# What is this product?
Type
The Product is a share of the Sub-fund Wellington Global Quality Value Fund (the "Fund") which is part of the Wellington Management Funds (Luxembourg) III SICAV (the "Umbrella Fund"), an open-ended investment fund with variable capital (société d'investissement à capital variable) of the umbrella type and is authorised under Part I of the 2010 Law and qualifies as UCITS under Article 1. paragraph 2) points a) and b) of the Directive.
Term
The Umbrella Fund and the Fund do not have a fixed term or maturity period, but the Management Company, with the approval of the Depositary, is entitled to give notice of the Umbrella Fund's dissolution at any time. In the event that the Management Company considers that changes in the political, economic, military, regulatory or business environments, or reductions in the scale of a Fund's total net assets compromise the effective management of a Fund, then the Management Company is empowered to liquidate the Fund at any time.
Objectives
The Fund seeks long-term total returns, in excess of the MSCI All Country World Index (the “Index”) primarily through investment in equity and equity-related securities of companies worldwide.
The Investment Manager will actively manage the Fund, using fundamental bottom-up analysis to identify resilient, less volatile, dividend-paying companies that the Investment Manager believes have been discounted for transitory reasons. The Fund is generally unconstrained by market capitalisation and sector but is expected to have a bias towards large-capitalisation companies and may invest in both developed and emerging markets.. The Fund's exposure to emerging markets shall not exceed 15% of the net asset value.
The Fund will invest in shares and other securities with equity characteristics such as depositary receipts. The Fund may invest either directly or via derivatives.
While there are no restrictions on the Fund's ability to use derivatives for investment purposes (such as gaining exposure to a security), derivatives are mainly used to hedge (manage) risk.
The Index may be considered during portfolio construction and is used for performance comparison purposes. Fund securities may be components of the
Index but are not expected to have similar weightings. The Investment Manager uses broad tolerance ranges when considering how security weightings differ from the Index, however this should not be expected to limit the Fund's ability to achieve long-term total returns in excess of the Index and/or performance that is materially different from the Index. The Index is designed to measure performance of the broader global equity market.
In addition, the MSCI All Country World Value Index (the “Secondary Index”) serves as a reference index for additional market context purposes. Whilst Fund securities may be components of the Secondary Index, the Secondary Index is not considered during portfolio construction and the Investment Manager will not manage the extent to which Fund securities differ from the Secondary Index. The Secondary Index is designed to measure equity market performance of value- oriented companies across developed and emerging markets.
The Fund will support certain environmental and social characteristics by promoting the establishment of net zero Science-Based Targets (“SBT”) amongst investee companies and promoting gender diversity in board representation among a portion of investee companies.
The currency of this Share class is different to the base currency of the Fund and so the performance of the Share class will be subject to the impact of the movement of the exchange rate between the currencies.
Income policy
Any income allocated to the Share class from the Fund is reinvested.
Dealing Frequency
Shares can be bought or sold daily in accordance with the Prospectus. The base currency of the Fund is USD.
Intended retail Investor
The Fund is intended for basic retail investors with a long-term investment horizon seeking capital appreciation and who are able to bear capital loss.
Depositary
State Street Bank International GmbH Luxembourg Branch.
Further Information
Please refer to the 'Other relevant information' section below.

Translation (ENES, 2024-01-04):
# ¿Qué es este producto?
Tipo
El Producto es una participación del Subfondo Wellington Global Quality Value Fund (el «Fondo»), que forma parte de Wellington Management Funds (Luxembourg) III SICAV (el «Fondo Paraguas»), un fondo de inversión abierto con capital variable («société d'investissement à capital variable») de tipo paraguas, autorizado con arreglo a la parte I de la Ley de 2010 y que cumple los requisitos para ser considerado un OICVM en virtud de los puntos a) y b) del apartado 2 del artículo 1 de la Directiva.
Plazo
El Fondo Paraguas y el Fondo no tienen un período de vencimiento ni un plazo fijo. Sin embargo, la Sociedad de Gestión, con la aprobación del Depositario, tiene derecho a notificar la disolución del Fondo Paraguas en cualquier momento. La Sociedad de Gestión puede liquidar el Fondo en cualquier momento si considera que cualquier cambio en los ámbitos comercial, regulatorio, militar, económico o político compromete la gestión efectiva del Fondo, o que la reducción del patrimonio neto total de un Fondo la hace inviable.
Objetivos