ET
0 0.97 1 0.5 k
469.5 678.312 9.737 -10.077 re
f
BT
5 0 0 5 483.9075 671.2738 Tm
/Cs7 cs 0 scn
(4.1 )Tj
ET
0 0.97 1 0.5 k
469.5 691.389 6.65 -10.077 re
f
BT
5 0 0 5 480.82 684.3507 Tm
/Cs7 cs 0 scn
(2.8 )Tj
ET
0 0 0 1 K
0.5 w
469.5 522.889 m
564.5 522.889 l
469.5 522.889 m
469.5 519.889 l
S
BT
5 0 0 5 468.39 513.8892 Tm
0 0 0 1 k
(0)Tj
ET
481.375 522.889 m
481.375 519.889 l
S
BT
5 0 0 5 480.265 513.8892 Tm
(5)Tj
ET
493.25 522.889 m
493.25 519.889 l
S
BT
5 0 0 5 491.03 513.8892 Tm
(10)Tj
ET
505.125 522.889 m
505.125 519.889 l
S
BT
5 0 0 5 502.905 513.8892 Tm
(15)Tj
ET
517 522.889 m
517 519.889 l
S
BT
5 0 0 5 514.78 513.8892 Tm
(20)Tj
ET
528.875 522.889 m
528.875 519.889 l
S
BT
5 0 0 5 526.655 513.8892 Tm
(25)Tj
ET
540.75 522.889 m
540.75 519.889 l
S
BT
5 0 0 5 538.53 513.8892 Tm
(30)Tj
ET
552.625 522.889 m
552.625 519.889 l
S
BT
5 0 0 5 550.405 513.8892 Tm
(35)Tj
ET
564.5 522.889 m
564.5 519.889 l
S
BT
5 0 0 5 562.28 513.8892 Tm
(40)Tj
ET
469.5 522.889 m
469.5 692.889 l
S
BT
6 0 0 6 397.5 527.9277 Tm
(Derivados)Tj
0 2.1795 TD
(Efectivo)Tj
T*
(NR)Tj
T*
(D)Tj
T*
(C)Tj
T*
(CC)Tj
T*
(CCC)Tj
T*
(B)Tj
T*
(BB)Tj
T*
(BBB)Tj
T*
(A)Tj
T*
(AA)Tj
T*
(AAA)Tj
ET
q
212.5 491.389 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 507.889 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 496.8892 Tm
0 0 0 0 k
(Distribucin regional de ttulos \(%\))Tj
/F1 1 Tf
6 0 0 6 215.5 479.8892 Tm
0 0 0 1 k
-0.0333 Tc
[(Goldman Sachs Emerging Markets Debt Blend Portfolio)-8676.3(50)]TJ
ET
q
0.2 i
390 468.889 177 15.5 re
W n
BT
6 0 0 6 394.928 479.8892 Tm
0 Tc
(%)Tj
ET
Q
BT
6 0 0 6 399.396 479.8892 Tm
( JPMorgan GBI EM Index Global Diversied, 25)Tj
ET
q
0.2 i
390 468.889 177 15.5 re
W n
BT
6 0 0 6 503.228 479.8892 Tm
0 Tc
(%)Tj
ET
Q
BT
6 0 0 6 507.696 479.8892 Tm
( JPMorgan EMB Index )Tj
-19.616 -1.25 TD
(Global Diversied, 25% JPMorgan CEMBI Index Broad Diversied)Tj
ET
q
0.2 i
254 457.889 18 8 re
W n
/GS2 gs
270.846 459.91 m
262.45 463.837 254.582 463.142 y
254.5 465.889 m
254.5 460.272 l
269.281 462.483 m
271.19 459.895 l
268.035 458.594 l
S
Q
0 0.97 1 0.5 k
/GS2 gs
252.5 426.889 m
252.5 456.889 l
269.069 456.889 282.5 443.458 282.5 426.889 c
282.5 423.298 281.855 419.736 280.596 416.373 c
h
252.5 426.889 m
f
0 0 0 0 K
0.1 w
/GS1 gs
252.5 426.889 m
252.5 456.889 l
269.069 456.889 282.5 443.458 282.5 426.889 c
282.5 423.298 281.855 419.736 280.596 416.373 c
h
252.5 426.889 m
S
252.5 426.889 m
280.596 416.373 l
275.248 402.083 260.025 394.084 245.222 397.785 c
h
252.5 426.889 m
f
252.5 426.889 m
280.596 416.373 l
275.248 402.083 260.025 394.084 245.222 397.785 c
h
252.5 426.889 m
S
252.5 426.889 m
245.222 397.785 l
231.458 401.228 221.987 413.842 222.521 428.02 c
h
252.5 426.889 m
f
252.5 426.889 m
245.222 397.785 l
231.458 401.228 221.987 413.842 222.521 428.02 c
h
252.5 426.889 m
S
252.5 426.889 m
222.521 428.02 l
222.871 437.285 227.484 445.868 235.019 451.27 c
h
252.5 426.889 m
f
252.5 426.889 m
222.521 428.02 l
222.871 437.285 227.484 445.868 235.019 451.27 c
h
252.5 426.889 m
S
252.5 426.889 m
235.019 451.27 l
236.45 452.296 237.968 453.194 239.556 453.953 c
h
252.5 426.889 m
f
252.5 426.889 m
235.019 451.27 l
236.45 452.296 237.968 453.194 239.556 453.953 c
h
252.5 426.889 m
S
252.5 426.889 m
239.556 453.953 l
240.52 454.414 241.508 454.823 242.515 455.179 c
h
252.5 426.889 m
f
252.5 426.889 m
239.556 453.953 l
240.52 454.414 241.508 454.823 242.515 455.179 c
h
252.5 426.889 m
S
252.5 426.889 m
242.515 455.179 l
243.049 455.367 243.587 455.54 244.13 455.698 c
h
252.5 426.889 m
f
252.5 426.889 m
242.515 455.179 l
243.049 455.367 243.587 455.54 244.13 455.698 c
h
252.5 426.889 m
S
252.5 426.889 m
244.13 455.698 l
244.311 455.751 244.493 455.802 244.675 455.851 c
h
252.5 426.889 m
f
252.5 426.889 m
244.13 455.698 l
244.311 455.751 244.493 455.802 244.675 455.851 c
h
252.5 426.889 m
S
252.5 426.889 m
244.675 455.851 l
247.226 456.54 249.857 456.889 252.5 456.889 c
h
252.5 426.889 m
f
252.5 426.889 m
244.675 455.851 l
247.226 456.54 249.857 456.889 252.5 456.889 c
h
252.5 426.889 m
S
0 0 0 0 k
267.5 426.889 m
267.5 435.173 260.784 441.889 252.5 441.889 c
244.216 441.889 237.5 435.173 237.5 426.889 c
237.5 418.605 244.216 411.889 252.5 411.889 c
260.784 411.889 267.5 418.605 267.5 426.889 c
f
267.5 426.889 m
267.5 435.174 260.784 441.889 252.5 441.889 c
244.216 441.889 237.5 435.174 237.5 426.889 c
237.5 418.605 244.216 411.889 252.5 411.889 c
260.784 411.889 267.5 418.605 267.5 426.889 c
S
BT
/F5 1 Tf
6 0 0 6 290.508 461.3892 Tm
0 0.97 1 0.5 k
(30.7)Tj
ET
q
0.2 i
287.5 457.889 16 8 re
W n
BT
6 0 0 6 299.032 461.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 461.3892 Tm
0 0 0 1 k
(Amrica Latina)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.832 -1.5 TD
(23.2)Tj
ET
q
0.2 i
287.5 448.889 16 8 re
W n
BT
6 0 0 6 299.032 452.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 452.3892 Tm
0 0 0 1 k
(Asia)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.832 -1.5 TD
(21.7)Tj
ET
q
0.2 i
287.5 439.889 16 8 re
W n
BT
6 0 0 6 299.032 443.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 443.3893 Tm
0 0 0 1 k
(Europa Central y del Este)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.832 -1.5 TD
(14.5)Tj
ET
q
0.2 i
287.5 430.889 16 8 re
W n
BT
6 0 0 6 299.032 434.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 434.3893 Tm
0 0 0 1 k
(Oriente Medio/)Tj
ET
q
0.2 i
307.5 430.889 75 8 re
W n
BT
6 0 0 6 340.694 434.3893 Tm
0 Tc
()Tj
ET
Q
BT
6 0 0 6 344.16 434.3893 Tm
(frica)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-8.5313 -1.5 TD
(2.8)Tj
ET
q
0.2 i
287.5 421.889 16 8 re
W n
BT
6 0 0 6 299.032 425.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 425.3893 Tm
0 0 0 1 k
(Norteamrica)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(1.7)Tj
ET
q
0.2 i
287.5 412.889 16 8 re
W n
BT
6 0 0 6 299.032 416.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 416.3893 Tm
0 0 0 1 k
(Supranacionales)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.9)Tj
ET
q
0.2 i
287.5 403.889 16 8 re
W n
BT
6 0 0 6 299.032 407.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 407.3893 Tm
0 0 0 1 k
(Europa Occidental)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.3)Tj
ET
q
0.2 i
287.5 394.889 16 8 re
W n
BT
6 0 0 6 299.032 398.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 398.3892 Tm
0 0 0 1 k
(Currency Forwards)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(4.2)Tj
ET
q
0.2 i
287.5 385.889 16 8 re
W n
BT
6 0 0 6 299.032 389.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 389.3892 Tm
0 0 0 1 k
(Efectivo)Tj
ET
q
0.2 i
431.5 457.889 18 8 re
W n
0 0 0 1 K
0.5 w
/GS2 gs
448.346 459.91 m
439.95 463.837 432.082 463.142 y
432 465.889 m
432 460.272 l
446.781 462.483 m
448.69 459.895 l
445.535 458.594 l
S
Q
0.92 0.73 0.2 0.05 k
/GS2 gs
430 426.889 m
430 456.889 l
446.569 456.889 460 443.458 460 426.889 c
460 422.727 459.134 418.611 457.457 414.802 c
h
430 426.889 m
f
/GS1 gs
430 426.889 m
430 456.889 l
446.569 456.889 460 443.458 460 426.889 c
460 422.727 459.134 418.611 457.457 414.802 c
h
430 426.889 m
S
430 426.889 m
457.457 414.802 l
450.782 399.638 433.077 392.756 417.913 399.432 c
416.474 400.065 415.088 400.81 413.766 401.661 c
h
430 426.889 m
f
430 426.889 m
457.457 414.802 l
450.782 399.638 433.077 392.756 417.913 399.432 c
416.474 400.065 415.088 400.81 413.766 401.661 c
h
430 426.889 m
S
430 426.889 m
413.766 401.661 l
401.056 409.84 396.415 426.197 402.936 439.833 c
h
430 426.889 m
f
430 426.889 m
413.766 401.661 l
401.056 409.84 396.415 426.197 402.936 439.833 c
h
430 426.889 m
S
430 426.889 m
402.936 439.833 l
407.657 449.705 417.379 456.223 428.304 456.841 c
h
430 426.889 m
f
430 426.889 m
402.936 439.833 l
407.657 449.705 417.379 456.223 428.304 456.841 c
h
430 426.889 m
S
430 426.889 m
428.304 456.841 l
428.43 456.848 428.555 456.855 428.681 456.86 c
h
430 426.889 m
f
430 426.889 m
428.304 456.841 l
428.43 456.848 428.555 456.855 428.681 456.86 c
h
430 426.889 m
S
430 426.889 m
428.681 456.86 l
428.807 456.866 428.932 456.87 429.058 456.874 c
h
430 426.889 m
f
430 426.889 m
428.681 456.86 l
428.807 456.866 428.932 456.871 429.058 456.874 c
h
430 426.889 m
S
430 426.889 m
429.058 456.874 l
429.372 456.884 429.686 456.889 430 456.889 c
h
430 426.889 m
f
430 426.889 m
429.058 456.874 l
429.372 456.884 429.686 456.889 430 456.889 c
h
430 426.889 m
S
0 0 0 0 k
445 426.889 m
445 435.173 438.284 441.889 430 441.889 c
421.716 441.889 415 435.173 415 426.889 c
415 418.605 421.716 411.889 430 411.889 c
438.284 411.889 445 418.605 445 426.889 c
f
445 426.889 m
445 435.174 438.284 441.889 430 441.889 c
421.716 441.889 415 435.174 415 426.889 c
415 418.605 421.716 411.889 430 411.889 c
438.284 411.889 445 418.605 445 426.889 c
S
BT
/F5 1 Tf
6 0 0 6 468.008 461.3892 Tm
0.92 0.73 0.2 0.05 k
(31.6)Tj
ET
q
0.2 i
465 457.889 16 8 re
W n
BT
6 0 0 6 476.532 461.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 461.3892 Tm
0 0 0 1 k
(Amrica Latina)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.832 -1.5 TD
(27.5)Tj
ET
q
0.2 i
465 448.889 16 8 re
W n
BT
6 0 0 6 476.532 452.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 452.3892 Tm
0 0 0 1 k
(Asia)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.832 -1.5 TD
(23.0)Tj
ET
q
0.2 i
465 439.889 16 8 re
W n
BT
6 0 0 6 476.532 443.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 443.3893 Tm
0 0 0 1 k
(Europa Central y del Este)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.832 -1.5 TD
(17.0)Tj
ET
q
0.2 i
465 430.889 16 8 re
W n
BT
6 0 0 6 476.532 434.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 434.3893 Tm
0 0 0 1 k
(Oriente Medio/)Tj
ET
q
0.2 i
485 430.889 75 8 re
W n
BT
6 0 0 6 518.194 434.3893 Tm
0 Tc
()Tj
ET
Q
BT
6 0 0 6 521.66 434.3893 Tm
(frica)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-8.5313 -1.5 TD
(0.2)Tj
ET
q
0.2 i
465 421.889 16 8 re
W n
BT
6 0 0 6 476.532 425.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 425.3893 Tm
0 0 0 1 k
(Norteamrica)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.4213 -1.5 TD
(0.2)Tj
ET
q
0.2 i
465 412.889 16 8 re
W n
BT
6 0 0 6 476.532 416.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 416.3893 Tm
0 0 0 1 k
(Supranacionales)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.4213 -1.5 TD
(0.5)Tj
ET
q
0.2 i
465 403.889 16 8 re
W n
BT
6 0 0 6 476.532 407.3893 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 407.3893 Tm
0 0 0 1 k
(Europa Occidental)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.4213 -1.5 TD
(0.0)Tj
ET
q
0.2 i
465 394.889 16 8 re
W n
BT
6 0 0 6 476.532 398.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 398.3892 Tm
0 0 0 1 k
(Currency Forwards)Tj
/F5 1 Tf
0.92 0.73 0.2 0.05 k
-2.4213 -1.5 TD
(0.0)Tj
ET
q
0.2 i
465 385.889 16 8 re
W n
BT
6 0 0 6 476.532 389.3892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 485 389.3892 Tm
0 0 0 1 k
(Efectivo)Tj
ET
q
0.2 i
217.5 110.5 350 38.5 re
W n
BT
/F5 1 Tf
7.5 0 0 7.5 217.5 143.5 Tm
0 Tc
(C)Tj
ET
Q
BT
/F5 1 Tf
7.5 0 0 7.5 221.47 143.5 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 -1.2667 TD
(31.oct.2019. Las rentabilidades obtenidas en el pasado no garantizan los resultados futuros, que pueden variar. El valor de )Tj
T*
(las inversiones y de los ingresos derivados de las mismas ucta, y puede tanto caer como aumentar. Por consiguiente, el )Tj
T*
(capital invertido podra sufrir minusvalas.)Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
/F2 1 Tf
4 0 0 4 217.5 107.8 Tm
0 Tc
(\(1\))Tj
ET
Q
BT
/F2 1 Tf
7.5 0 0 7.5 221.052 105 Tm
0 Tc
(El 31 de mayo de 2016, el )Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
7.5 0 0 7.5 293.9069 105 Tm
(G)Tj
ET
Q
BT
7.5 0 0 7.5 298.0769 105 Tm
(oldman )Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
7.5 0 0 7.5 319.7294 105 Tm
(S)Tj
ET
Q
BT
7.5 0 0 7.5 323.4794 105 Tm
(achs )Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
7.5 0 0 7.5 337.6394 105 Tm
(G)Tj
ET
Q
BT
7.5 0 0 7.5 341.8094 105 Tm
(rowth )Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
7.5 0 0 7.5 359.3069 105 Tm
(&)Tj
ET
Q
BT
7.5 0 0 7.5 363.8894 105 Tm
( Emerging Markets Debt Blend Portfolio pas a llamarse )Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
7.5 0 0 7.5 517.5643 105 Tm
(G)Tj
ET
Q
BT
7.5 0 0 7.5 521.7343 105 Tm
(oldman )Tj
ET
q
0.2 i
217.5 24.5 350 86 re
W n
BT
7.5 0 0 7.5 543.3868 105 Tm
(S)Tj
ET
Q
BT
7.5 0 0 7.5 547.1368 105 Tm
(achs )Tj
-43.9516 -1.2667 TD
(Emerging Markets Debt Blend Portfolio.)Tj
4 0 0 4 326.6175 98.3 Tm
( \(2\))Tj
7.5 0 0 7.5 331.0575 95.5 Tm
(La cifra de gastos corrientes se basa en los gastos incurridos durante el ao previo. El )Tj
-15.141 -1.2667 TD
(Documento de informacin clave para el inversor \(DFI/KIID\) proporciona informacin detallada a este respecto.)Tj
4 0 0 4 518.595 88.8 Tm
( \(3\))Tj
7.5 0 0 7.5 523.0349 86 Tm
(El ndice 50% )Tj
-40.738 -1.2667 TD
[(GBI-EM Global Div)50(, 25% EMBI Global Div)50(, 25% CEMBI Broad DivIndex, se calcula al nal de cada mes con reinversin de )]TJ
T*
[(resultados y)50(,)0( a diferencia de este Fondo, sin deducir gasto alguno.)]TJ
4 0 0 4 397.8375 69.8 Tm
( \(4\))Tj
7.5 0 0 7.5 402.2775 67 Tm
(Las rentabilidades del fondo se proporcionan netas de )Tj
-24.637 -1.2667 TD
(comisiones regulares aplicables, con reinversin de dividendos segn el valor liquidativo ex dividendo. Estas rentabilidades se)Tj
45.581 0 TD
( )Tj
-45.581 -1.2667 TD
(ofrecen a efectos de comparacin con un ndice especicado. Dado que el inversor podra tener que pagar otras comisiones, )Tj
T*
[(cargas y gravmenes, su objetivo no es proporcionar una medida del rendimiento real para el inversor)70(. Los datos de rendimiento )]TJ
T*
(no tienen en cuenta las comisiones y costes incurridos por la emisin y reembolso de participaciones.)Tj
ET
0 0 0 0 k
38.75 67.95 90 -36.2 re
f
0 0 0 1 k
0.2 i
83.354 58.153 m
83.331 58.153 l
82.558 54.657 l
84.171 54.657 l
h
80.092 51.62 m
82.333 59.711 l
84.564 59.711 l
86.758 51.62 l
84.978 51.62 l
84.529 53.414 l
82.221 53.414 l
81.762 51.62 l
f
88.833 53.436 m
88.822 53.177 88.833 52.931 88.911 52.752 c
89 52.574 89.168 52.484 89.482 52.484 c
89.796 52.484 90.064 52.685 90.064 53.065 c
90.064 54.264 87.287 53.995 87.287 55.799 c
87.287 57.021 88.496 57.392 89.516 57.392 c
90.592 57.392 91.566 56.875 91.477 55.654 c
89.93 55.654 l
89.93 56.047 89.887 56.283 89.773 56.383 c
89.673 56.483 89.539 56.505 89.371 56.505 c
89.024 56.505 88.833 56.283 88.833 55.901 c
88.833 55.005 91.611 55.049 91.611 53.233 c
91.611 52.246 90.805 51.51 89.492 51.51 c
88.115 51.51 87.195 51.855 87.287 53.436 c
88.833 53.436 l
f
94.087 53.436 m
94.076 53.177 94.087 52.931 94.166 52.752 c
94.254 52.574 94.425 52.484 94.737 52.484 c
95.051 52.484 95.32 52.685 95.32 53.065 c
95.32 54.264 92.54 53.995 92.54 55.799 c
92.54 57.021 93.75 57.392 94.772 57.392 c
95.846 57.392 96.821 56.875 96.733 55.654 c
95.187 55.654 l
95.187 56.047 95.142 56.283 95.026 56.383 c
94.928 56.483 94.793 56.505 94.626 56.505 c
94.277 56.505 94.087 56.283 94.087 55.901 c
94.087 55.005 96.866 55.049 96.866 53.233 c
96.866 52.246 96.059 51.51 94.748 51.51 c
93.369 51.51 92.452 51.855 92.54 53.436 c
94.087 53.436 l
f
100.777 55.084 m
100.777 55.632 100.798 56.415 100.047 56.415 c
99.32 56.415 99.331 55.564 99.331 55.084 c
h
99.331 54.197 m
99.331 53.524 99.352 52.518 100.047 52.518 c
100.607 52.518 100.719 53.055 100.719 53.524 c
102.322 53.524 l
102.3 52.909 102.099 52.405 101.718 52.058 c
101.347 51.709 100.788 51.51 100.047 51.51 c
98.008 51.51 97.74 52.752 97.74 54.523 c
97.74 56.068 97.964 57.392 100.047 57.392 c
102.175 57.392 102.412 56.013 102.355 54.197 c
99.331 54.197 l
f
103.117 57.278 m
103.757 57.278 l
103.757 58.175 l
105.336 58.881 l
105.336 57.278 l
106.154 57.278 l
106.154 56.304 l
105.336 56.304 l
105.336 53.279 l
105.336 52.851 105.324 52.574 105.84 52.574 c
105.942 52.574 106.042 52.574 106.12 52.595 c
106.12 51.62 l
105.908 51.599 105.684 51.565 105.304 51.565 c
103.935 51.565 103.757 52.47 103.757 52.819 c
103.757 56.304 l
103.117 56.304 l
103.117 57.278 l
f
80.093 40.002 m
80.093 48.092 l
82.817 48.092 l
84.083 42.59 l
84.105 42.59 l
85.449 48.092 l
88.083 48.092 l
88.083 40.002 l
86.436 40.002 l
86.436 46.242 l
86.412 46.242 l
84.856 40.002 l
83.242 40.002 l
81.763 46.242 l
81.74 46.242 l
81.74 40.002 l
f
90.704 41.761 m
90.704 41.357 90.771 40.865 91.285 40.865 c
92.217 40.865 92.071 42.118 92.071 42.735 c
91.285 42.701 90.704 42.77 90.704 41.761 c
93.618 41.054 m
93.618 40.706 93.663 40.349 93.696 40.002 c
92.227 40.002 l
92.159 40.751 l
92.137 40.751 l
91.801 40.169 91.344 39.891 90.659 39.891 c
89.561 39.891 89.157 40.706 89.157 41.693 c
89.157 43.564 90.601 43.642 92.071 43.62 c
92.071 44.057 l
92.071 44.538 92.003 44.887 91.432 44.887 c
90.884 44.887 90.838 44.472 90.838 44.023 c
89.292 44.023 l
89.292 44.707 89.504 45.144 89.874 45.401 c
90.232 45.672 90.749 45.772 91.353 45.772 c
93.359 45.772 93.618 44.91 93.618 43.877 c
93.618 41.054 l
f
96.451 45.088 m
96.474 45.088 l
96.632 45.346 96.821 45.514 97.033 45.614 c
97.26 45.727 97.516 45.772 97.807 45.772 c
98.556 45.772 99.22 45.322 99.22 44.538 c
99.22 40.002 l
97.64 40.002 l
97.64 43.9 l
97.64 44.403 97.549 44.797 97.046 44.797 c
96.541 44.797 96.451 44.403 96.451 43.9 c
96.451 40.002 l
94.871 40.002 l
94.871 45.66 l
96.451 45.66 l
96.451 45.088 l
f
101.795 41.761 m
101.795 41.357 101.862 40.865 102.379 40.865 c
103.309 40.865 103.164 42.118 103.164 42.735 c
102.379 42.701 101.795 42.77 101.795 41.761 c
104.709 41.054 m
104.709 40.706 104.754 40.349 104.789 40.002 c
103.318 40.002 l
103.253 40.751 l
103.231 40.751 l
102.896 40.169 102.436 39.891 101.753 39.891 c
100.652 39.891 100.25 40.706 100.25 41.693 c
100.25 43.564 101.695 43.642 103.164 43.62 c
103.164 44.057 l
103.164 44.538 103.097 44.887 102.525 44.887 c
101.975 44.887 101.931 44.472 101.931 44.023 c
100.386 44.023 l
100.386 44.707 100.598 45.144 100.967 45.401 c
101.326 45.672 101.841 45.772 102.446 45.772 c
104.453 45.772 104.709 44.91 104.709 43.877 c
104.709 41.054 l
f
108.061 41.054 m
108.63 41.054 108.708 41.648 108.708 42.848 c
108.708 44.091 108.653 44.797 108.072 44.797 c
107.476 44.797 107.374 44.382 107.374 42.657 c
107.374 42.129 107.296 41.054 108.061 41.054 c
110.29 45.66 m
110.29 39.765 l
110.29 39.374 110.311 37.826 108.136 37.826 c
106.959 37.826 105.953 38.131 105.919 39.509 c
107.465 39.509 l
107.465 39.274 107.499 39.072 107.599 38.938 c
107.702 38.791 107.881 38.713 108.126 38.713 c
108.519 38.713 108.708 39.082 108.708 39.655 c
108.708 40.741 l
108.687 40.741 l
108.453 40.303 108.003 40.08 107.488 40.08 c
105.751 40.08 105.83 41.67 105.83 42.949 c
105.83 44.192 105.852 45.772 107.499 45.772 c
108.061 45.772 108.54 45.525 108.765 44.997 c
108.787 44.997 l
108.787 45.66 l
110.29 45.66 l
f
114.523 43.464 m
114.523 44.012 114.546 44.797 113.795 44.797 c
113.067 44.797 113.08 43.944 113.08 43.464 c
h
113.08 42.578 m
113.08 41.904 113.101 40.898 113.795 40.898 c
114.356 40.898 114.468 41.435 114.468 41.904 c
116.071 41.904 l
116.048 41.288 115.846 40.785 115.464 40.439 c
115.095 40.091 114.535 39.891 113.795 39.891 c
111.757 39.891 111.488 41.133 111.488 42.903 c
111.488 44.45 111.713 45.772 113.795 45.772 c
115.924 45.772 116.16 44.393 116.105 42.578 c
113.08 42.578 l
f
118.85 45.088 m
118.873 45.088 l
119.186 45.593 119.612 45.772 120.205 45.772 c
120.767 45.772 121.213 45.502 121.471 45.055 c
121.842 45.546 122.29 45.772 122.938 45.772 c
123.69 45.772 124.351 45.322 124.351 44.538 c
124.351 40.002 l
122.771 40.002 l
122.771 43.9 l
122.771 44.403 122.682 44.797 122.176 44.797 c
121.674 44.797 121.584 44.403 121.584 43.9 c
121.584 40.002 l
120.039 40.002 l
120.039 43.9 l
120.039 44.403 119.948 44.797 119.444 44.797 c
118.94 44.797 118.85 44.403 118.85 43.9 c
118.85 40.002 l
117.271 40.002 l
117.271 45.66 l
118.85 45.66 l
118.85 45.088 l
f
128.441 43.464 m
128.441 44.012 128.462 44.797 127.712 44.797 c
126.983 44.797 126.994 43.944 126.994 43.464 c
h
126.994 42.578 m
126.994 41.904 127.016 40.898 127.712 40.898 c
128.272 40.898 128.384 41.435 128.384 41.904 c
129.986 41.904 l
129.965 41.288 129.762 40.785 129.381 40.439 c
129.011 40.091 128.453 39.891 127.712 39.891 c
125.673 39.891 125.405 41.133 125.405 42.903 c
125.405 44.45 125.628 45.772 127.712 45.772 c
129.84 45.772 130.076 44.393 130.02 42.578 c
126.994 42.578 l
f
132.777 45.088 m
132.798 45.088 l
132.955 45.346 133.146 45.514 133.359 45.614 c
133.582 45.727 133.842 45.772 134.131 45.772 c
134.882 45.772 135.544 45.322 135.544 44.538 c
135.544 40.002 l
133.963 40.002 l
133.963 43.9 l
133.963 44.403 133.875 44.797 133.37 44.797 c
132.867 44.797 132.777 44.403 132.777 43.9 c
132.777 40.002 l
131.197 40.002 l
131.197 45.66 l
132.777 45.66 l
132.777 45.088 l
f
136.385 45.66 m
137.024 45.66 l
137.024 46.556 l
138.602 47.262 l
138.602 45.66 l
139.421 45.66 l
139.421 44.685 l
138.602 44.685 l
138.602 41.659 l
138.602 41.233 138.591 40.954 139.108 40.954 c
139.209 40.954 139.309 40.954 139.387 40.975 c
139.387 40.002 l
139.175 39.978 138.95 39.944 138.57 39.944 c
137.203 39.944 137.024 40.852 137.024 41.2 c
137.024 44.685 l
136.385 44.685 l
136.385 45.66 l
f
q
27.594 27.518 111.827 41.827 re
W n
0.5 0.25 0 0.1 k
27.595 69.345 41.778 -41.827 re
f
Q
0 0 0 0 k
39.023 62.533 m
39.023 61.455 39.023 60.486 38.811 60.031 c
38.705 59.804 38.549 59.675 38.266 59.675 c
37.984 59.675 37.826 59.804 37.721 60.031 c
37.507 60.486 37.508 61.455 37.508 62.533 c
37.508 63.612 37.507 64.582 37.721 65.037 c
37.826 65.262 37.984 65.39 38.266 65.39 c
38.549 65.39 38.705 65.262 38.811 65.037 c
39.023 64.582 39.023 63.612 39.023 62.533 c
39.587 65.077 m
39.209 65.396 38.8 65.598 38.266 65.598 c
37.738 65.597 37.321 65.373 36.961 65.047 c
36.422 64.559 35.95 63.711 35.95 62.533 c
35.95 61.459 36.319 60.515 36.947 59.99 c
37.326 59.674 37.734 59.469 38.266 59.469 c
38.8 59.469 39.209 59.674 39.587 59.99 c
40.212 60.515 40.583 61.459 40.583 62.533 c
40.583 63.609 40.212 64.551 39.587 65.077 c
f
64.062 59.582 m
62.557 59.582 l
62.557 65.496 l
63.957 65.496 l
63.957 64.83 l
64.134 65.212 64.574 65.555 65.164 65.599 c
66.128 65.668 66.764 65.084 66.764 63.835 c
66.764 59.582 l
65.26 59.582 l
65.26 64.149 l
65.26 64.645 65.247 65.084 64.898 65.173 c
64.748 65.212 64.536 65.188 64.384 65.055 c
64.129 64.826 64.062 64.557 64.062 64.146 c
64.062 59.582 l
f
59.823 63.199 m
59.343 62.888 l
58.839 62.59 58.748 62.204 58.711 61.756 c
58.68 61.415 58.674 60.876 58.711 60.369 c
58.748 59.866 59.051 59.767 59.314 59.876 c
59.645 60.009 59.823 60.494 59.823 61.066 c
h
60.68 65.322 m
61.096 65.076 61.33 64.738 61.33 63.964 c
61.33 59.582 l
59.871 59.582 l
59.871 60.169 l
59.689 59.76 59.267 59.484 58.608 59.484 c
58.04 59.484 57.146 59.729 57.146 61.092 c
57.146 62.351 57.992 62.619 58.873 63.005 c
59.731 63.381 59.823 63.434 59.823 63.757 c
59.823 64.812 l
59.823 65.211 59.591 65.388 59.157 65.363 c
58.99 65.35 58.687 65.262 58.672 65.049 c
58.649 64.758 58.933 64.707 58.974 64.295 c
59.031 63.718 58.549 63.47 58.109 63.494 c
57.818 63.51 57.439 63.683 57.403 64.183 c
57.348 64.945 58.229 65.597 59.477 65.597 c
60.027 65.597 60.39 65.498 60.68 65.322 c
f
38.785 55.336 m
38.302 55.027 l
37.801 54.73 37.712 54.343 37.672 53.896 c
37.642 53.554 37.632 53.016 37.672 52.509 c
37.707 52.006 38.01 51.908 38.279 52.02 c
38.605 52.15 38.785 52.635 38.785 53.203 c
h
39.64 57.463 m
40.057 57.216 40.291 56.875 40.291 56.102 c
40.291 51.719 l
38.835 51.719 l
38.833 52.308 l
38.65 51.9 38.227 51.623 37.569 51.623 c
37.001 51.623 36.107 51.867 36.107 53.232 c
36.107 54.49 36.95 54.756 37.835 55.144 c
38.695 55.518 38.785 55.575 38.785 55.895 c
38.785 56.952 l
38.785 57.35 38.553 57.528 38.119 57.502 c
37.949 57.489 37.65 57.4 37.632 57.188 c
37.607 56.897 37.895 56.846 37.935 56.439 c
37.992 55.857 37.509 55.611 37.072 55.633 c
36.776 55.649 36.399 55.822 36.363 56.324 c
36.308 57.086 37.19 57.737 38.438 57.737 c
38.989 57.737 39.352 57.635 39.64 57.463 c
f
56.294 59.582 m
56.294 63.835 l
56.294 65.084 55.676 65.668 54.712 65.599 c
54.051 65.55 53.653 65.143 53.499 64.743 c
53.257 65.363 52.754 65.645 52.067 65.599 c
51.475 65.555 51.071 65.212 50.891 64.83 c
50.891 65.496 l
49.527 65.496 l
49.527 59.582 l
50.998 59.582 l
50.998 64.146 l
50.998 64.557 51.07 64.836 51.32 65.055 c
51.486 65.194 51.648 65.212 51.801 65.173 c
52.145 65.084 52.16 64.645 52.16 64.149 c
52.16 59.582 l
53.648 59.582 l
53.648 64.158 l
53.648 64.569 53.706 64.83 53.969 65.055 c
54.133 65.194 54.297 65.212 54.446 65.173 c
54.791 65.084 54.809 64.645 54.809 64.149 c
54.809 59.582 l
56.294 59.582 l
f
41.444 66.715 1.522 -7.133 re
f
46.442 65.086 m
46.753 64.629 46.776 63.513 46.776 62.663 c
46.776 61.809 46.827 60.535 46.46 60.071 c
46.316 59.886 46.225 59.811 45.993 59.811 c
45.69 59.811 45.485 60.136 45.42 60.74 c
45.361 61.262 45.345 62.014 45.345 62.703 c
45.345 63.621 45.392 64.305 45.582 64.881 c
45.653 65.09 45.802 65.315 46.018 65.315 c
46.234 65.315 46.343 65.229 46.442 65.086 c
48.249 59.582 m
48.249 66.715 l
46.745 66.715 l
46.745 65.037 l
46.591 65.35 46.296 65.57 45.844 65.57 c
44.732 65.57 43.865 64.412 43.821 62.674 c
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54.112 56.038 l
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51.974 56.422 52.131 56.071 52.908 55.621 c
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54.689 52.23 53.622 51.718 52.508 51.718 c
50.93 51.718 l
50.93 53.781 l
51.135 53.781 l
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53.199 51.951 53.582 52.328 53.582 52.932 c
53.582 53.485 53.207 53.856 52.383 54.345 c
51.479 54.88 50.869 55.224 50.869 56.087 c
50.869 56.98 51.543 57.737 52.738 57.737 c
53.137 57.737 54.326 57.736 y
f
49.92 51.719 m
48.417 51.719 l
48.417 56.287 l
48.417 56.785 48.402 57.223 48.06 57.312 c
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45.717 51.719 l
45.717 53.412 l
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44.196 57.741 44.614 57.536 44.901 57.116 c
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44.481 55.455 43.649 55.522 43.482 56.08 c
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43.966 57.273 43.949 57.527 43.533 57.527 c
42.982 57.527 42.842 56.893 42.784 56.397 c
42.645 55.129 42.656 53.953 42.788 53.064 c
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49.92 51.719 l
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34.901 57.146 l
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34.249 58.783 33.789 59.222 33.155 59.222 c
32.451 59.222 31.92 58.796 31.92 58.095 c
31.92 57.239 32.431 57.021 33.414 56.483 c
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30.493 54.527 l
30.738 54.527 l
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31.121 55.772 30.466 56.13 30.496 57.322 c
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15 0 0 15 34.5 788.8893 Tm
0 0 0 0 k
/GS1 gs
-0.0007 Tc
0 Tw
(Goldman Sachs Emerging Markets Debt Blend 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
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0 J 0 j 2 w 10 M []0 d
27.5 750.389 m
567.5 750.389 l
S
Q
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
27.5 702.889 540 40.5 re
W n
BT
8 0 0 8 196.372 737.3893 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 198.3961 737.3893 Tm
("CoCo")Tj
ET
q
0.2 i
27.5 702.889 540 40.5 re
W n
BT
8 0 0 8 219.4201 737.3893 Tm
0 Tc
(\))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 -1.25 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 -1.25 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 -1.25 TD
(una prdida de valor.)Tj
/F6 1 Tf
6 0 0 6 27.5 696.0892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 696.0892 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 27.5 684.7892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 684.7892 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 -1.25 TD
(negativamente en los rendimientos ofrecidos por ella.)Tj
/F6 1 Tf
6 0 0 6 27.5 663.4893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 663.4893 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 -1.25 TD
(la Cartera puede acarrear prdidas a la misma.)Tj
/F6 1 Tf
6 0 0 6 27.5 642.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 642.1892 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 -1.25 TD
(conllevar prdidas superiores al importe invertido inicialmente.)Tj
/F6 1 Tf
6 0 0 6 27.5 620.8892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 620.8892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a mercados emergentes)Tj
/F1 1 Tf
15.739 0 TD
(: los mercados emergentes son susceptibles de comportar un riesgo ms alto debido a la menor liquidez y a la posible falta de )Tj
-15.739 -1.25 TD
(estructuras nancieras, jurdicas, sociales, polticas y econmicas adecuadas, a su menor proteccin y estabilidad, as como a )Tj
47.8089 0 TD
(posiciones scales inciertas.)Tj
/F6 1 Tf
6 0 0 6 27.5 599.5892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 599.5892 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 -1.25 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 -1.25 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 27.5 568.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 568.2892 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 -1.25 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 -1.25 TD
(tanto polticas como econmicas.)Tj
/F6 1 Tf
6 0 0 6 27.5 536.9892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 536.9892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de apalancamiento)Tj
/F1 1 Tf
10.178 0 TD
(: la Cartera puede operar con un importante grado de apalancamiento. El apalancamiento se produce cuando la exposicin econmic)Tj
50.2039 0 TD
(a generada por )Tj
-60.3819 -1.25 TD
(el uso de derivados es mayor que la cantidad invertida. Una Cartera apalancada podra generar importantes uctuaciones en su va)Tj
49.2009 0 TD
(lor y, por consiguiente, el apalancamiento )Tj
-49.2009 -1.25 TD
(conlleva un riesgo elevado, incluido el riesgo de prdidas importantes.)Tj
/F6 1 Tf
6 0 0 6 27.5 505.6892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 505.6892 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 -1.25 TD
(Cartera para atender las solicitudes de reembolso presentadas.)Tj
/F6 1 Tf
6 0 0 6 27.5 484.3892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 484.3892 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 -1.25 TD
(cotizan dichos activos.)Tj
/F6 1 Tf
6 0 0 6 27.5 463.0892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 463.0892 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 -1.25 TD
(procedimientos o controles inadecuados.)Tj
/F6 1 Tf
6 0 0 6 27.5 441.7892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 441.7892 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo asociado a ttulos con garanta hipotecaria )Tj
ET
q
0.2 i
27.5 427.289 540 20.5 re
W n
BT
8 0 0 8 192.6281 441.7892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 194.6521 441.7892 Tm
(MBS)Tj
ET
q
0.2 i
27.5 427.289 540 20.5 re
W n
BT
8 0 0 8 216.7561 441.7892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 218.7801 441.7892 Tm
( y a ttulos con garanta de activos )Tj
ET
q
0.2 i
27.5 427.289 540 20.5 re
W n
BT
8 0 0 8 324.252 441.7892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 326.276 441.7892 Tm
(ABS)Tj
ET
q
0.2 i
27.5 427.289 540 20.5 re
W n
BT
8 0 0 8 346.6039 441.7892 Tm
0 Tc
(\))Tj
ET
Q
BT
/F1 1 Tf
8 0 0 8 348.6279 441.7892 Tm
(: los prstamos hipotecarios que garantizan MBS y los activos que )Tj
-38.891 -1.25 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 27.5 420.4893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 420.4893 Tm
0 0 0 1 k
-0.025 Tc
(Riesgo de exposicin a divisas)Tj
/F1 1 Tf
11.804 0 TD
(: las clases de acciones de la Cartera con cobertura de divisas no estn concebidas para cubrir la exposicin a divisas de la c)Tj
47.1979 0 TD
(artera subyacente )Tj
-59.0019 -1.25 TD
(respecto a la moneda de referencia del inversor, lo que provoca que el inversor asuma posiciones de divisas especulativas. Dich)Tj
48.308 0 TD
(as posiciones pueden ser voltiles y es posible )Tj
-48.308 -1.25 TD
(que afecten de manera importante a las rentabilidades del inversor.)Tj
/F5 1 Tf
8.5 0 0 8.5 27.5 317.9893 Tm
0.53 0.32 0.11 0 k
0 Tc
(Glosario)Tj
ET
q
0.6 i
27.5 303.489 540 7 re
W n
1 0.84 0.31 0.17 K
0 J 0 j 2 w 10 M []0 d
27.5 310.489 m
567.5 310.489 l
S
Q
BT
/F6 1 Tf
6 0 0 6 27.5 297.4893 Tm
()Tj
/F5 1 Tf
8 0 0 8 37.5 297.4893 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
27.5 272.989 540 30.5 re
W n
BT
8 0 0 8 336.1319 297.4893 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 338.1559 297.4893 Tm
(anualizada)Tj
ET
q
0.2 i
27.5 272.989 540 30.5 re
W n
BT
8 0 0 8 370.8198 297.4893 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 372.8438 297.4893 Tm
(. Cuanto ms cerca est de 1,00, ms se han correspondido las )Tj
-41.918 -1.25 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 -1.25 TD
(referencia.)Tj
/F6 1 Tf
6 0 0 6 27.5 266.1892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 266.1892 Tm
0 0 0 1 k
-0.025 Tc
(Duracin de la cartera)Tj
/F1 1 Tf
8.56 0 TD
( Medida de la sensibilidad del precio de un bono o de una cartera a un cambio en los tipos de inters. Cuanto mayor sea esta )Tj
47.6449 0 TD
(cifra )Tj
ET
q
0.2 i
27.5 241.689 540 30.5 re
W n
BT
8 0 0 8 502.3793 266.1892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 504.4033 266.1892 Tm
(ya sea positiva o )Tj
-58.3629 -1.25 TD
(negativa\), ms se mover la cotizacin ante un cambio determinado de los tipos de inters. Si la duracin es positiva, una subi)Tj
47.256 0 TD
(da de los tipos de inters provoca una cada del )Tj
-47.256 -1.25 TD
(precio; si es negativa, una subida de los tipos conduce a una subida de la cotizacin del activo.)Tj
/F6 1 Tf
6 0 0 6 27.5 234.8892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 234.8892 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
27.5 230.389 540 10.5 re
W n
BT
8 0 0 8 363.6038 234.8892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 365.6278 234.8892 Tm
(anualizada)Tj
ET
q
0.2 i
27.5 230.389 540 10.5 re
W n
BT
8 0 0 8 398.2917 234.8892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 400.3157 234.8892 Tm
0 Tc
(.)Tj
/F6 1 Tf
6 0 0 6 27.5 223.5892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8 0 0 8 37.5 223.5892 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
27.5 209.089 540 20.5 re
W n
BT
8 0 0 8 474.2114 223.5892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 476.2354 223.5892 Tm
(anualizada)Tj
ET
q
0.2 i
27.5 209.089 540 20.5 re
W n
BT
8 0 0 8 508.8993 223.5892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 510.9232 223.5892 Tm
(. Una cifra elevada )Tj
-59.1779 -1.25 TD
(indica que el fondo est asumiendo ms riesgo respecto al indicador.)Tj
/F6 1 Tf
6 0 0 6 27.5 202.2892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 202.2892 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 -1.25 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 27.5 180.9892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 180.9892 Tm
0 0 0 1 k
-0.025 Tc
(Duracin de tipos de inters)Tj
/F1 1 Tf
10.743 0 TD
( Una medida modicada de duracin total media estimada por GSAM. Esta medida modicada tiene en cuenta los diferentes comport)Tj
50.8149 0 TD
(amientos de )Tj
-61.5579 -1.25 TD
(distintos mercados de deuda a nivel mundial, al reexpresar todas las exposiciones de duracin en base a un criterio comn del m)Tj
48.476 0 TD
(ercado estadounidense. Su objetivo es mejorar )Tj
-48.476 -1.25 TD
(la estimacin de la sensibilidad de la cartera a cambios en los tipos de inters. Esta estimacin se basa en observaciones hist)Tj
47.087 0 TD
(ricas entre mercados que estn expuestos a )Tj
-47.087 -1.25 TD
(cambios a lo largo del tiempo, y podra no coincidir con los niveles reales.)Tj
/F6 1 Tf
6 0 0 6 27.5 139.6892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 139.6892 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
27.5 135.189 540 10.5 re
W n
BT
8 0 0 8 212.7881 139.6892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 214.8121 139.6892 Tm
(ex-dividendo)Tj
ET
q
0.2 i
27.5 135.189 540 10.5 re
W n
BT
8 0 0 8 253.7321 139.6892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 255.7561 139.6892 Tm
( divididos por el nmero total de acciones o participaciones emitidas por el fondo.)Tj
/F6 1 Tf
6 0 0 6 27.5 128.3892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 128.3892 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
27.5 113.889 540 20.5 re
W n
BT
8 0 0 8 394.2517 128.3892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 396.2757 128.3892 Tm
(es decir, en periodos mviles de doce meses)Tj
ET
q
0.2 i
27.5 113.889 540 20.5 re
W n
BT
8 0 0 8 531.1792 128.3892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 533.2032 128.3892 Tm
(. Excluye )Tj
-61.9629 -1.25 TD
(costes de operacin y comisiones de rendimiento.)Tj
/F6 1 Tf
6 0 0 6 27.5 107.0892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 107.0892 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 95.7892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 95.7892 Tm
0 0 0 1 k
(R)Tj
/F2 1 Tf
4 0 0 4 41.748 98.7892 Tm
(2)Tj
/F1 1 Tf
8 0 0 8 43.324 95.7892 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 81.289 540 20.5 re
W n
BT
8 0 0 8 372.2678 95.7892 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 374.2917 95.7892 Tm
(anualizados)Tj
ET
q
0.2 i
27.5 81.289 540 20.5 re
W n
BT
8 0 0 8 410.3076 95.7892 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 412.3316 95.7892 Tm
(. Cuanto ms cerca est de )Tj
ET
q
0.2 i
27.5 81.289 540 20.5 re
W n
BT
8 0 0 8 495.8033 95.7892 Tm
0 Tc
([)Tj
ET
Q
BT
8 0 0 8 497.8273 95.7892 Tm
(1,00)Tj
ET
q
0.2 i
27.5 81.289 540 20.5 re
W n
BT
8 0 0 8 509.4592 95.7892 Tm
0 Tc
(])Tj
ET
Q
BT
8 0 0 8 511.4832 95.7892 Tm
(, ms se )Tj
-59.2479 -1.25 TD
(corresponde el riesgo del fondo con el del indicador \(es decir, menos se desva el riesgo asumido por el fondo del que conlleva)Tj
47.532 0 TD
( el ndice\).)Tj
/F6 1 Tf
6 0 0 6 27.5 74.4893 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 74.4893 Tm
0 0 0 1 k
-0.025 Tc
(Ajuste por dilucin)Tj
/F1 1 Tf
7.247 0 TD
0 Tc
( )Tj
ET
q
0.2 i
27.5 49.989 540 30.5 re
W n
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8 0 0 8 97.052 74.4893 Tm
(\()Tj
ET
Q
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8 0 0 8 99.076 74.4893 Tm
-0.025 Tc
(swing pricing)Tj
ET
q
0.2 i
27.5 49.989 540 30.5 re
W n
BT
8 0 0 8 139.572 74.4893 Tm
0 Tc
(\))Tj
ET
Q
BT
8 0 0 8 141.596 74.4893 Tm
( Describe los diferenciales de negociacin totales y otros gravmenes y cargos )Tj
ET
q
0.2 i
27.5 49.989 540 30.5 re
W n
BT
8 0 0 8 387.0918 74.4893 Tm
0 Tc
(\()Tj
ET
Q
BT
8 0 0 8 389.1158 74.4893 Tm
(como por ejemplo comisiones de intermediarios, timbres e )Tj
-43.952 -1.25 TD
(impuestos\) que podran pagarse al entrar y salir del fondo, y trata de proteger a los inversores a largo plazo ya presentes en )Tj
46.476 0 TD
(el fondo. El precio mostrado se mide a n del ltimo )Tj
-46.476 -1.25 TD
(trimestre y solamente indica el ajuste \(swing\) que podra aplicarse a nuevas suscripciones/reembolsos.)Tj
/F6 1 Tf
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0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 43.1892 Tm
0 0 0 1 k
-0.025 Tc
(Rentabilidad al vencimiento)Tj
/F1 1 Tf
10.715 0 TD
( La tasa de rentabilidad anticipada de un bono si se mantiene en cartera hasta su vencimiento.)Tj
/F6 1 Tf
6 0 0 6 27.5 31.8892 Tm
0.53 0.32 0.11 0 k
0 Tc
()Tj
/F5 1 Tf
8 0 0 8 37.5 31.8892 Tm
0 0 0 1 k
-0.025 Tc
(Rentabilidad yield to worst )Tj
ET
q
0.2 i
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8 0 0 8 121.236 31.8892 Tm
0 Tc
(\()Tj
ET
Q
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8 0 0 8 123.26 31.8892 Tm
0 Tc
(%)Tj
ET
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0.2 i
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8 0 0 8 129.284 31.8892 Tm
(\))Tj
ET
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/F1 1 Tf
8 0 0 8 131.308 31.8892 Tm
-0.025 Tc
( La rentabilidad por cupn potencialmente ms baja que puede ofrecer un bono sin que su emisor incumpla.)Tj
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(Notas adicionales)Tj
8 0 0 8 27.5 761.8892 Tm
0 0 0 1 k
-0.025 Tc
(Este material es una promocin nanciera y ha sido emitido por Goldman Sachs International, entidad autorizada por la Autoridad)Tj
48.592 0 TD
( de Regulacin Prudencial \(PRA\) y regulada por la )Tj
-48.592 -1.3125 TD
(Autoridad de Conducta Financiera \(FCA\) y por la PRA \(los organismos de supervisin nanciera del Reino Unido\).)Tj
0 -1.375 TD
(De igual modo, esta informacin tampoco deber interpretarse como anlisis nanciero; tampoco se ha elaborado de acuerdo con la)Tj
49.98 0 TD
(s provisiones legislativas aplicables diseadas )Tj
-49.98 -1.3125 TD
(para fomentar la independencia del anlisis nanciero, ni est sujeto a prohibicin alguna de contratacin en bolsa tras la dis)Tj
47.035 0 TD
(tribucin de tal anlisis.)Tj
-47.035 -1.375 TD
(Esta informacin va dirigida exclusivamente al destinatario especicado y no podr reproducirse ni distribuirse, ya sea en part)Tj
47.365 0 TD
(e o en su totalidad, a ninguna persona sin la )Tj
-47.365 -1.3125 TD
(autorizacin previa y por escrito de GSI. Goldman Sachs International no asume responsabilidad alguna por el uso incorrecto o p)Tj
48.313 0 TD
(or la distribucin inapropiada del presente )Tj
-48.313 -1.3125 TD
(material.)Tj
/F5 1 Tf
0 -1.375 TD
(Documentacin de oferta)Tj
/F1 1 Tf
9.647 0 TD
(: El presente material se le proporciona a efectos meramente informativos porque usted lo ha solicitado, y no constituye ningun)Tj
47.5899 0 TD
(a oferta o invitacin a )Tj
-57.2369 -1.3125 TD
(invertir en jurisdicciones donde tal invitacin sea ilegal, o a personas a quienes hacerlo resulte ilegal. Este material solame)Tj
45.976 0 TD
(nte contiene informacin seleccionada sobre el fondo, y )Tj
-45.976 -1.3125 TD
(no constituye ninguna oferta de compra de acciones o participaciones del mismo. Se recomienda al inversor que, antes de realiza)Tj
48.757 0 TD
(r cualquier inversin, lea detenidamente el )Tj
-48.757 -1.3125 TD
(Documento de Datos Fundamentales para el Inversor \(DFI o KIID\) y la documentacin ms reciente relativa al fondo, incluido, ent)Tj
48.37 0 TD
(re otros, el folleto informativo \(donde se )Tj
-48.37 -1.3125 TD
(especican todos los riesgos aplicables a una inversin en el mismo\). El inversor podr obtener gratuitamente los estatutos de )Tj
47.588 0 TD
(constitucin, el folleto informativo, los suplementos )Tj
-47.588 -1.3125 TD
(al mismo, el DFI y el informe anual o semestral ms reciente, dirigindose al agente de pago e informacin del fondo o a su ase)Tj
47.477 0 TD
(sor nanciero, y a travs de www.gsam.com/kiids.)Tj
/F5 1 Tf
-47.477 -1.375 TD
(Distribucin de acciones)Tj
/F1 1 Tf
9.566 0 TD
(: Las acciones o participaciones del fondo podran no estar registradas para su distribucin al pblico en ciertas jurisdiccion)Tj
46.5879 0 TD
(es \(como por ejemplo, en )Tj
-56.1539 -1.3125 TD
(cualquier pas latinoamericano, africano o asitico\). Por lo tanto, dichas acciones o participaciones del fondo no debern come)Tj
47.759 0 TD
(rcializarse u ofrecerse a residentes de tales )Tj
-47.759 -1.3125 TD
(jurisdicciones, a no ser que dicha actividad se realice de acuerdo con exenciones aplicables para la colocacin privada de inst)Tj
47.755 0 TD
(ituciones de inversin colectiva y con otras normas )Tj
-47.755 -1.3125 TD
(y regulaciones aplicables.)Tj
/F5 1 Tf
0 -1.375 TD
(Asesoramiento de inversin y prdida potencial)Tj
/F1 1 Tf
18.236 0 TD
(: En general, los asesores nancieros recomiendan diversicar las carteras de inversin. El fondo descrito en el presente )Tj
-18.236 -1.3125 TD
(documento no representa por s mismo una inversin diversicada. La presente informacin no debe interpretarse como asesoramien)Tj
50.31 0 TD
(to scal o de inversin. Los inversores )Tj
-50.31 -1.3125 TD
(potenciales debern consultar con su asesor nanciero y su asesor scal antes de invertir, a n de determinar la idoneidad de u)Tj
48.088 0 TD
(na inversin en el fondo.)Tj
/F5 1 Tf
-48.088 -1.375 TD
(Un inversor solamente debera invertir en el fondo si cuenta con sucientes recursos nancieros como para soportar la prdida c)Tj
49.204 0 TD
(ompleta de su inversin.)Tj
-49.204 -1.375 TD
(Ajuste por dilucin \(swing pricing\))Tj
/F1 1 Tf
13.236 0 TD
(: Tenga en cuenta que el fondo aplica una poltica de ajuste por dilucin \(swing pricing\) de su valor liquidativo. El inversor )Tj
45.5339 0 TD
(debe ser consciente )Tj
-58.7699 -1.3125 TD
(de que, de vez en cuando, esta metodologa podra hacer que el rendimiento del fondo se desve del de su ndice de referencia )Tj
48.091 0 TD
(nicamente por efecto del ajuste de dilucin, )Tj
-48.091 -1.3125 TD
(independientemente de la evolucin de precios de los instrumentos subyacentes.)Tj
0 -1.375 TD
(Por lo general, las comisiones se cargan y son pagaderas al n de cada trimestre y se basan en los valores medios de mercado a )Tj
48.641 0 TD
(n de cada mes durante el trimestre en cuestin.)Tj
-48.641 -1.375 TD
(Nuestro Formulario ADV, Parte II, incluye informacin adicional al respecto. Dicho formulario est disponible en http://www.adv)Tj
47.869 0 TD
(iserinfo.sec.gov/IAPD/Content/Search/)Tj
-47.869 -1.3125 TD
(iapd_Search.aspx.)Tj
/F5 1 Tf
0 -1.375 TD
(El inversor podr obtener gratuitamente los estatutos de constitucin, el folleto informativo, los suplementos al mismo y el do)Tj
47.541 0 TD
(cumento de datos fundamentales para el inversor )Tj
-47.541 -1.3125 TD
(\(DFI, o KIID, por sus siglas inglesas\) aplicables, as como el informe anual o semestral ms reciente, dirigindose al agente d)Tj
47.484 0 TD
(e pago e informacin que gura a continuacin:)Tj
-47.484 -1.375 TD
(Austria)Tj
/F1 1 Tf
2.769 0 TD
(: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Viena.)Tj
/F5 1 Tf
-2.769 -1.375 TD
(Blgica)Tj
/F1 1 Tf
2.992 0 TD
(: RBC Investor Services, Place Rogier II, 1210 Bruselas.)Tj
/F5 1 Tf
-2.992 -1.375 TD
(Dinamarca)Tj
/F1 1 Tf
4.219 0 TD
(: Stockrate Asset Management, Mollevej 9 E2, DK-2990 Niva.)Tj
/F5 1 Tf
-4.219 -1.375 TD
(Francia)Tj
/F1 1 Tf
2.88 0 TD
(: RBC Investor Services Bank France, 105, rue Raumur, 75002 Pars.)Tj
/F5 1 Tf
-2.88 -1.375 TD
(Alemania)Tj
/F1 1 Tf
3.689 0 TD
(: State Street Bank GmbH, Brienner Strasse 59, 80333 Mnich.)Tj
/F5 1 Tf
-3.689 -1.375 TD
(Grecia)Tj
/F1 1 Tf
2.572 0 TD
(: Piraeus Bank S.A., 4 Amerikis Street, 10564 Atenas.)Tj
/F5 1 Tf
-2.572 -1.375 TD
(Irlanda)Tj
/F1 1 Tf
2.714 0 TD
(: RBC Investor Services Ireland Limited, George's Quay House, 43 Townsend Street, Dubln 2.)Tj
/F5 1 Tf
-2.714 -1.375 TD
(Italia)Tj
/F1 1 Tf
1.962 0 TD
(: Socit Gnrale Securities Services, Maciachini Center MAC 2, Via Benigno Crespi, 19/A, 20159 Miln; AllFunds Bank S.A. Fi)Tj
47.9759 0 TD
(liale di Milano, Via Santa Margherita 7, 20121 )Tj
-49.9379 -1.3125 TD
(Miln; RBC Investor Services Bank Milan Milan Branch, Cia Vittor Pisani, 26, 20154 Miln; State Street Bank S.pA., Via Col Mo)Tj
47.534 0 TD
(schin, 16 , 20136 Miln; BNP Paribas Securities )Tj
-47.534 -1.3125 TD
(Services Succursale di Milano, Via Ansperto 5, 20121 Miln; Banca Sella, Piazza Gaudenzio Sella 1, 13900 Biella Bl.)Tj
/F5 1 Tf
0 -1.375 TD
(Luxemburgo)Tj
/F1 1 Tf
4.749 0 TD
(: State Street Bank Luxembourg S.A., 49, avenue J.F. Kennedy, L-1855 Luxemburgo.)Tj
/F5 1 Tf
-4.749 -1.375 TD
(Suecia)Tj
/F1 1 Tf
2.684 0 TD
(: Skandinaviska Enskilda Banken AB, a travs de su entidad Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, S)Tj
49.0879 0 TD
(T MH1, SE-106 40 Estocolmo.)Tj
/F5 1 Tf
-51.7719 -1.375 TD
(Suiza)Tj
/F1 1 Tf
2.098 0 TD
(: El representante suizo del fondo es First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich. El agente de pagos del)Tj
47.032 0 TD
( fondo en Suiza es Goldman Sachs Bank AG, )Tj
-49.13 -1.3125 TD
(Claridenstrasse 25, 8022 Zurich. El Documento de Datos Fundamentales para el Inversor \(DFI o KIID\) y los informes anuales y sem)Tj
48.364 0 TD
(estrales del fondo se pueden obtener )Tj
-48.364 -1.3125 TD
(gratuitamente a travs del representante en Suiza o de Goldman Sachs Bank AG en Zurich.)Tj
0 -1.375 TD
(Los inversores ubicados en los pases que se mencionan a continuacin debern tener en cuenta la siguiente informacin adiciona)Tj
49.3119 0 TD
(l.)Tj
/F5 1 Tf
-49.3119 -1.375 TD
(Australia)Tj
/F1 1 Tf
3.497 0 TD
(: El presente material es distribuido en Australia y Nueva Zelanda por Goldman Sachs Asset Management & Partners Australia Pty )Tj
49.0899 0 TD
(Ltd ABN 41 006 099 681, AFSL 228948 )Tj
-52.5869 -1.3125 TD
(\(GSAMA\) y va dirigido exclusivamente a clientes mayoristas en Australia a efectos de la seccin 761G de la Ley de Sociedades de)Tj
48.754 0 TD
( 2001 \(Corporations Act 2001\) \(Cth\) y a clientes )Tj
-48.754 -1.3125 TD
(que pertenezcan a cualquiera o a todas las categoras de inversores detalladas en la seccin 3\(2\) o en la subseccin 5\(2CC\) de )Tj
47.757 0 TD
(la Ley de Valores de 1978 \(NZ\).)Tj
/F5 1 Tf
-47.757 -1.375 TD
(Hong Kong)Tj
/F1 1 Tf
4.164 0 TD
(: Este material ha sido emitido o aprobado para su uso en o desde Hong Kong por Goldman Sachs Asset Management \(Hong Kong\) Limi)Tj
50.7579 0 TD
(ted.)Tj
/F5 1 Tf
-54.9219 -1.375 TD
(Pases Bajos)Tj
/F1 1 Tf
4.977 0 TD
(: El fondo se incluye en el registro que mantiene la autoridad de servicios nancieros holandesa \(Stichting Autoriteit Financi)Tj
46.7019 0 TD
(le Markten, AFM\).)Tj
/F5 1 Tf
-51.6789 -1.375 TD
(Singapur)Tj
/F1 1 Tf
3.467 0 TD
(: Este material ha sido emitido o aprobado para su utilizacin en o desde Singapur por Goldman Sachs Asset Management \(Singapor)Tj
49.7029 0 TD
(e\) Pte. Ltd. \(N 201329851H\).)Tj
/F5 1 Tf
-53.1699 -1.375 TD
(Espaa)Tj
/F1 1 Tf
2.794 0 TD
(: El fondo es un OICVM extranjero registrado en la Comisin Nacional del Mercado de Valores \(CNMV\) con los nmeros 141 \(SICAV\),)Tj
49.6489 0 TD
( 913 \(SICAV II\) y 305 \(PLC\). La )Tj
-52.4429 -1.3125 TD
(descripcin completa del fondo, su correspondiente KIID y el resto de documentacin obligatoria se hallan disponibles gratuitam)Tj
48.3139 0 TD
(ente en cualquiera de los distribuidores )Tj
-48.3139 -1.3125 TD
(autorizados del Fondo que guran en el sitio web de la CNMV \(www.cnmv.es\).)Tj
/F5 1 Tf
0 -14.5625 TD
(Condencialidad)Tj
/F1 1 Tf
0 -1.375 TD
(Ninguna parte de este material podr, sin el consentimiento previo por escrito de GSAM, ser \(i\) copiada, fotocopiada o reproduc)Tj
48.036 0 TD
(ida de ninguna forma o por ningn medio, ni \(ii\) )Tj
-48.036 -1.3125 TD
(distribuida a ninguna persona que no sea empleado, ejecutivo, consejero o agente autorizado del destinatario.)Tj
0 -1.375 TD
( 2019 Goldman Sachs. Todos los derechos reservados.)Tj
T*
(Registered and Principal Ofces:)Tj
/F5 1 Tf
12.309 0 TD
( Luxembourg domiciled Funds Registered Ofce:)Tj
/F1 1 Tf
18.428 0 TD
( c/o State Street Bank Luxembourg S.A., 49, Avenue J-F Kennedy L-1855, Luxembourg)Tj
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