%PDF-1.3
%
1 0 obj
<>stream
application/pdfdataActive
Apple pstopdfVersion=1.4;GeneratorContact=am-it-camra-support@gs.com;DocumentType=MR;Language=es;ShareClass=LU1073189414;RecordDate=2017-05-31;PublicationCountry=AT,LU,SE,GB,IT,NO,PT,FR,CH,GR,ES,NL,BE.RES,DE,DK,FI,CL,IE;ModificationDate=2017-06-13;
2017-06-13T11:17:25+01:002017-06-15T14:33:47-04:00
endstream
endobj
2 0 obj
<>
endobj
4 0 obj
<>
endobj
3 0 obj
<>
endobj
5 0 obj
<>
endobj
6 0 obj
<>
endobj
7 0 obj
<>
endobj
8 0 obj
<>
endobj
9 0 obj
<>
endobj
11 0 obj
<>/ProcSet[/PDF/Text]/ColorSpace<>/Font<>>>
endobj
10 0 obj
<>stream
BT
/TT2 1 Tf
12 0 0 12 0 829.8892 Tm
0 0 0 0 k
/GS1 gs
0 Tc
0 Tw
(PV100031)Tj
ET
1 0.84 0.31 0.17 k
27.5 814.389 369 -86 re
f
BT
/F1 1 Tf
19 0 0 19 33.5 793.3892 Tm
0 0 0 0 k
[(Goldman Sachs Global High Y)18(ield Portfolio)]TJ
/F2 1 Tf
14 0 0 14 33.5 767.3892 Tm
0.53 0.32 0.11 0 k
-0.0071 Tc
(Un subfondo de Goldman Sachs Funds, SICAV)Tj
ET
q
0.6 i
396.5 728.389 85 86 re
W n
396.5 814.389 85 -86 re
f
Q
q
0.6 i
399.5 729.389 80 78 re
W n
399.5 807.389 80 -78 re
f
Q
0 0.97 1 0.5 k
481.5 814.389 85 -58.5 re
f
q
0.6 i
481.5 755.889 42.5 58.5 re
W n
481.5 814.389 42.5 -58.5 re
f
Q
BT
/F3 1 Tf
36 0 0 36 483.968 777.3892 Tm
0 0.485 0.5 0.25 k
0 Tc
(05)Tj
ET
0 0.97 1 0.5 k
524 814.389 42.5 -58.5 re
f
BT
36 0 0 36 524 777.3892 Tm
0 0 0 0 k
-0.07 Tc
(17)Tj
ET
q
0.6 i
481.5 728.389 85 40 re
W n
0 0.97 1 0.5 k
481.5 768.389 85 -40 re
f
Q
BT
10 0 0 10 491.5 760.3892 Tm
0 Tc
(Gua mensual )Tj
0 -1.3 TD
[(de f)20(ondos de )]TJ
T*
[(in)20(v)20(ersin)]TJ
ET
q
0.6 i
27.5 697.889 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 714.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 703.3892 Tm
[(P)30(erl del in)20(ver)-20(sor)]TJ
/F5 1 Tf
9 0 0 9 27.5 686.3893 Tm
1 0.84 0.31 0.17 k
(Objetivo de inversin)Tj
/F1 1 Tf
8 0 0 8 27.5 675.8893 Tm
0.53 0.32 0.11 0 k
(Renta con cierta revalorizacin del capital)Tj
/F5 1 Tf
9 0 0 9 27.5 660.8893 Tm
1 0.84 0.31 0.17 k
(Posicin en su cartera de inversin total*)Tj
/F1 1 Tf
8 0 0 8 27.5 650.3893 Tm
0.53 0.32 0.11 0 k
(El fondo puede complementar su cartera de )Tj
0 -1.25 TD
(inversin.)Tj
/F5 1 Tf
9 0 0 9 27.5 625.3892 Tm
1 0.84 0.31 0.17 k
(El fondo est diseado para:)Tj
/F1 1 Tf
8 0 0 8 27.5 614.8892 Tm
0.53 0.32 0.11 0 k
(El fondo est diseado para inversores que desean )Tj
T*
(exposicin a bonos con calicacin inferior a grado )Tj
T*
(de inversin emitidos principalmente por compaas )Tj
T*
(norteamericanas y europeas. Puede ofrecer )Tj
T*
(potencial de rentabilidades superiores a las de una )Tj
T*
(cartera global de crdito con grado de inversin, )Tj
T*
(pero conlleva mayores niveles de riesgo que esta.)Tj
ET
q
0.6 i
27.5 529.889 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 546.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 535.3892 Tm
0 0 0 0 k
[(R)20(endimiento \(%\))]TJ
/F2 1 Tf
5 0 0 5 77.585 520.8892 Tm
0 0 0 1 k
-0.06 Tc
(31-May-12 )Tj
ET
q
0.2 i
77.5 512.389 19 12.5 re
W n
BT
5 0 0 5 95.41 520.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 96.5 520.8892 Tm
0 Tc
( )Tj
-3.403 -1.2 TD
-0.06 Tc
(31-May-1)Tj
ET
q
0.2 i
77.5 512.389 19 12.5 re
W n
BT
5 0 0 5 94.58 514.8892 Tm
0 Tc
(3)Tj
ET
Q
BT
5 0 0 5 101.585 520.8892 Tm
(31-May-13 )Tj
ET
q
0.2 i
101.5 512.389 19 12.5 re
W n
BT
5 0 0 5 119.41 520.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 120.5 520.8892 Tm
0 Tc
( )Tj
-3.403 -1.2 TD
-0.06 Tc
(31-May-1)Tj
ET
q
0.2 i
101.5 512.389 19 12.5 re
W n
BT
5 0 0 5 118.58 514.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
5 0 0 5 125.585 520.8892 Tm
(31-May-14 )Tj
ET
q
0.2 i
125.5 512.389 19 12.5 re
W n
BT
5 0 0 5 143.41 520.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 144.5 520.8892 Tm
0 Tc
( )Tj
-3.403 -1.2 TD
-0.06 Tc
(31-May-1)Tj
ET
q
0.2 i
125.5 512.389 19 12.5 re
W n
BT
5 0 0 5 142.58 514.8892 Tm
0 Tc
(5)Tj
ET
Q
BT
5 0 0 5 149.585 520.8892 Tm
(31-May-15 )Tj
ET
q
0.2 i
149.5 512.389 19 12.5 re
W n
BT
5 0 0 5 167.41 520.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 168.5 520.8892 Tm
0 Tc
( )Tj
-3.403 -1.2 TD
-0.06 Tc
(31-May-1)Tj
ET
q
0.2 i
149.5 512.389 19 12.5 re
W n
BT
5 0 0 5 166.58 514.8892 Tm
0 Tc
(6)Tj
ET
Q
BT
5 0 0 5 173.585 520.8892 Tm
(31-May-16 )Tj
ET
q
0.2 i
173.5 512.389 19 12.5 re
W n
BT
5 0 0 5 191.41 520.8892 Tm
0 Tc
(-)Tj
ET
Q
BT
5 0 0 5 192.5 520.8892 Tm
0 Tc
( )Tj
-3.403 -1.2 TD
-0.06 Tc
(31-May-1)Tj
ET
q
0.2 i
173.5 512.389 19 12.5 re
W n
BT
5 0 0 5 190.58 514.8892 Tm
0 Tc
(7)Tj
ET
Q
q
0.6 i
27.5 499.389 50 13 re
W n
0.132 0.08 0.028 0 k
27.5 512.389 50 -13 re
f
Q
BT
8 0 0 8 32.5 503.8892 Tm
-0.025 Tc
(Fondo \(USD\))Tj
ET
q
0.6 i
77.5 499.389 24 13 re
W n
0.132 0.08 0.028 0 k
77.5 512.389 24 -13 re
f
Q
BT
8 0 0 8 94.476 503.8892 Tm
0 Tc
(-)Tj
ET
q
0.6 i
101.5 499.389 24 13 re
W n
0.132 0.08 0.028 0 k
101.5 512.389 24 -13 re
f
Q
BT
8 0 0 8 118.476 503.8892 Tm
(-)Tj
ET
q
0.6 i
125.5 499.389 24 13 re
W n
0.132 0.08 0.028 0 k
125.5 512.389 24 -13 re
f
Q
BT
8 0 0 8 142.476 503.8892 Tm
(-)Tj
ET
q
0.6 i
149.5 499.389 24 13 re
W n
0.132 0.08 0.028 0 k
149.5 512.389 24 -13 re
f
Q
BT
8 0 0 8 158.196 503.8892 Tm
-0.025 Tc
(-5.9)Tj
ET
q
0.6 i
173.5 499.389 24 13 re
W n
0.132 0.08 0.028 0 k
173.5 512.389 24 -13 re
f
Q
BT
8 0 0 8 180.868 503.8892 Tm
(14.1)Tj
ET
q
0.2 i
32.5 486.389 45 11 re
W n
BT
8 0 0 8 32.5 490.8892 Tm
0 Tc
()Tj
ET
Q
BT
8 0 0 8 34.076 490.8892 Tm
[(ndice)-5732(-)-2747(-)-2747(-)-1712(-0.8)-1546(13.6)]TJ
ET
q
0.6 i
27.5 462.889 50 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 486.389 50 -23.5 re
f
Q
BT
8 0 0 8 32.5 477.8892 Tm
(Media )Tj
0 -1.3125 TD
(sectorial)Tj
4 0 0 4 55.58 470.8892 Tm
-0.05 Tc
(\(1\))Tj
ET
q
0.6 i
77.5 462.889 24 23.5 re
W n
0.132 0.08 0.028 0 k
77.5 486.389 24 -23.5 re
f
Q
BT
8 0 0 8 94.476 477.8892 Tm
0 Tc
(-)Tj
ET
q
0.6 i
101.5 462.889 24 23.5 re
W n
0.132 0.08 0.028 0 k
101.5 486.389 24 -23.5 re
f
Q
BT
8 0 0 8 118.476 477.8892 Tm
(-)Tj
ET
q
0.6 i
125.5 462.889 24 23.5 re
W n
0.132 0.08 0.028 0 k
125.5 486.389 24 -23.5 re
f
Q
BT
8 0 0 8 142.476 477.8892 Tm
(-)Tj
ET
q
0.6 i
149.5 462.889 24 23.5 re
W n
0.132 0.08 0.028 0 k
149.5 486.389 24 -23.5 re
f
Q
BT
8 0 0 8 158.196 477.8892 Tm
-0.025 Tc
(-2.7)Tj
ET
q
0.6 i
173.5 462.889 24 23.5 re
W n
0.132 0.08 0.028 0 k
173.5 486.389 24 -23.5 re
f
Q
BT
8 0 0 8 180.868 477.8892 Tm
(11.2)Tj
-18.546 -2.9375 TD
(Cuartil )Tj
0 -1.3125 TD
(Morningstar)Tj
4 0 0 4 65.844 447.3892 Tm
-0.05 Tc
(\(1\))Tj
8 0 0 8 94.476 454.3892 Tm
2.722 Tc
(---)Tj
ET
q
0.2 i
149.5 449.889 19 11 re
W n
BT
8 0 0 8 165.148 454.3892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 189.148 454.3892 Tm
0 Tc
(1)Tj
ET
q
0.6 i
27.5 416.889 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 433.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 422.3892 Tm
0 0 0 0 k
[(Cifras del F)20(ondo)]TJ
/F2 1 Tf
8 0 0 8 32.5 405.3893 Tm
0 0 0 1 k
-0.025 Tc
[(Nmero de posiciones)-11192(437)]TJ
ET
q
0.6 i
27.5 387.889 135 13 re
W n
0.132 0.08 0.028 0 k
27.5 400.889 135 -13 re
f
Q
BT
8 0 0 8 32.5 392.3892 Tm
(% en 10 mayores posiciones)Tj
ET
q
0.6 i
162.5 387.889 35 13 re
W n
0.132 0.08 0.028 0 k
162.5 400.889 35 -13 re
f
Q
BT
8 0 0 8 189.148 392.3892 Tm
0 Tc
(7)Tj
-19.581 -1.625 TD
-0.025 Tc
[(Volatilidad histrica - 1 ao)-9333(4.32)]TJ
ET
0.132 0.08 0.028 0 k
27.5 374.889 135 -13 re
f
BT
8 0 0 8 32.5 366.3892 Tm
0 0 0 1 k
(Error de seguimiento histrico - 1 ao)Tj
ET
0.132 0.08 0.028 0 k
162.5 374.889 35 -13 re
f
BT
8 0 0 8 180.868 366.3892 Tm
0 0 0 1 k
(3.18)Tj
-18.546 -1.625 TD
[(Rendimiento excedente - 1 ao)-8056(0.51)]TJ
ET
q
0.6 i
27.5 335.889 135 13 re
W n
0.132 0.08 0.028 0 k
27.5 348.889 135 -13 re
f
Q
BT
8 0 0 8 32.5 340.3892 Tm
(R cuadrado - 1 ao)Tj
ET
q
0.6 i
162.5 335.889 35 13 re
W n
0.132 0.08 0.028 0 k
162.5 348.889 35 -13 re
f
Q
BT
8 0 0 8 180.868 340.3892 Tm
(0.46)Tj
-18.546 -1.625 TD
[(Beta - 1 ao)-14460(0.96)]TJ
ET
0.132 0.08 0.028 0 k
27.5 322.889 135 -13 re
f
BT
8 0 0 8 32.5 314.3892 Tm
0 0 0 1 k
(Ajuste por dilucin \(swing pricing, %\))Tj
ET
0.132 0.08 0.028 0 k
162.5 322.889 35 -13 re
f
BT
8 0 0 8 40.5 301.3892 Tm
0 0 0 1 k
[(Suscripcin \(%\))-12312(0.43)]TJ
ET
0.132 0.08 0.028 0 k
27.5 296.889 135 -13 re
f
BT
8 0 0 8 40.5 288.3892 Tm
0 0 0 1 k
(Reembolso \(%\))Tj
ET
0.132 0.08 0.028 0 k
162.5 296.889 35 -13 re
f
BT
8 0 0 8 180.868 288.3892 Tm
0 0 0 1 k
(0.43)Tj
ET
0.132 0.08 0.028 0 k
27.5 277.189 135 -13 re
f
BT
8 0 0 8 32.5 268.6892 Tm
0 0 0 1 k
(Cargo inicial de ventas: mximo \(%\))Tj
ET
0.132 0.08 0.028 0 k
162.5 277.189 35 -13 re
f
BT
8 0 0 8 180.868 268.6892 Tm
0 0 0 1 k
(0.00)Tj
-18.546 -1.625 TD
[(Tasa de comisin de rendimiento \(%\))-6069(N/)]TJ
ET
q
0.2 i
162.5 251.189 30 11 re
W n
BT
8 0 0 8 188.252 255.6892 Tm
0 Tc
(A)Tj
ET
Q
0.132 0.08 0.028 0 k
27.5 251.189 135 -13 re
f
BT
8 0 0 8 32.5 242.6892 Tm
0 0 0 1 k
(Gastos corrientes \(%\))Tj
4 0 0 4 90.508 246.1892 Tm
-0.05 Tc
(\(2\))Tj
ET
0.132 0.08 0.028 0 k
162.5 251.189 35 -13 re
f
BT
8 0 0 8 180.868 242.6892 Tm
0 0 0 1 k
-0.025 Tc
(0.07)Tj
-17.546 -1.625 TD
[(Comisin de gestin \(%\))-9348(0.00)]TJ
ET
0.132 0.08 0.028 0 k
27.5 225.189 135 -13 re
f
BT
8 0 0 8 40.5 216.6892 Tm
0 0 0 1 k
(Cargo de distribucin \(%\))Tj
ET
0.132 0.08 0.028 0 k
162.5 225.189 35 -13 re
f
BT
8 0 0 8 180.868 216.6892 Tm
0 0 0 1 k
(0.00)Tj
-17.546 -1.625 TD
[(Otros gastos \(%\))-11947(0.07)]TJ
ET
q
0.6 i
212.5 697.889 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 714.389 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 703.3892 Tm
0 0 0 0 k
0 Tc
[(R)20(entabilidad \(indexada\))]TJ
ET
0.132 0.08 0.028 0 k
232.5 687.889 335 -135 re
f
BT
/F1 1 Tf
7 0 0 7 225.311 542.8892 Tm
/Cs7 cs 0 scn
[(08/14)-6549.6(02/15)-5838.2(08/15)-5756(02/16)-5838.2(08/16)-5713(02/17)-5838.2(08/17)]TJ
ET
0 0 0 1 K
0 J 0 j 0.5 w 10 M []0 d
0.6 i
232.5 552.889 m
232.5 549.889 l
292.725 552.889 m
292.725 549.889 l
S
0 0 0 0 K
292.725 552.889 m
292.725 687.889 l
S
0 0 0 1 K
347.971 552.889 m
347.971 549.889 l
S
0 0 0 0 K
347.971 552.889 m
347.971 687.889 l
S
0 0 0 1 K
402.64 552.889 m
402.64 549.889 l
S
0 0 0 0 K
402.64 552.889 m
402.64 687.889 l
S
0 0 0 1 K
457.885 552.889 m
457.885 549.889 l
S
0 0 0 0 K
457.885 552.889 m
457.885 687.889 l
S
0 0 0 1 K
512.255 552.889 m
512.255 549.889 l
S
0 0 0 0 K
512.255 552.889 m
512.255 687.889 l
S
0 0 0 1 K
567.5 552.889 m
567.5 549.889 l
S
0 0 0 0 K
567.5 552.889 m
567.5 687.889 l
S
0 0 0 1 K
232.5 552.889 m
567.5 552.889 l
232.5 552.889 m
229.5 552.889 l
S
BT
7 0 0 7 221.284 551.8892 Tm
(80)Tj
ET
232.5 567.889 m
229.5 567.889 l
S
0 0 0 0 K
232.5 567.889 m
567.5 567.889 l
S
BT
7 0 0 7 221.284 566.8892 Tm
(85)Tj
ET
0 0 0 1 K
232.5 582.889 m
229.5 582.889 l
S
0 0 0 0 K
232.5 582.889 m
567.5 582.889 l
S
BT
7 0 0 7 221.284 581.8892 Tm
(90)Tj
ET
0 0 0 1 K
232.5 597.889 m
229.5 597.889 l
S
0 0 0 0 K
232.5 597.889 m
567.5 597.889 l
S
BT
7 0 0 7 221.284 596.8892 Tm
(95)Tj
ET
0 0 0 1 K
232.5 612.889 m
229.5 612.889 l
S
0 0 0 0 K
232.5 612.889 m
567.5 612.889 l
S
BT
7 0 0 7 218.176 611.8892 Tm
(100)Tj
ET
0 0 0 1 K
232.5 627.889 m
229.5 627.889 l
S
0 0 0 0 K
232.5 627.889 m
567.5 627.889 l
S
BT
7 0 0 7 218.176 626.8892 Tm
(105)Tj
ET
0 0 0 1 K
232.5 642.889 m
229.5 642.889 l
S
0 0 0 0 K
232.5 642.889 m
567.5 642.889 l
S
BT
7 0 0 7 218.176 641.8892 Tm
(110)Tj
ET
0 0 0 1 K
232.5 657.889 m
229.5 657.889 l
S
0 0 0 0 K
232.5 657.889 m
567.5 657.889 l
S
BT
7 0 0 7 218.176 656.8892 Tm
(115)Tj
ET
0 0 0 1 K
232.5 672.889 m
229.5 672.889 l
S
0 0 0 0 K
232.5 672.889 m
567.5 672.889 l
S
BT
7 0 0 7 218.176 671.8893 Tm
(120)Tj
ET
0 0 0 1 K
232.5 687.889 m
229.5 687.889 l
S
BT
7 0 0 7 218.176 686.8893 Tm
(125)Tj
ET
232.5 552.889 m
232.5 687.889 l
S
0 0 0 0.5 K
1.5 w
539.721 630.259 m
530.411 626.989 l
521.402 623.059 l
512.105 623.089 l
503.696 619.789 l
494.386 614.869 l
485.076 609.679 l
476.067 612.499 l
466.745 612.829 l
457.735 611.359 l
448.426 606.679 l
439.116 599.779 l
430.106 599.179 l
420.797 599.539 l
411.787 591.829 l
402.49 579.559 l
393.781 579.649 l
384.471 584.869 l
375.162 590.689 l
366.152 596.149 l
356.83 588.829 l
347.82 596.269 l
338.511 601.939 l
329.201 603.829 l
320.192 607.069 l
310.882 607.339 l
301.872 601.849 l
292.575 604.399 l
284.166 598.099 l
274.857 599.479 l
265.547 605.989 l
256.538 608.149 l
247.215 606.799 l
238.206 614.929 l
232.5 612.889 l
S
1 0.84 0.31 0.17 K
[4 2 ]0 d
539.721 657.919 m
530.411 654.949 l
521.402 651.049 l
512.105 651.799 l
503.696 646.939 l
494.386 642.169 l
485.076 636.199 l
476.067 637.729 l
466.745 636.499 l
457.735 634.339 l
448.426 627.769 l
439.116 619.459 l
430.106 616.669 l
420.797 614.809 l
411.787 603.439 l
402.49 591.079 l
393.781 589.489 l
384.471 594.019 l
375.162 601.279 l
366.152 607.789 l
356.83 599.899 l
347.82 607.489 l
338.511 612.739 l
329.201 614.479 l
320.192 619.039 l
310.882 618.109 l
301.872 614.449 l
292.575 616.099 l
284.166 608.989 l
274.857 607.039 l
265.547 611.359 l
256.538 613.519 l
247.215 610.009 l
238.206 616.369 l
232.5 612.889 l
S
0 0.97 1 0.5 K
[]0 d
539.721 635.089 m
530.411 633.019 l
521.402 630.259 l
512.105 631.969 l
503.696 629.209 l
494.386 625.069 l
485.076 616.519 l
476.067 614.239 l
466.745 608.689 l
457.735 608.059 l
448.426 600.859 l
439.116 592.069 l
430.106 595.339 l
420.797 593.689 l
411.787 584.239 l
402.49 574.129 l
393.781 577.729 l
384.471 586.849 l
375.162 593.059 l
366.152 599.179 l
356.83 589.699 l
347.82 600.679 l
338.511 608.029 l
329.201 609.859 l
320.192 613.219 l
310.882 611.989 l
301.872 608.329 l
292.575 610.789 l
284.166 601.609 l
274.857 604.969 l
265.547 609.889 l
256.538 611.689 l
247.215 610.189 l
238.206 616.189 l
232.5 612.889 l
S
q
226.5 497.389 8 35.5 re
W n
3 w
226.5 532.889 m
234.5 532.889 l
S
Q
BT
8 0 0 8 237.5 526.8892 Tm
0 0 0 1 k
-0.025 Tc
(Goldman Sachs Global High )Tj
0 -1.25 TD
(Yield Portfolio - Class IO Shares )Tj
T*
(\(Duration-Hedged\))Tj
/F2 1 Tf
4 0 0 4 293.652 509.9892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
337.5 497.389 4 35.5 re
W n
1 0.84 0.31 0.17 K
3 w
337.5 532.889 m
341.5 532.889 l
S
Q
q
343.5 497.389 4 35.5 re
W n
1 0.84 0.31 0.17 K
3 w
343.5 532.889 m
347.5 532.889 l
S
Q
BT
/F1 1 Tf
8 0 0 8 350.5 526.8892 Tm
-0.025 Tc
(Bloomberg Barclays U.S. High-)Tj
T*
(Yield 2% Issuer Capped Bond )Tj
T*
(Index)Tj
/F2 1 Tf
4 0 0 4 367.276 509.9892 Tm
-0.05 Tc
(\(3\))Tj
ET
q
450.5 497.389 8 35.5 re
W n
0 0 0 0.5 K
3 w
450.5 532.889 m
458.5 532.889 l
S
Q
BT
/F1 1 Tf
8 0 0 8 461.5 526.8892 Tm
-0.025 Tc
(Media sectorial Global High )Tj
T*
(Yield Bond)Tj
/F2 1 Tf
4 0 0 4 493.716 519.9892 Tm
-0.05 Tc
(\(1\))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 8 442.412 403.8893 Tm
0 0 0 1 k
-0.025 Tc
[(Acumulada)-5944(Anualizada)]TJ
/F2 1 Tf
-6.17 -1.625 TD
[(Desde Lanz.)-1709(1 mes)-926(3 meses)-3200(YTD)-3127(1 ao)]TJ
ET
q
212.5 373.389 173 13 re
W n
0.132 0.08 0.028 0 k
212.5 386.389 173 -13 re
f
Q
BT
8 0 0 8 217.5 377.8892 Tm
(Clase de Mandato IO \(Duracin cubierta\))Tj
4 0 0 4 326.972 381.3892 Tm
-0.05 Tc
(\(4\))Tj
ET
q
385.5 373.389 45 13 re
W n
0.132 0.08 0.028 0 k
385.5 386.389 45 -13 re
f
Q
BT
8 0 0 8 413.868 377.8892 Tm
-0.025 Tc
(7.40)Tj
ET
q
430.5 373.389 30 13 re
W n
0.132 0.08 0.028 0 k
430.5 386.389 30 -13 re
f
Q
BT
8 0 0 8 443.868 377.8892 Tm
(0.65)Tj
ET
q
460.5 373.389 30 13 re
W n
0.132 0.08 0.028 0 k
460.5 386.389 30 -13 re
f
Q
BT
8 0 0 8 473.868 377.8892 Tm
(0.98)Tj
ET
q
490.5 373.389 37 13 re
W n
0.132 0.08 0.028 0 k
490.5 386.389 37 -13 re
f
Q
BT
8 0 0 8 510.868 377.8892 Tm
(3.22)Tj
ET
q
527.5 373.389 40 13 re
W n
0.132 0.08 0.028 0 k
527.5 386.389 40 -13 re
f
Q
BT
8 0 0 8 547.516 377.8892 Tm
(14.08)Tj
-41.252 -1.625 TD
(Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond )Tj
0 -1.3125 TD
(Index)Tj
4 0 0 4 232.044 357.8892 Tm
-0.05 Tc
(\(3\))Tj
8 0 0 8 410.516 364.8892 Tm
-0.025 Tc
[(15.01)-2296(0.87)-2296(1.80)-3171(4.78)-3127(13.57)]TJ
ET
0.132 0.08 0.028 0 k
212.5 349.889 173 -13 re
f
BT
8 0 0 8 217.5 341.3892 Tm
0 0 0 1 k
(Media sectorial Bono de alta rentabilidad mundial)Tj
4 0 0 4 352.492 344.8892 Tm
-0.05 Tc
(\(1\))Tj
ET
q
385.5 336.889 45 13 re
W n
0.132 0.08 0.028 0 k
385.5 349.889 45 -13 re
f
Q
q
430.5 336.889 30 13 re
W n
0.132 0.08 0.028 0 k
430.5 349.889 30 -13 re
f
Q
BT
8 0 0 8 443.868 341.3892 Tm
-0.025 Tc
(1.0)Tj
ET
q
0.2 i
430.5 336.889 25 11 re
W n
BT
8 0 0 8 452.148 341.3892 Tm
0 Tc
(4)Tj
ET
Q
q
460.5 336.889 30 13 re
W n
0.132 0.08 0.028 0 k
460.5 349.889 30 -13 re
f
Q
BT
8 0 0 8 473.868 341.3892 Tm
(2.26)Tj
ET
q
490.5 336.889 37 13 re
W n
0.132 0.08 0.028 0 k
490.5 349.889 37 -13 re
f
Q
BT
8 0 0 8 510.868 341.3892 Tm
(5.03)Tj
ET
q
527.5 336.889 40 13 re
W n
0.132 0.08 0.028 0 k
527.5 349.889 40 -13 re
f
Q
BT
8 0 0 8 547.516 341.3892 Tm
(11.21)Tj
-41.252 -1.625 TD
(Cuartil dentro del sector)Tj
4 0 0 4 282.244 331.8892 Tm
-0.05 Tc
(\(1\))Tj
8 0 0 8 452.148 328.3892 Tm
0 Tc
(3)Tj
ET
q
0.2 i
460.5 323.889 25 11 re
W n
BT
8 0 0 8 482.148 328.3892 Tm
(4)Tj
ET
Q
q
0.2 i
490.5 323.889 32 11 re
W n
BT
8 0 0 8 519.148 328.3892 Tm
(4)Tj
ET
Q
BT
8 0 0 8 559.1479 328.3892 Tm
(1)Tj
ET
q
212.5 301.389 355 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 317.889 355 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 306.8892 Tm
0 0 0 0 k
[(R)20(entabilidad en el ao natural \(%\))]TJ
/F2 1 Tf
8 0 0 8 449.092 292.8892 Tm
0 0 0 1 k
-0.025 Tc
[(2012)-1449(2013)-1449(201)]TJ
ET
q
0.2 i
492.5 288.389 20 11 re
W n
BT
8 0 0 8 509.148 292.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 524.092 292.8892 Tm
[(2015)-1449(2016)]TJ
ET
0.132 0.08 0.028 0 k
212.5 288.389 230 -13 re
f
BT
8 0 0 8 217.5 279.8892 Tm
0 0 0 1 k
(Clase de Mandato IO \(Duracin cubierta\))Tj
ET
q
442.5 275.389 25 13 re
W n
0.132 0.08 0.028 0 k
442.5 288.389 25 -13 re
f
Q
BT
8 0 0 8 460.476 279.8892 Tm
0 Tc
(-)Tj
ET
0.132 0.08 0.028 0 k
467.5 288.389 25 -13 re
f
BT
8 0 0 8 485.476 279.8892 Tm
0 0 0 1 k
(-)Tj
ET
q
492.5 275.389 25 13 re
W n
0.132 0.08 0.028 0 k
492.5 288.389 25 -13 re
f
Q
BT
8 0 0 8 510.476 279.8892 Tm
(-)Tj
ET
0.132 0.08 0.028 0 k
517.5 288.389 25 -13 re
f
BT
8 0 0 8 527.196 279.8892 Tm
0 0 0 1 k
-0.025 Tc
(-6.2)Tj
ET
q
542.5 275.389 25 13 re
W n
0.132 0.08 0.028 0 k
542.5 288.389 25 -13 re
f
Q
BT
8 0 0 8 550.868 279.8892 Tm
(13.9)Tj
-41.671 -1.625 TD
[(Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index)-8045(-)-2872(-)-2872(-)-1837(-4.)]TJ
ET
q
0.2 i
517.5 262.389 20 11 re
W n
BT
8 0 0 8 534.148 266.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 550.868 266.8892 Tm
(17.1)Tj
ET
q
0.2 i
217.5 139 350 19.5 re
W n
BT
/F5 1 Tf
7.5 0 0 7.5 217.5 153 Tm
0 Tc
(C)Tj
ET
Q
BT
/F5 1 Tf
7.5 0 0 7.5 221.47 153 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.may.2017.)Tj
ET
q
0.2 i
217.5 24.5 350 114.5 re
W n
BT
/F2 1 Tf
7.5 0 0 7.5 217.5 133.5 Tm
0 Tc
(*)Tj
ET
Q
BT
/F2 1 Tf
7.5 0 0 7.5 220.83 133.5 Tm
0 Tc
( Identicamos dos grandes categoras de fondos para ayudar a los inversores a pensar sobre cmo construir su cartera de )Tj
-0.444 -1.2667 TD
(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.)Tj
-7.943 -1.2667 TD
(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 24.5 350 114.5 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
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
43.793 61.507 44.193 59.52 45.71 59.52 c
46.357 59.52 46.616 59.809 46.806 60.217 c
46.806 59.582 l
48.249 59.582 l
f
54.326 57.736 m
54.326 56.038 l
54.112 56.038 l
53.965 56.734 53.631 57.502 52.881 57.526 c
52.502 57.539 52.043 57.314 52.009 56.862 c
51.974 56.422 52.131 56.071 52.908 55.621 c
53.88 55.058 54.689 54.785 54.689 53.609 c
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
51.433 52.543 51.747 51.951 52.654 51.951 c
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
47.908 57.351 47.692 57.326 47.546 57.194 c
47.289 56.965 47.222 56.697 47.222 56.285 c
47.222 51.719 l
45.717 51.719 l
45.717 53.412 l
45.496 52.623 44.818 51.614 43.679 51.614 c
42.745 51.614 41.15 52.054 41.15 54.612 c
41.15 56.99 42.721 57.727 43.552 57.737 c
44.196 57.741 44.614 57.536 44.901 57.116 c
45.131 56.78 45.16 56.211 44.849 55.863 c
44.481 55.455 43.649 55.522 43.482 56.08 c
43.332 56.584 43.643 56.887 43.847 57.127 c
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
42.876 52.455 43.045 51.888 43.826 51.878 c
44.829 51.865 45.663 53.275 45.718 54.56 c
45.718 58.855 l
47.223 58.855 l
47.223 57.151 l
47.441 57.451 47.828 57.703 48.325 57.738 c
49.287 57.806 49.92 57.223 49.92 55.975 c
49.92 51.719 l
f
35.059 66.838 m
35.059 64.569 l
34.834 64.569 l
34.58 65.631 34.042 66.61 33.162 66.62 c
32.621 66.628 32.299 66.367 32.05 65.917 c
31.782 65.432 31.646 64.261 31.646 62.976 c
31.646 61.786 31.699 60.834 31.85 60.198 c
31.926 59.882 32.124 59.4 32.7 59.4 c
33.01 59.4 33.217 59.511 33.371 59.668 c
33.605 59.908 33.645 60.428 33.645 60.797 c
33.645 62.067 l
33.645 62.496 33.483 62.764 33.277 62.89 c
33.106 62.996 32.844 63.006 32.693 63.015 c
32.693 63.227 l
35.146 63.227 l
35.146 57.146 l
34.901 57.146 l
34.803 57.669 34.701 58.005 34.454 58.432 c
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
34.319 55.99 35.52 55.584 35.52 54.062 c
35.52 52.627 34.384 51.719 32.935 51.719 c
30.493 51.719 l
30.493 54.527 l
30.738 54.527 l
31.121 52.204 32.263 51.947 32.911 51.956 c
33.786 51.966 34.065 52.624 34.036 53.371 c
34.005 54.157 33.377 54.501 32.403 55.052 c
31.121 55.772 30.466 56.13 30.496 57.322 c
30.518 58.324 31.338 58.991 32.292 59.244 c
30.348 59.477 29.792 61.192 29.809 63.027 c
29.827 64.852 30.922 66.838 33.047 66.838 c
35.059 66.838 l
f
BT
/F1 1 Tf
8 0 0 8 219.276 14.5 Tm
0.53 0.32 0.11 0 k
(1)Tj
ET
endstream
endobj
13 0 obj
<>/ProcSet[/PDF/Text]/ColorSpace<>/Font<>>>
endobj
12 0 obj
<>stream
1 0.84 0.31 0.17 k
/GS1 gs
27.5 814.389 369 -86 re
f
BT
/F1 1 Tf
19 0 0 19 33.5 793.3892 Tm
0 0 0 0 k
0 Tc
0 Tw
[(Goldman Sachs Global High Y)18(ield Portfolio)]TJ
/F2 1 Tf
14 0 0 14 33.5 767.3892 Tm
0.53 0.32 0.11 0 k
-0.0071 Tc
(Un subfondo de Goldman Sachs Funds, SICAV)Tj
ET
q
0.6 i
396.5 728.389 85 86 re
W n
396.5 814.389 85 -86 re
f
Q
q
0.6 i
399.5 729.389 80 78 re
W n
399.5 807.389 80 -78 re
f
Q
0 0.97 1 0.5 k
481.5 814.389 85 -58.5 re
f
q
0.6 i
481.5 755.889 42.5 58.5 re
W n
481.5 814.389 42.5 -58.5 re
f
Q
BT
/F3 1 Tf
36 0 0 36 483.968 777.3892 Tm
0 0.485 0.5 0.25 k
0 Tc
(05)Tj
ET
0 0.97 1 0.5 k
524 814.389 42.5 -58.5 re
f
BT
36 0 0 36 524 777.3892 Tm
0 0 0 0 k
-0.07 Tc
(17)Tj
ET
q
0.6 i
481.5 728.389 85 40 re
W n
0 0.97 1 0.5 k
481.5 768.389 85 -40 re
f
Q
BT
10 0 0 10 491.5 760.3892 Tm
0 Tc
(Gua mensual )Tj
0 -1.3 TD
[(de f)20(ondos de )]TJ
T*
[(in)20(v)20(ersin)]TJ
ET
q
0.6 i
27.5 697.889 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 714.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 703.3892 Tm
(Informacin Financiera)Tj
/F2 1 Tf
8 0 0 8 32.5 689.3892 Tm
0 0 0 1 k
-0.025 Tc
(VL \(Valor Liquidativo\) - Clase de )Tj
0 -1.3125 TD
(Mandato IO \(Duracin cubierta\))Tj
14.088 1.3125 TD
[(USD)-2921(9.30)]TJ
ET
q
0.6 i
27.5 661.389 115 13 re
W n
0.132 0.08 0.028 0 k
27.5 674.389 115 -13 re
f
Q
BT
8 0 0 8 32.5 665.8892 Tm
(Patrimonio neto \(millones\))Tj
ET
q
0.6 i
142.5 661.389 20 13 re
W n
0.132 0.08 0.028 0 k
142.5 674.389 20 -13 re
f
Q
BT
8 0 0 8 145.204 665.8892 Tm
(USD)Tj
ET
q
0.6 i
162.5 661.389 35 13 re
W n
0.132 0.08 0.028 0 k
162.5 674.389 35 -13 re
f
Q
BT
8 0 0 8 177.516 665.8892 Tm
(5,558)Tj
-18.127 -1.625 TD
(Actual duracin de la cartera-Con)Tj
0 -1.3125 TD
(cobertura de duracin \(aos\))Tj
18.546 1.3125 TD
(0.0)Tj
ET
q
0.2 i
162.5 648.389 30 11 re
W n
BT
8 0 0 8 189.148 652.8893 Tm
0 Tc
(4)Tj
ET
Q
0.132 0.08 0.028 0 k
27.5 637.889 115 -23.5 re
f
BT
8 0 0 8 32.5 629.3892 Tm
0 0 0 1 k
(Duracin actual del indicador de )Tj
0 -1.3125 TD
(referencia \(en aos\))Tj
ET
0.132 0.08 0.028 0 k
142.5 637.889 20 -23.5 re
f
162.5 637.889 35 -23.5 re
f
BT
8 0 0 8 180.868 629.3892 Tm
0 0 0 1 k
(3.78)Tj
-18.546 -2.9375 TD
(Rendimiento al vencimiento-Con )Tj
0 -1.3125 TD
(cobertura de duracin \(%\))Tj
18.546 1.3125 TD
(5.3)Tj
ET
q
0.2 i
162.5 601.389 30 11 re
W n
BT
8 0 0 8 189.148 605.8892 Tm
0 Tc
(4)Tj
ET
Q
q
0.6 i
27.5 567.389 115 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 590.889 115 -23.5 re
f
Q
BT
8 0 0 8 32.5 582.3893 Tm
(Rendimiento en el peor escenario-Con )Tj
0 -1.3125 TD
(cobertura de duracin \(%\))Tj
ET
q
0.6 i
142.5 567.389 20 23.5 re
W n
0.132 0.08 0.028 0 k
142.5 590.889 20 -23.5 re
f
Q
q
0.6 i
162.5 567.389 35 23.5 re
W n
0.132 0.08 0.028 0 k
162.5 590.889 35 -23.5 re
f
Q
BT
8 0 0 8 180.868 582.3893 Tm
(5.42)Tj
ET
q
0.6 i
27.5 544.889 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 561.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 550.3892 Tm
0 0 0 0 k
0 Tc
[(Caractersticas del F)20(ondo)]TJ
/F2 1 Tf
8 0 0 8 32.5 536.3892 Tm
0 0 0 1 k
-0.025 Tc
(Divisa - Clase de Mandato IO \(Duracin )Tj
T*
(cubierta\))Tj
18.463 1.3125 TD
(USD)Tj
ET
q
0.6 i
27.5 497.889 120 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 521.389 120 -23.5 re
f
Q
BT
8 0 0 8 32.5 512.8892 Tm
(Fecha de lanzamiento - Clase de Mandato )Tj
0 -1.3125 TD
(IO \(Duracin cubierta\))Tj
ET
q
0.6 i
147.5 497.889 50 23.5 re
W n
0.132 0.08 0.028 0 k
147.5 521.389 50 -23.5 re
f
Q
BT
8 0 0 8 159.18 512.8892 Tm
(12.ago.201)Tj
ET
q
0.2 i
147.5 508.389 45 11 re
W n
BT
8 0 0 8 189.148 512.8892 Tm
0 Tc
(4)Tj
ET
Q
BT
8 0 0 8 32.5 489.3892 Tm
[(Domicilio del Fondo)-9231(Luxemburgo)]TJ
ET
q
0.6 i
27.5 462.389 170 16.5 re
W n
1 0.84 0.31 0.17 k
27.5 478.889 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 31.5 467.8892 Tm
0 0 0 0 k
0 Tc
[(Datos del F)20(ondo)]TJ
/F2 1 Tf
8 0 0 8 32.5 450.8892 Tm
0 0 0 1 k
-0.025 Tc
(Cdigo ISIN - Clase de Mandato IO )Tj
T*
(\(Duracin cubierta\))Tj
14.915 1.3125 TD
(LU107318941)Tj
ET
q
0.2 i
142.5 446.389 50 11 re
W n
BT
8 0 0 8 189.148 450.8892 Tm
0 Tc
(4)Tj
ET
Q
q
0.6 i
27.5 412.389 115 23.5 re
W n
0.132 0.08 0.028 0 k
27.5 435.889 115 -23.5 re
f
Q
BT
8 0 0 8 32.5 427.3892 Tm
(Ticker Bloomberg - Clase de Mandato IO )Tj
0 -1.3125 TD
(\(Duracin cubierta\))Tj
ET
q
0.6 i
142.5 412.389 55 23.5 re
W n
0.132 0.08 0.028 0 k
142.5 435.889 55 -23.5 re
f
Q
BT
8 0 0 8 158.492 427.3892 Tm
(GOPYHID L)Tj
ET
q
0.2 i
142.5 422.889 50 11 re
W n
BT
8 0 0 8 188.7 427.3892 Tm
0 Tc
(X)Tj
ET
Q
BT
8 0 0 8 32.5 403.8893 Tm
[(Distribucin)-13983(Anual)]TJ
ET
q
0.6 i
27.5 386.389 115 13 re
W n
0.132 0.08 0.028 0 k
27.5 399.389 115 -13 re
f
Q
BT
8 0 0 8 32.5 390.8892 Tm
(Contratacin y valoracin)Tj
ET
q
0.6 i
142.5 386.389 55 13 re
W n
0.132 0.08 0.028 0 k
142.5 399.389 55 -13 re
f
Q
BT
8 0 0 8 176.372 390.8892 Tm
(Diario)Tj
-17.984 -1.625 TD
[(Cierre del ejercicio)-9140(30 noviembre)]TJ
ET
0.132 0.08 0.028 0 k
27.5 373.389 50 -23.5 re
f
BT
8 0 0 8 32.5 364.8892 Tm
0 0 0 1 k
(Indicador de )Tj
0 -1.3125 TD
(referencia)Tj
ET
q
0.6 i
77.5 349.889 120 23.5 re
W n
0.132 0.08 0.028 0 k
77.5 373.389 120 -23.5 re
f
Q
BT
8 0 0 8 85.276 364.8892 Tm
(Bloomberg Barclays U.S. High-Yield 2% )Tj
4.676 -1.3125 TD
(Issuer Capped Bond Inde)Tj
ET
q
0.2 i
77.5 349.889 115 21.5 re
W n
BT
8 0 0 8 189.588 354.3893 Tm
0 Tc
(x)Tj
ET
Q
BT
8 0 0 8 32.5 341.3892 Tm
[(Liquidacin)-14516(T + 3)]TJ
ET
q
0.6 i
212.5 697.889 170 16.5 re
W n
0.53 0.32 0.11 0 k
212.5 714.389 170 -16.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 703.3892 Tm
0 0 0 0 k
0 Tc
(Distribucin sectorial \(%\))Tj
ET
q
0.6 i
397.5 697.889 170 16.5 re
W n
0.53 0.32 0.11 0 k
397.5 714.389 170 -16.5 re
f
Q
BT
10 0 0 10 401.5 703.3892 Tm
(Distribucin crediticia \(%\))Tj
ET
q
0.2 i
254 683.889 18 8 re
W n
0 0 0 1 K
0 J 0 j 0.5 w 10 M []0 d
/GS2 gs
270.846 685.91 m
262.45 689.837 254.582 689.142 y
254.5 691.889 m
254.5 686.272 l
269.281 688.483 m
271.19 685.895 l
268.035 684.594 l
S
Q
0 0.97 1 0.5 k
/GS2 gs
0.6 i
252.5 652.889 m
252.5 682.889 l
269.069 682.889 282.5 669.458 282.5 652.889 c
282.5 636.321 269.069 622.889 252.5 622.889 c
235.931 622.889 222.5 636.321 222.5 652.889 c
222.5 662.446 227.053 671.431 234.76 677.082 c
h
252.5 652.889 m
f
0 0 0 0 K
0 J 0 j 0.1 w 10 M []0 d
/GS1 gs
252.5 652.889 m
252.5 682.889 l
269.069 682.889 282.5 669.458 282.5 652.889 c
282.5 636.321 269.069 622.889 252.5 622.889 c
235.931 622.889 222.5 636.321 222.5 652.889 c
222.5 662.446 227.053 671.431 234.76 677.082 c
h
252.5 652.889 m
S
252.5 652.889 m
234.76 677.082 l
236.176 678.12 237.679 679.032 239.254 679.807 c
h
252.5 652.889 m
f
252.5 652.889 m
234.76 677.082 l
236.176 678.12 237.679 679.032 239.254 679.807 c
h
252.5 652.889 m
S
252.5 652.889 m
239.254 679.807 l
240.547 680.443 241.885 680.985 243.256 681.43 c
h
252.5 652.889 m
f
252.5 652.889 m
239.254 679.807 l
240.547 680.443 241.885 680.985 243.256 681.43 c
h
252.5 652.889 m
S
252.5 652.889 m
243.256 681.43 l
243.495 681.507 243.734 681.581 243.974 681.652 c
h
252.5 652.889 m
f
252.5 652.889 m
243.256 681.43 l
243.495 681.507 243.734 681.581 243.974 681.652 c
h
252.5 652.889 m
S
252.5 652.889 m
243.974 681.652 l
244.215 681.723 244.456 681.792 244.698 681.857 c
h
252.5 652.889 m
f
252.5 652.889 m
243.974 681.652 l
244.215 681.723 244.456 681.792 244.698 681.857 c
h
252.5 652.889 m
S
252.5 652.889 m
244.698 681.857 l
247.242 682.542 249.865 682.889 252.5 682.889 c
h
252.5 652.889 m
f
252.5 652.889 m
244.698 681.857 l
247.242 682.542 249.865 682.889 252.5 682.889 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
(90.2)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
(Deuda HY EE. UU.)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(2.8)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
(Mercados emergentes)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(2.3)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
(Prstamos bancarios)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.4)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
(En divisas distintas al dlar)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.4)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
(Acciones)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(0.0)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
(Prdidas/ganancias no )Tj
0 -1.25 TD
(realizadas en divisas)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.4213 -1.5 TD
(4.2)Tj
ET
q
0.2 i
287.5 622.389 16 8 re
W n
BT
6 0 0 6 299.032 625.8892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 625.8892 Tm
0 0 0 1 k
(Efectivo)Tj
/F5 1 Tf
0 0.97 1 0.5 k
-2.721 -1.5 TD
(-0.2)Tj
ET
q
0.2 i
287.5 613.389 16 8 re
W n
BT
6 0 0 6 299.032 616.8892 Tm
0 Tc
(%)Tj
ET
Q
BT
/F1 1 Tf
6 0 0 6 307.5 616.8892 Tm
0 0 0 1 k
(Derivados)Tj
ET
0 0 0 0.4 K
0.2 w
449.5 580.389 m
564.5 580.389 l
449.5 592.889 m
564.5 592.889 l
449.5 605.389 m
564.5 605.389 l
449.5 617.889 m
564.5 617.889 l
449.5 630.389 m
564.5 630.389 l
449.5 642.889 m
564.5 642.889 l
449.5 655.389 m
564.5 655.389 l
449.5 667.889 m
564.5 667.889 l
449.5 680.389 m
564.5 680.389 l
449.5 692.889 m
564.5 692.889 l
S
0 0.97 1 0.5 k
482.029 578.889 0.329 -9.5 re
f
BT
/F2 1 Tf
5 0 0 5 470.0035 572.1392 Tm
/Cs7 cs 0 scn
0 Tc
(-0.2 )Tj
ET
0 0.97 1 0.5 k
482.357 591.389 6.9 -9.5 re
f
BT
5 0 0 5 493.9272 584.6392 Tm
/Cs7 cs 0 scn
(4.2 )Tj
ET
0 0.97 1 0.5 k
482.357 603.889 0.821 -9.5 re
f
BT
5 0 0 5 487.8486 597.1392 Tm
/Cs7 cs 0 scn
(0.5 )Tj
ET
0 0.97 1 0.5 k
482.357 616.389 0.986 -9.5 re
f
BT
5 0 0 5 488.0128 609.6392 Tm
/Cs7 cs 0 scn
(0.6 )Tj
ET
0 0.97 1 0.5 k
482.357 628.889 0.164 -9.5 re
f
BT
5 0 0 5 487.1914 622.1392 Tm
/Cs7 cs 0 scn
(0.1 )Tj
ET
0 0.97 1 0.5 k
482.357 641.389 2.629 -9.5 re
f
BT
5 0 0 5 489.6557 634.6392 Tm
/Cs7 cs 0 scn
(1.6 )Tj
ET
0 0.97 1 0.5 k
482.357 653.889 22.671 -9.5 re
f
BT
5 0 0 5 508.5886 647.1392 Tm
/Cs7 cs 0 scn
(13.8 )Tj
ET
0 0.97 1 0.5 k
482.357 666.389 63.907 -9.5 re
f
BT
5 0 0 5 549.8242 659.6392 Tm
/Cs7 cs 0 scn
(38.9 )Tj
ET
0 0.97 1 0.5 k
482.357 678.889 64.236 -9.5 re
f
BT
5 0 0 5 550.1529 672.1392 Tm
/Cs7 cs 0 scn
(39.1 )Tj
ET
0 0.97 1 0.5 k
482.357 691.389 2.3 -9.5 re
f
BT
5 0 0 5 489.3271 684.6393 Tm
/Cs7 cs 0 scn
(1.4 )Tj
ET
0 0 0 1 K
0.5 w
449.5 567.889 m
564.5 567.889 l
449.5 567.889 m
449.5 564.889 l
S
BT
5 0 0 5 446.585 558.8892 Tm
0 0 0 1 k
(-20)Tj
ET
465.929 567.889 m
465.929 564.889 l
S
BT
5 0 0 5 463.0136 558.8892 Tm
(-10)Tj
ET
482.357 567.889 m
482.357 564.889 l
S
BT
5 0 0 5 481.2471 558.8892 Tm
(0)Tj
ET
498.786 567.889 m
498.786 564.889 l
S
BT
5 0 0 5 496.5657 558.8892 Tm
(10)Tj
ET
515.214 567.889 m
515.214 564.889 l
S
BT
5 0 0 5 512.9943 558.8892 Tm
(20)Tj
ET
531.643 567.889 m
531.643 564.889 l
S
BT
5 0 0 5 529.4228 558.8892 Tm
(30)Tj
ET
548.071 567.889 m
548.071 564.889 l
S
BT
5 0 0 5 545.8514 558.8892 Tm
(40)Tj
ET
564.5 567.889 m
564.5 564.889 l
S
BT
5 0 0 5 562.28 558.8892 Tm
(50)Tj
ET
482.357 567.889 m
482.357 692.889 l
S
BT
6 0 0 6 397.5 572.1392 Tm
(Derivados)Tj
0 2.0833 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
ET
q
212.5 523.389 170 29.5 re
W n
0.53 0.32 0.11 0 k
212.5 552.889 170 -29.5 re
f
Q
BT
/F4 1 Tf
10 0 0 10 216.5 541.8892 Tm
0 0 0 0 k
[(1)55(0)0( P)20(rincipales emisores )]TJ
0 -1.3 TD
[(corporati)-20(v)15(o)0(s)]TJ
/F5 1 Tf
6.5 0 0 6.5 276 531.5892 Tm
(\(5\))Tj
/F2 1 Tf
8 0 0 8 217.5 514.8892 Tm
0 0 0 1 k
-0.025 Tc
[(Valor)-17484(%)]TJ
ET
q
212.5 495.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 509.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 500.8892 Tm
0 Tc
(S)Tj
ET
q
332.5 495.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 509.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 500.8892 Tm
-0.025 Tc
(3.7)Tj
-18.965 -1.75 TD
[(HCA)-17428(2.5)]TJ
ET
q
212.5 467.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 481.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 472.8892 Tm
(MGM)Tj
ET
q
332.5 467.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 481.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 472.8892 Tm
(1.8)Tj
-18.965 -1.75 TD
[(CHTR)-17065(1.7)]TJ
ET
q
212.5 439.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 453.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 444.8892 Tm
(ALTICE)Tj
ET
q
332.5 439.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 453.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 444.8892 Tm
(1.7)Tj
-18.965 -1.75 TD
[(VRXCN)-16479(1.6)]TJ
ET
q
212.5 411.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 425.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 416.8892 Tm
(TITIM)Tj
ET
q
332.5 411.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 425.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 416.8892 Tm
(1.5)Tj
-18.965 -1.75 TD
[(FTR)-17707(1.3)]TJ
ET
q
212.5 383.389 120 14 re
W n
0.132 0.08 0.028 0 k
212.5 397.389 120 -14 re
f
Q
BT
8 0 0 8 217.5 388.8892 Tm
(INTEL)Tj
ET
q
332.5 383.389 50 14 re
W n
0.132 0.08 0.028 0 k
332.5 397.389 50 -14 re
f
Q
BT
8 0 0 8 369.22 388.8892 Tm
(1.1)Tj
-18.965 -1.75 TD
[(THC)-17540(1.1)]TJ
ET
q
0.2 i
217.5 139 350 38.5 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.may.2017. 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 24.5 350 114.5 re
W n
BT
/F2 1 Tf
4 0 0 4 217.5 136.3 Tm
0 Tc
(\(1\))Tj
ET
Q
BT
/F2 1 Tf
7.5 0 0 7.5 221.052 133.5 Tm
0 Tc
(Las cifras correspondientes a la media sectorial de Morningstar se calculan en base a todos los fondos abiertos disponibles en)Tj
45.973 0 TD
( )Tj
-46.4466 -1.2667 TD
(el universo en el periodo indicado. El nmero de fondos en un sector Morningstar vara con el tiempo a medida que se lanzan )Tj
T*
[(nuevos fondos y otros se clausuran. Fuente: Morningstar)70(. 2017 Morningstar)70(, Inc. T)74(odos los derechos reservados.)]TJ
4 0 0 4 529.6424 117.3 Tm
( \(2\))Tj
7.5 0 0 7.5 534.0824 114.5 Tm
(La cifra de )Tj
-42.211 -1.2667 TD
(gastos corrientes se basa en los gastos incurridos durante el ao previo. El Documento de informacin clave para el inversor )Tj
T*
(\(DFI/KIID\) proporciona informacin detallada a este respecto.)Tj
4 0 0 4 384.495 98.3 Tm
( \(3\))Tj
7.5 0 0 7.5 388.935 95.5 Tm
(El ndice Bloomberg Barclays US HY 2% Issuer Cap Bond se )Tj
-22.858 -1.2667 TD
[(calcula al nal de cada mes con reinversin de resultados y)50(,)0( a diferencia de este Fondo, sin deducir gasto alguno.)]TJ
4 0 0 4 525.6674 88.8 Tm
( \(4\))Tj
7.5 0 0 7.5 530.1074 86 Tm
(Las )Tj
-41.681 -1.2667 TD
(rentabilidades del fondo se proporcionan netas de comisiones regulares aplicables, con reinversin de dividendos segn el valor)Tj
46.302 0 TD
( )Tj
-46.302 -1.2667 TD
(liquidativo ex dividendo. Estas rentabilidades se ofrecen a efectos de comparacin con un ndice especicado. Dado que el )Tj
T*
(inversor podra tener que pagar otras comisiones, cargas y gravmenes, su objetivo no es proporcionar una medida del )Tj
T*
[(rendimiento real para el inversor)70(. Los datos de rendimiento no tienen en cuenta las comisiones y costes incurridos por la emisi)]TJ
45.571 0 TD
(n )Tj
-45.571 -1.2667 TD
(y reembolso de participaciones.)Tj
4 0 0 4 304.95 41.3 Tm
( \(5\))Tj
7.5 0 0 7.5 309.39 38.5 Tm
(Los datos sobre posiciones en cartera podran no representar las inversiones actuales, futuras )Tj
-12.252 -1.2667 TD
(o la totalidad de las tenencias del fondo. Las futuras posiciones de la cartera podran no resultar rentables.)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
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
43.793 61.507 44.193 59.52 45.71 59.52 c
46.357 59.52 46.616 59.809 46.806 60.217 c
46.806 59.582 l
48.249 59.582 l
f
54.326 57.736 m
54.326 56.038 l
54.112 56.038 l
53.965 56.734 53.631 57.502 52.881 57.526 c
52.502 57.539 52.043 57.314 52.009 56.862 c
51.974 56.422 52.131 56.071 52.908 55.621 c
53.88 55.058 54.689 54.785 54.689 53.609 c
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
51.433 52.543 51.747 51.951 52.654 51.951 c
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
47.908 57.351 47.692 57.326 47.546 57.194 c
47.289 56.965 47.222 56.697 47.222 56.285 c
47.222 51.719 l
45.717 51.719 l
45.717 53.412 l
45.496 52.623 44.818 51.614 43.679 51.614 c
42.745 51.614 41.15 52.054 41.15 54.612 c
41.15 56.99 42.721 57.727 43.552 57.737 c
44.196 57.741 44.614 57.536 44.901 57.116 c
45.131 56.78 45.16 56.211 44.849 55.863 c
44.481 55.455 43.649 55.522 43.482 56.08 c
43.332 56.584 43.643 56.887 43.847 57.127 c
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
42.876 52.455 43.045 51.888 43.826 51.878 c
44.829 51.865 45.663 53.275 45.718 54.56 c
45.718 58.855 l
47.223 58.855 l
47.223 57.151 l
47.441 57.451 47.828 57.703 48.325 57.738 c
49.287 57.806 49.92 57.223 49.92 55.975 c
49.92 51.719 l
f
35.059 66.838 m
35.059 64.569 l
34.834 64.569 l
34.58 65.631 34.042 66.61 33.162 66.62 c
32.621 66.628 32.299 66.367 32.05 65.917 c
31.782 65.432 31.646 64.261 31.646 62.976 c
31.646 61.786 31.699 60.834 31.85 60.198 c
31.926 59.882 32.124 59.4 32.7 59.4 c
33.01 59.4 33.217 59.511 33.371 59.668 c
33.605 59.908 33.645 60.428 33.645 60.797 c
33.645 62.067 l
33.645 62.496 33.483 62.764 33.277 62.89 c
33.106 62.996 32.844 63.006 32.693 63.015 c
32.693 63.227 l
35.146 63.227 l
35.146 57.146 l
34.901 57.146 l
34.803 57.669 34.701 58.005 34.454 58.432 c
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
34.319 55.99 35.52 55.584 35.52 54.062 c
35.52 52.627 34.384 51.719 32.935 51.719 c
30.493 51.719 l
30.493 54.527 l
30.738 54.527 l
31.121 52.204 32.263 51.947 32.911 51.956 c
33.786 51.966 34.065 52.624 34.036 53.371 c
34.005 54.157 33.377 54.501 32.403 55.052 c
31.121 55.772 30.466 56.13 30.496 57.322 c
30.518 58.324 31.338 58.991 32.292 59.244 c
30.348 59.477 29.792 61.192 29.809 63.027 c
29.827 64.852 30.922 66.838 33.047 66.838 c
35.059 66.838 l
f
BT
/F1 1 Tf
8 0 0 8 219.276 14.5 Tm
0.53 0.32 0.11 0 k
(2)Tj
ET
endstream
endobj
15 0 obj
<>/ProcSet[/PDF/Text]/Font<>>>
endobj
14 0 obj
<>stream
q
0.6 i
27.5 774.389 540 40 re
W n
0 0.97 1 0.5 k
/GS1 gs
27.5 814.389 540 -40 re
f
Q
BT
/F1 1 Tf
15 0 0 15 34.5 788.8893 Tm
0 0 0 0 k
/GS1 gs
-0.0007 Tc
0 Tw
(Goldman Sachs Global High Yield 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
27.5 735.389 540 15 re
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
Q
BT
/F6 1 Tf
6 0 0 6 27.5 728.8892 Tm
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 728.8892 Tm
0 0 0 1 k
(Riesgo asociado a bonos convertibles contingentes \("CoCo"\))Tj
/F1 1 Tf
8 0 0 8 245.2655 728.8892 Tm
(: La inversin en este tipo concreto de bonos podra provocar prdidas importantes en la Cartera en )Tj
-25.9707 -1.3125 TD
(caso de concurrir determinados acontecimientos preestablecidas. La concurrencia de estos acontecimientos genera un tipo de ries)Tj
52.821 0 TD
(go diferente al de los bonos )Tj
-52.821 -1.3125 TD
(tradicionales y es ms susceptible de provocar una prdida parcial o total del valor; y, en caso de que los bonos se conviertan)Tj
50.373 0 TD
( en acciones de la empresa emisora, )Tj
-50.373 -1.3125 TD
(esta tambin podra haber sufrido una prdida de valor.)Tj
/F6 1 Tf
6 0 0 6 27.5 685.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 685.3892 Tm
0 0 0 1 k
(Riesgo de contraparte)Tj
/F1 1 Tf
8 0 0 8 113.524 685.3892 Tm
(: la contraparte con la que la Cartera negocia una operacin puede incurrir en un incumplimiento de sus obligaciones, lo cual p)Tj
50.766 0 TD
(odra causar )Tj
-60.269 -1.3125 TD
(prdidas.)Tj
/F6 1 Tf
6 0 0 6 27.5 662.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 662.8892 Tm
0 0 0 1 k
(Riesgo crediticio)Tj
/F1 1 Tf
8 0 0 8 96.5325 662.8892 Tm
(: el incumplimiento de las obligaciones de pago por parte del emisor o de la contraparte de un activo nanciero mantenido en la)Tj
50.988 0 TD
( Cartera )Tj
-58.3671 -1.3125 TD
(repercutir negativamente en los rendimientos ofrecidos por ella.)Tj
/F6 1 Tf
6 0 0 6 27.5 640.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 640.3892 Tm
0 0 0 1 k
(Riesgo de custodia)Tj
/F1 1 Tf
8 0 0 8 103.137 640.3892 Tm
(: la quiebra, los incumplimientos del deber de diligencia o una conducta indebida del depositario o subdepositario encargado de)Tj
51.099 0 TD
( la custodia de )Tj
-59.3036 -1.3125 TD
(los activos de la Cartera puede acarrear prdidas a la misma.)Tj
/F6 1 Tf
6 0 0 6 27.5 617.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 617.8892 Tm
0 0 0 1 k
(Riesgo de derivados)Tj
/F1 1 Tf
8 0 0 8 107.3785 617.8892 Tm
(: los instrumentos derivados son enormemente sensibles a las variaciones del valor del activo subyacente en el que se basan. Al)Tj
51.316 0 TD
(gunos )Tj
-60.0508 -1.3125 TD
(derivados pueden conllevar prdidas superiores al importe invertido inicialmente.)Tj
/F6 1 Tf
6 0 0 6 27.5 595.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 595.3892 Tm
0 0 0 1 k
(Riesgo asociado a los tipos de cambio)Tj
/F1 1 Tf
8 0 0 8 169.709 595.3892 Tm
(: las variaciones de los tipos de cambio pueden reducir o incrementar las rentabilidades que cabra esperar que percibieran )Tj
-16.5261 -1.3125 TD
(los inversores con independencia del rendimiento de dichos activos. Las tcnicas de inversin que se empleen, en su caso, para )Tj
51.595 0 TD
(intentar mitigar el riesgo de las )Tj
-51.595 -1.3125 TD
(uctuaciones de divisas \(cobertura\) pueden no resultar ecaces. La cobertura tambin conlleva riesgos adicionales asociados a l)Tj
51.931 0 TD
(os derivados.)Tj
/F6 1 Tf
6 0 0 6 27.5 562.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 562.3892 Tm
0 0 0 1 k
(Riesgo asociado a productos de "alta rentabilidad")Tj
/F1 1 Tf
8 0 0 8 212.209 562.3892 Tm
(: los instrumentos de alta rentabilidad, es decir, inversiones que pagan un volumen de rendimientos elevado, )Tj
-21.8386 -1.3125 TD
(por lo general entraan un riesgo crediticio ms alto y son ms sensibles a los acontecimientos econmicos, lo que da lugar a )Tj
51.096 0 TD
(uctuaciones de precios superiores a )Tj
-51.096 -1.3125 TD
(las registradas por instrumentos que ofrecen una menor rentabilidad.)Tj
/F6 1 Tf
6 0 0 6 27.5 529.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 529.3892 Tm
0 0 0 1 k
(Riesgo de tipos de inters)Tj
/F1 1 Tf
8 0 0 8 126.7415 529.3892 Tm
(: cuando los tipos de inters suben, los precios de los bonos bajan, lo que muestra la capacidad de los inversores para obtener)Tj
50.651 0 TD
( un tipo de )Tj
-61.8062 -1.3125 TD
(inters ms atractivo por su dinero en otra parte. Por lo tanto, los precios de los bonos estn expuestos a las uctuaciones de)Tj
50.264 0 TD
( los tipos de inters, que pueden variar )Tj
-50.264 -1.3125 TD
(por distintas razones, tanto polticas como econmicas.)Tj
/F6 1 Tf
6 0 0 6 27.5 496.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 496.3892 Tm
0 0 0 1 k
(Riesgo de liquidez)Tj
/F1 1 Tf
8 0 0 8 100.7825 496.3892 Tm
(: la Cartera no siempre podr encontrar a otra parte dispuesta a comprar un activo del cual desea desprenderse, lo que podra i)Tj
50.931 0 TD
(ncidir en la )Tj
-58.8413 -1.3125 TD
(capacidad de la Cartera para atender las solicitudes de reembolso presentadas.)Tj
/F6 1 Tf
6 0 0 6 27.5 473.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 473.8892 Tm
0 0 0 1 k
(Riesgo de mercado)Tj
/F1 1 Tf
8 0 0 8 103.6045 473.8892 Tm
(: el valor de los activos mantenidos en la Cartera suele venir determinado por una serie de factores, entre ellos los niveles d)Tj
49.373 0 TD
(e conanza del )Tj
-57.636 -1.3125 TD
(mercado en que cotizan dichos activos.)Tj
/F6 1 Tf
6 0 0 6 27.5 451.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 451.3892 Tm
0 0 0 1 k
(Riesgo operativo)Tj
/F1 1 Tf
8 0 0 8 95.5805 451.3892 Tm
(: la Cartera puede incurrir en prdidas sustanciales como consecuencia de un error humano, un fallo del sistema o del proceso, )Tj
51.208 0 TD
(o por el empleo de )Tj
-58.468 -1.3125 TD
(procedimientos o controles inadecuados.)Tj
/F6 1 Tf
6 0 0 6 27.5 428.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 428.8892 Tm
0 0 0 1 k
(Riesgo asociado a ttulos con garanta hipotecaria \(MBS\) y a ttulos con garanta de activos \(ABS\))Tj
/F1 1 Tf
8 0 0 8 389.7485 428.8892 Tm
(: los prstamos hipotecarios que garantizan MBS y los )Tj
-44.0311 -1.3125 TD
(activos que garantizan ABS puede que se amorticen ms pronto de lo requerido, lo que producira una merma de la rentabilidad.)Tj
/F5 1 Tf
8.5 0 0 8.5 27.5 351.8892 Tm
0.53 0.32 0.11 0 k
(Glosario)Tj
ET
q
0.6 i
27.5 329.389 540 15 re
W n
1 0.84 0.31 0.17 K
0 J 0 j 2 w 10 M []0 d
27.5 344.389 m
567.5 344.389 l
S
Q
BT
/F6 1 Tf
6 0 0 6 27.5 322.8892 Tm
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 322.8892 Tm
0 0 0 1 k
(Beta)Tj
/F1 1 Tf
8 0 0 8 53.5565 322.8892 Tm
( Medida de la sensibilidad de la rentabilidad del fondo a la evolucin del ndice de referencia \(anualizada\). Cuanto ms cerc)Tj
50.1 0 TD
(a est de 1,00, ms se han )Tj
-52.107 -1.3125 TD
(correspondido las uctuaciones histricas del valor del fondo con las del indicador. Si su valor es mayor que 1,00, indica que)Tj
50.039 0 TD
( las uctuaciones del fondo han sido )Tj
-50.039 -1.3125 TD
(superiores a las del ndice de referencia.)Tj
/F6 1 Tf
6 0 0 6 27.5 289.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 289.8892 Tm
0 0 0 1 k
(Duracin de la cartera)Tj
/F1 1 Tf
8 0 0 8 114.935 289.8892 Tm
( 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
50.82 0 TD
(cifra \(ya sea )Tj
-60.4994 -1.3125 TD
(positiva o negativa\), ms se mover la cotizacin ante un cambio determinado de los tipos de inters. Si la duracin es positiv)Tj
50.153 0 TD
(a, una subida de los tipos de inters )Tj
-50.153 -1.3125 TD
(provoca una cada del 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 27.5 256.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 256.8892 Tm
0 0 0 1 k
(Rentabilidad excedente)Tj
/F1 1 Tf
8 0 0 8 119.678 256.8892 Tm
( La rentabilidad generada por el fondo por encima de la de un ndice de referencia \(anualizada\).)Tj
/F6 1 Tf
6 0 0 6 27.5 244.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 244.8892 Tm
0 0 0 1 k
(Error de seguimiento histrico)Tj
/F1 1 Tf
8 0 0 8 141.846 244.8892 Tm
( Medida de la desviacin registrada por la rentabilidad del fondo respecto a la evolucin del ndice de referencia \(anualizad)Tj
50.099 0 TD
(a\). Una )Tj
-63.1422 -1.3125 TD
(cifra elevada indica que el fondo est asumiendo ms riesgo respecto al indicador.)Tj
/F6 1 Tf
6 0 0 6 27.5 222.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 222.3892 Tm
0 0 0 1 k
(Volatilidad histrica de la cartera)Tj
/F1 1 Tf
8 0 0 8 153.6695 222.3892 Tm
( Ilustra la dispersin de las rentabilidades mensuales del fondo respecto a la rentabilidad mensual media, e indica lo volti)Tj
49.541 0 TD
(l que )Tj
-64.0622 -1.3125 TD
(es la 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 27.5 199.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 199.8892 Tm
0 0 0 1 k
(Duracin de tipos de inters)Tj
/F1 1 Tf
8 0 0 8 134.7655 199.8892 Tm
( Una medida modicada de duracin total media estimada por GSAM. Esta medida modicada tiene en cuenta los diferentes )Tj
-12.1582 -1.3125 TD
(comportamientos de distintos mercados de deuda a nivel mundial, al reexpresar todas las exposiciones de duracin en base a un c)Tj
52.374 0 TD
(riterio comn del mercado )Tj
-52.374 -1.3125 TD
(estadounidense. Su objetivo es mejorar la estimacin de la sensibilidad de la cartera a cambios en los tipos de inters. Esta e)Tj
50.041 0 TD
(stimacin se basa en observaciones )Tj
-50.041 -1.3125 TD
(histricas entre mercados que estn expuestos a cambios a lo largo del tiempo, y podra no coincidir con los niveles reales.)Tj
/F6 1 Tf
6 0 0 6 27.5 156.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 156.3892 Tm
0 0 0 1 k
(Valor liquidativo)Tj
/F1 1 Tf
8 0 0 8 94.6455 156.3892 Tm
( Representa los activos netos del fondo \(ex-dividendo\) divididos por el nmero total de acciones o participaciones emitidas )Tj
50.265 0 TD
(por el fondo.)Tj
/F6 1 Tf
6 0 0 6 27.5 144.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 144.3892 Tm
0 0 0 1 k
(Gastos corrientes)Tj
/F1 1 Tf
8 0 0 8 98.4025 144.3892 Tm
( La cifra de gastos corrientes se basa en los gastos incurridos por el fondo en los 12 meses previos \(es decir, en periodos m)Tj
50.037 0 TD
(viles de doce )Tj
-57.6498 -1.3125 TD
(meses\). Excluye costes de operacin y comisiones de rendimiento.)Tj
/F6 1 Tf
6 0 0 6 27.5 121.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 121.8892 Tm
0 0 0 1 k
(Otros gastos)Tj
/F1 1 Tf
8 0 0 8 80.459 121.8892 Tm
(: Cargos deducidos del patrimonio del Fondo incurridos en el marco de sus actividades, incluyendo si procede costes resultant)Tj
51.541 0 TD
(es de invertir en otros )Tj
-56.9109 -1.3125 TD
(fondos.)Tj
/F6 1 Tf
6 0 0 6 27.5 99.3892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 99.3892 Tm
0 0 0 1 k
(R)Tj
/F2 1 Tf
4 0 0 4 42.226 102.8892 Tm
(2)Tj
/F1 1 Tf
8 0 0 8 44.002 99.3892 Tm
( Medida del porcentaje del movimiento de una cartera que obedece a movimientos del ndice de referencia \(anualizados\). Cuanto)Tj
52.379 0 TD
( ms cerca est de [1,00], ms )Tj
-53.1917 -1.3125 TD
(se corresponde el riesgo del fondo con el del indicador \(es decir, menos se desva el riesgo asumido por el fondo del que conll)Tj
50.429 0 TD
(eva el ndice\).)Tj
/F6 1 Tf
6 0 0 6 27.5 76.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 76.8892 Tm
0 0 0 1 k
(Ajuste por dilucin)Tj
/F1 1 Tf
8 0 0 8 103.137 76.8892 Tm
( \(swing pricing\) Describe los diferenciales de negociacin totales y otros gravmenes y cargos \(como por ejemplo comisiones d)Tj
51.818 0 TD
(e )Tj
-60.0226 -1.3125 TD
(intermediarios, timbres e impuestos\) que podran pagarse al entrar y salir del fondo, y trata de proteger a los inversores a la)Tj
49.317 0 TD
(rgo plazo ya presentes en el fondo. El )Tj
-49.317 -1.3125 TD
(precio mostrado se mide a n del ltimo trimestre y solamente indica el ajuste \(swing\) que podra aplicarse a nuevas suscripcio)Tj
50.929 0 TD
(nes/reembolsos.)Tj
/F6 1 Tf
6 0 0 6 27.5 43.8892 Tm
0.53 0.32 0.11 0 k
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 43.8892 Tm
0 0 0 1 k
(Rentabilidad al vencimiento)Tj
/F1 1 Tf
8 0 0 8 134.315 43.8892 Tm
( 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
()Tj
/F5 1 Tf
8.5 0 0 8.5 37.5 31.8892 Tm
0 0 0 1 k
(Rentabilidad yield to worst \(%\))Tj
/F1 1 Tf
8 0 0 8 143.7585 31.8892 Tm
( La rentabilidad por cupn potencialmente ms baja que puede ofrecer un bono sin que su emisor incumpla.)Tj
0.53 0.32 0.11 0 k
9.4397 -2.1737 TD
(3)Tj
ET
endstream
endobj
17 0 obj
<>/ProcSet[/PDF/Text]/Font<>>>
endobj
16 0 obj
<>stream
BT
/F1 1 Tf
19 0 0 19 27.5 799.8893 Tm
0.53 0.32 0.11 0 k
/GS1 gs
-0.0105 Tc
0 Tw
(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 utilizacin en o desde Hong Kong por Goldman Sachs \(Asia\) LLC.)Tj
/F5 1 Tf
-4.164 -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
0 -18.625 TD
( 2017 Goldman Sachs. Todos los derechos reservados.)Tj
0 -1.375 TD
(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
0.53 0.32 0.11 0 k
-6.765 -2.1737 TD
0 Tc
(4)Tj
ET
endstream
endobj
20 0 obj
<>
endobj
21 0 obj
<>
endobj
22 0 obj
<>
endobj
23 0 obj
<>
endobj
24 0 obj
<>
endobj
25 0 obj
<>
endobj
18 0 obj
<>
endobj
19 0 obj
<>stream
Hb``qtqre``((*)rrR` \\ yy5F}Yd<^H bd K
@HR6bg9
L<% ɚ
F
)I
%
yzP3A@< $8(D9Q!(?-3(0>ÆQ^>~B 1 q ) ))I)) E9 PVUPWSWSBm- = 0040001S3s3sKK++k+k[[;;{'G''7777///_/?@АА0`KJHJHIJIIKIKH)+,(.(.*-)/)/,ikjhnjnjmhko7a¤ S&M2mi3f̚1w֜9-dEKX|kV[n͆u6lڰeӶ-;ض{]wp=rةcgN;u̅s]p+7ݺqƝ[