Download Barings Developed and Emerging Markets High Yield Bond

Barings Developed and Emerging
Markets High Yield Bond Fund
Morningstar Overall RatingMorningstar Overall Rating 6
Morningstar Overall Rating
BENCHMARK Fund of the Year
BENCHMARK Fund of the Year
Awards 2014 - Outstanding Achiever 7
Awards 2014 - Outstanding Achiever
«««
As of 30.04.2017
1. The Fund may be subject to risks, such as investment, interest rate, credit and downgrading, counterparty, and currency risks. The Fund invests principally in
sub-investment grade securities, and is subject to lower creditworthiness and higher default, liquidity and volatility risks than investment grade securities. The Fund
may also invest in emerging markets which involve additional risks, including liquidity risks, lower standards of corporate governance, political and higher
volatility.
2. The Fund may invest in derivatives for investment purposes. Such investments may result in higher volatility or a significant loss in the Fund’s assets within a short
period of time.
3. Dividends may be paid out of unrealized capital gains and/or gross income while paying all or part of the fees and expenses of the Fund out of capital resulting in
an increase in distributable income at the discretion of the Managers. These would effectively represent paying dividend out of capital which amount to a return or
withdrawal of part of an investor’s original investment or any capital gains attributable to that original investment. Payment of dividends may result in an
immediate reduction of the net asset value of the Fund.
4. Investors may suffer substantial loss of their investments in the Fund.
Investment Objectives 1
Investment ObjectivesInvestment ObjectivesInvestment Objectives
The primary investment objective of the Fund is to produce a high level of current yield in dollar terms, commensurate with an acceptable level of risk as
determined by the Managers in their reasonable discretion. Any capital appreciation will be incidental. The policy of the Fund is to invest in a combination of
debt and loan securities (including credit linked securities) of corporations and governments (including any agency of government or central bank) of any
member state of the Organisation for Economic Co-operation and Development (“OECD”) and of any developing or emerging markets.
Cumulative PerformanceCumulative Performance 2
PerformancePerformance 2
Cumulative Performance
%
Class A - USD Inc
Performance (Cash Value of US$1000)
YTD
1-Yr
3-Yr
5-Yr
+3.5
+10.7
+5.5
+23.5
3-Yr p.a. 5-Yr p.a.
+1.8
+4.3
Barings Developed and Emerging Markets High Yield Bond Fund Class A - USD
Inc
Calendar Year PerformanceCalendar Year Performance 2
Calendar Year Performance
%
Class A - USD Inc
2016
2015
2014
2013
2012
+11.2
-4.5
-2.1
+6.5
+18.0
Fund DetailsFund Details 3
Fund BreakdownFund Breakdown 3
Fund Details
Fund Manager
Scott Roth, Sean Feeley, Craig Abouchar,
Chris Sawyer, Kristine LI
Fund SizeFund Size
Fund Size
US$639.2 Million
Inception Date of
Primary Share ClassInception Date of
Primary Share Class
Inception Date of
Primary Share Class
19.07.1993
Base CurrencyBase Currency
Base
Currency
USD
NAV PriceNAV Price
NAV Price
US$10.1300
Number of InvestmentsNumber of Investments
N/A
Number of Investments
Annualized Dividend YieldAnnualized Dividend Yield
Annualized
Dividend Yield
Yield to Maturity
Yield to MaturityYield to Maturity
4
6.3%
6.3%
5
Modified Duration (Years)Modified Duration (Years)
Modified Duration (Years)
3.5
Average Credit RatingAverage Credit Rating
Average
Credit Rating
B
3
Unit AvailableUnit Available
Unit Available
Income/ Accumulation
Share Class AvailableShare Class Available
Share Class Available
Class A Inc (USD, USD Mth Div, HKD Mth
Div, EUR, EUR Hedged, GBP Hedged, AUD
Hedged, CAD Hedged, NZD Hedged)
Class A Acc (USD, CHF Hedged)
UmbrellaUmbrella
Umbrella
Baring Global Umbrella Fund
Minimum InvestmentMinimum Investment
Minimum Investment
US$5,000 or its equivalent in other
currencies/ €3,500/ £2,500/ AU$6,000
Initial ChargeInitial Charge
Initial Charge
Up to 5.00%
Management FeeManagement Fee
Management Fee
1.00% p.a.
Ex. Dividend DateEx. Dividend Date
Ex. Dividend Date
The first Business Day (Mth Div)
1 February, 1 May, 1 August, 1 November
(Qtr Div),
1 May (Annual Div)
Dividend Paid ByDividend Paid By
Dividend Paid By
The last Business Day (Mth Div)
28 February, 31 May, 31 August, 30
November (Qtr Div)
30 June (Annual Div)
Benchmark IndexBenchmark Index
N/A
Benchmark Index
Credit RatingCredit Rating 3
Fund Breakdown (%)
Fund ManagerFund Manager
Fund size and NAV price listed above relate to Class A - USD Inc. Regular
distribution share classes are aimed to pay dividend on a regular basis, dividend
amount or dividend rate is not guaranteed. Dividend can be paid out from capital.
Please refer to point 3 of the risk disclosure on top of the page.
Developed - US High
Yield Corporate Bonds
Developed - EUR High
Yield Corporate Bonds
Developed - UK High
Yield Corporate Bonds
EMD - USD High Yield
Corporate Bonds
EMD - USD High Yield
Sovereign Bonds
EMD - EUR High Yield
Corporate Bonds
Cash & Equivalents
Credit Rating (%)
62.8
11.9
11.2
BBB
BB
B
CCC
Cash
2.8
29.8
59.7
5.7
1.9
11.1
0.8
0.4
1.9
Top InvestmentsTop Investments 3
Top Investments
%
Coveris (formerly Exopack)
Sprint Nextel Corporation
GFKL Financial Services AG
ETP (Energy Transfer Partners LP)
Dell Inc. (fka Dell Computer Corporation)
Liberty Interactive LLC (Liberty Media LLC)
Topaz Marine S.A.
Tullow Oil PLC
Consolidated Energy Finance LLC (parent of TL Methanol
Holdings)
Signode Industrial
1.9
1.7
1.6
1.4
1.4
1.4
1.4
1.3
1.3
1.2
Fund Code
ISIN
Bloomberg
Lipper
Class A - USD Inc
Class A - USD Inc
(Mth Div)
Class A - AUD
Class A - CAD
Hedged Inc (Mth Div) Hedged Inc (Mth Div)
IE0000835953
IE0032158457
IE00B881PF08
BRGHYBI ID
BRGHYMD ID
BHYAAHI ID
60000674
60078140
68161133
Class A - EUR Inc
Class A - EUR
Hedged Inc
IE00B7YBBB53
IE0004851808
IE0032158341
BHYACHI ID
BRGHYBE ID
BRGHYEH ID
68161134
60013064
60078139
Cumulative Performance2 (%)
YTD
+3.5
+3.4
+3.7
+3.4
-0.1
+2.8
1-Yr
+10.7
+10.7
+11.6
+10.4
+15.4
+8.9
3-Yr
+5.5
+5.5
+11.1
+6.2
+32.8
+3.3
5-Yr
+23.5
+23.5
N/A
N/A
+48.7
+20.5
3-Yr p.a.
+1.8
+1.8
+3.6
+2.0
+9.9
+1.1
5-Yr p.a.
+4.3
+4.3
N/A
N/A
+8.3
+3.8
Calendar Year Performance2 (%)
2016
+11.2
+11.3
+12.7
+11.0
+14.8
+10.2
2015
-4.5
-4.5
-2.5
-4.1
+6.2
-5.0
2014
-2.1
-2.1
+0.5
-1.3
+10.7
-2.1
2013
+6.5
+6.5
+9.3
+7.3
+2.0
+6.2
2012
+18.0
+18.0
+8.5#
+7.6@
+15.9
+17.6
Class A - GBP
Hedged Inc (Qtr Div)
Class A - HKD Inc
(Mth Div)
Class A - NZD
Hedged Inc (Mth Div)
IE0033156484
IE00B62P4Q86
IE00B8GQ7V76
BRGHYSH ID
BRGHYHK ID
BHYANHI ID
60084631
68041252
68161135
Fund Code
ISIN
Bloomberg
Lipper
Cumulative Performance2 (%)
YTD
+3.1
+3.8
+3.7
1-Yr
+9.8
+10.9
+12.2
+13.6
3-Yr
+5.1
+5.7
5-Yr
+23.6
+23.7
N/A
3-Yr p.a.
+1.7
+1.9
+4.3
5-Yr p.a.
+4.3
+4.4
N/A
+13.2
Calendar Year Performance2 (%)
2016
+10.8
+11.2
2015
-4.3
-4.6
-1.4
2014
-1.8
-2.1
+0.9
2013
+6.6
+6.5
+9.1
2012
+18.2
+17.8
+8.8~
@Performance shown from 16 July 2012 to 31 December 2012 (Class A - CAD Hedged Inc (Mth Div)).
#Performance shown from 16 July 2012 to 31 December 2012 (Class A - AUD Hedged Inc (Mth Div)).
~Performance shown from 16 July 2012 to 31 December 2012 (Class A - NZD Hedged Inc (Mth Div)).
Notes
1
A full copy of the investment objective can be obtained from the Manager.
2
Performance Source – © 2017 Morningstar, Inc. All Rights Reserved. Data as at 30.04.2017 , investment return in denominated currency of the respective share class
on a NAV per unit basis, with gross income reinvested. US/HK dollar-based investors are therefore exposed to fluctuations in the exchange rate of the relevant
currency against US/HK dollar. Please note that the use of a benchmark index is for comparative purposes only.The information contained herein: (i) is proprietary to
Morningstar and/or its content providers; (ii) may not be copied or distributed; and (iii) is not warranted to be accurate, complete or timely. Neither Morningstar nor its
content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
3
Unless otherwise stated, all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page. Source: Barings / Northern
Trust.
4
Dividend is not guaranteed, subject to Fund manager’s discretion. A positive yield does not imply a positive return of the Fund. Annualised Dividend Yield is for
reference only. USD/HKD based investors are exposed to fluctuations in the foreign exchange rate. The amount of dividend payout for the month depends upon the
number of units held by the investors as of the record date for that month’s distribution and the relevant annualised dividend yield is calculated using the formula:
[(1+Distribution per Unit for the month/ex-dividend NAV per unit)^4]–1.
5
A positive yield does not imply a positive return of the Fund. Yield to Maturity is for reference only.
6
Morningstar overall rating as of 30.04.2017 (Global High Yield Bond Category).
7
The Fund (Class A - USD Inc) was awarded BENCHMARK Fund of the Year Awards 2014 Global High Yield Bond - Outstanding Achiever based on the fund performance
as of 30 September 2014. BENCHMARK evaluates the mutual funds using quantitative analysis of performance and risk management of their past 12 months, 3 and 5
years.
Important Information
This document is not intended as an offer or solicitation for the purchase or sale of any financial instrument. This document has been prepared for informational
purposes only and is not intended to provide, and should not be relied on for, accounting, legal or tax advice.
Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering documents for the details of the Fund and all the risk
factors. Investors should not only base on this document alone to make investment decisions.
This document is issued by Baring Asset Management (Asia) Limited. It has not been reviewed by the Securities and Futures Commission of Hong Kong.
Baring Asset Management (Asia) Limited
19/F Edinburgh Tower
15 Queen's Road Central
Hong Kong
CONTACT US: +852 2841 1411
Calls may be recorded and monitored
www.barings.com
PRODUCT KEY FACTS
Baring Global Umbrella Fund
Barings Developed and Emerging Markets High Yield Bond Fund
February 2017
Baring International Fund Managers (Ireland) Limited
 This statement provides you with key information about Barings Developed and Emerging
Markets High Yield Bond Fund (the “Fund”).
 This statement is a part of the offering document.
 You should not invest in the Fund based on this statement alone.
QUICK FACTS
Fund Manager
Baring International Fund Managers (Ireland) Limited
Investment
Manager
Baring Asset Management Limited (internal delegation, in the United Kingdom)
Sub-Investment
Manager
Barings LLC (internal delegation, in the United States)
Barings (U.K.) Limited (internal delegation, in the United Kingdom)
Depositary
Northern Trust Fiduciary Services (Ireland) Limited
Ongoing charges
over a year:
Income Unit Classes (Inc)
Class A AUD Hedged Inc Monthly Dividend: 1.52%#
Class A CAD Hedged Inc Monthly Dividend: 1.52%#
Class A EUR Inc:
1.52%#
Class A EUR Hedged Inc:
1.60%#
Class A GBP Hedged Inc:
1.55%#
Class A HKD Inc Monthly Dividend:
1.52%#
Class A NZD Hedged Inc Monthly Dividend: 1.52%#
Class A USD Inc:
1.52%#
Class A USD Inc Monthly Dividend:
1.52%#
Class I GBP Hedged Inc:
1.27%#
Accumulation Unit Classes (Acc)
Class A EUR Hedged Acc:
Class A CHF Hedged Acc:
Class A USD Acc:
Class I EUR Acc:
Class I USD Acc:
1.52%^
1.52%#
1.52%#
1.27%#
1.27%#
The ongoing charges figure is based on the ongoing expenses chargeable
to the respective unit class for the 12-month period ended 31 October 2016
expressed as a percentage of the average net asset value of the respective unit
class for the same period, and based on information in the latest interim report
for the period ended 31 October 2016. This figure may vary from year to year.
#
1
^
As this class of units has not been launched, the ongoing charges figure for
such unit class is an estimated figure only and calculated based on the sum of
the annual management fee rate of the unit class and the rate of other ongoing
expenses of the Fund (i.e. the total actual expenses of the Fund (excluding
management fee) over a 12-month period ended 31 October 2016 expressed as
a percentage of the average net asset value of the Fund during the same period).
The actual figure may be different upon actual operation of the unit class and
the figure may vary from year to year.
Dealing frequency
Daily
Base currency
USD
Dividend policy*
For Income Unit Classes (Inc), dividend, if declared, will be paid.
For Accumulation Unit Classes (Acc), no dividend will be paid.
* The Fund normally pays dividends out of surplus net income. However,
the Managers may also distribute such part of any capital gains less realised
and unrealised capital losses as, in their opinion, is appropriate to maintain a
satisfactory level of distribution. Payment of distributions out of unrealised capital
gains amount to distribution out of capital under Hong Kong regulatory disclosure
requirements. In addition, the Managers may at its discretion pay distributions out
of gross income while paying some or all of the management fee and other fees
and expenses of the Fund out of capital resulting in an increase in distributable
income and therefore, the Fund may effectively pay dividends out of capital.
Any distributions involving payment of unrealised capital gains or payment of
distributions effectively out of capital may result in an immediate reduction of
the Fund’s net asset value per Unit.
Financial year end
30 April
Min. investment:
Income Unit Classes (Inc)
Class A AUD Hedged Inc Monthly Dividend
Class A CAD Hedged Inc Monthly Dividend
Class A EUR Inc
Class A EUR Hedged Inc
Class A GBP Hedged Inc
Class A HKD Inc Monthly Dividend
Class A NZD Hedged Inc Monthly Dividend
Class A USD Inc
Class A USD Inc Monthly Dividend
Class I GBP Hedged Inc
Accumulation Unit Classes (Acc)
Class A EUR Hedged Acc
Class A CHF Hedged Acc
Class A USD Acc
Class I EUR Acc
Class I USD Acc
2
Initial min.
Subsequent min.
investment:investment:
AU$6,000
US$5,000
(CAD equivalent
of US$5,000)
€3,500
€3,500
£2,500
US$5,000
(HKD equivalent
of US$5,000)
US$5,000
(NZD equivalent
of US$5,000)
US$5,000
US$5,000
£10,000,000
AU$500
US$500
(CAD equivalent
of US$500)
€500
€500
£500
US$500
(HKD equivalent
of US$500)
US$500
(NZD equivalent
of US$500)
US$500
US$5,000
£500
€3,500
US$5,000
(CHF equivalent
of US$5,000)
US$5,000
€10,000,000
US$10,000,000
€500
US$500
(CHF equivalent
of US$500)
US$500
€500
US$500
WHAT IS THIS PRODUCT?
Barings Developed and Emerging Markets High Yield Bond Fund is a sub-fund of Baring Global
Umbrella Fund, which is a unit trust domiciled in Ireland. Its home regulator is the Central Bank of
Ireland.
OBJECTIVES AND INVESTMENT STRATEGY
Objectives
The investment objective of the Fund is to produce a high level of current yield in US dollar terms,
commensurate with an acceptable level of risk as determined by the Fund Manager in their reasonable
discretion. Any capital appreciation will be incidental.
Strategy
The Fund will invest at least 70% of its assets in a combination of debt and loan securities (including
credit linked securities) of corporations and governments (including any agency of government or
central bank) of any member state of the Organisation for Economic Co-operation and Development
(“OECD”) and of any developing or emerging markets.
The intention of Fund Manager is that approximately two-thirds of the Fund will be invested in
securities issued by corporations and governments of the OECD member states which are listed or
dealt in on a stock exchange or other regulated markets of the OECD member states. The remaining
one-third will be invested in securities of issuers operating in developing or emerging countries.
The Fund Manager, may, however, change the asset allocation of the Fund if they consider it to be
in the best interests of the Unitholders to do so. Investments in securities of issuers operating in
each developing or emerging country or in securities listed or dealt in the regulated markets in each
developing or emerging country will not be more than 10% of the Fund’s assets.
The Fund will invest principally in sub-investment grade securities that are rated not lower than Bby Standard & Poor’s (or a similar rating from another internationally recognised rating agency). The
Fund may also invest in lower grade securities up to 10% of its net assets value.
The Fund may use derivatives (including exchange traded futures on bonds, bond indices, currencies and
interest rates, forward currency contracts (including non-deliverable forwards) and swap agreements)
for efficient portfolio management, hedging and investment purposes. Although derivatives may be
used they will not be used extensively for investment purposes.
The derivative techniques may include, but are not limited to: (i) using exchange traded futures and
options to take active positions, gain immediate market exposure on new subscriptions into the Fund
or to hedge risk within the Fund; (ii) using swaps to hedge risk within the Fund or synthetically gain
exposure to a particular fixed income security or index; and (iii) using forward currency contracts
and non-deliverable forwards to hedge against currency risk arising within the Fund.
3
WHAT ARE THE KEY RISKS?
Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Risks associated with sub-investment grade securities
 The Fund will invest principally in sub-investment grade securities. These securities are subject
to lower creditworthiness and higher risk of default than investment grade securities.
 The value of sub-investment grade securities tends to go up and down more quickly than
investment grade securities, reflecting short-term corporate and market developments.
Investment grade securities respond primarily to fluctuations in the general level of interest
rates. There are fewer investors in sub-investment grade securities and hence investment in
these securities may be more susceptible to liquidity risk (see point 6 below).
 The trading volume in certain international bond markets may be appreciably below that of
the worlds largest markets, such as the United States. Accordingly, investment in such markets
may be less liquid and their prices may be more volatile than comparable investments in
securities trading in markets with larger trading volumes. Moreover, the settlement periods
in certain markets may be longer than in others which may affect portfolio liquidity.
2. Interest rate risk
 The fixed income securities in which the Fund invested are interest rate sensitive, which
means that their value will fluctuate as interest rate fluctuate. An increase in interest rates
will generally reduce the value of the fixed income securities.
3. Credit Risk and downgrading risk
 There can be no assurance that the issuers or guarantor, if any, of securities or other
instruments in which the Fund may invest will not be subject to credit difficulties, leading
to either the downgrading of such securities or instruments, or to the loss of some or all of
the sums invested in such securities or instruments or payments due on such securities or
instruments.
 Investment grade securities may be subject to risk of being downgraded to sub-investment
grade securities. In the event of a downgrading in the credit rating of such securities or
instruments or the issuers of securities or instruments in which the Fund may invest, the
Fund’s investment value in such securities or instruments may be adversely affected. The
Manager may or may not be able to dispose of the securities or instruments that are being
downgraded.
4. Emerging market investment risk
 The Fund may invest in securities of issues operating in emerging markets. Investing in emerging
markets may involve additional risks than investing in more developed markets. These include
liquidity risks (see point 6 below), the possibility of a lower standard of corporate governance
(i.e. generally less government supervision and regulation on stock exchanges, brokers and
listed companies in most emerging markets), increased political risk (i.e. interference in political
and bureaucratic processes and high levels of state intervention in society) and the likelihood
of a high degree of volatility.
5. Risks associated with derivatives
 The Fund may have exposure to derivatives for investment purposes or for efficient portfolio
management. Given the leverage effect embedded in derivatives, such investments may result
in higher volatility or a significant loss in the Fund’s assets within a short period of time.
 Furthermore, there is no guarantee that the Fund’s use of derivatives for hedging will be
entirely effective and in adverse situations, where the use of derivatives becomes ineffective,
the Fund may suffer significant loss.
4
6. Liquidity risk
 Market liquidity in the emerging markets may be lower than the more developed markets
so that the purchase and sale of holding may take longer. The Fund may also encounter
difficulties in disposing of securities or derivatives at their fair market price.
7. Counterparty risk
 Counterparty risk is the risk that an organization does not pay out on a bond or other trade
or transaction when it is supposed to. If a counterparty fails to honour its obligations in a
timely manner and the Fund is delayed or prevented from exercising its rights with respect to
the investments in its portfolio, it may experience a decline in the value of its position, lose
income and/or incur costs associated with asserting its rights.
8. Currency risk
 The Fund’s assets and liabilities may be denominated in currencies different from the Base
currency. The Fund may be affected favourably or unfavourably by exchange control regulations
or changes in the exchange rates between the Base currency and other currencies. A Unit
Class may be designated in a currency other than the Base Currency of the Fund. Changes
in the exchange rate between the Base Currency and such designated currency may lead to
a depreciation of the value of such Units as expressed in the designated currency.
9. Investment risk
 The Fund is an investment fund and is not in the nature of a bank deposit. There is no guarantee
of repayment of principal. Investment in the Fund is subject to fluctuations in value and you
may suffer a loss.
10.Charges deducted from Capital/Risks relating to distribution
 Some or all of the management fee and other fees and expenses of the Fund may be paid
out of capital. Payment of fees and expenses in such manner would result in an increase
in distributable income and in the event the Fund pays a dividend having charged fees and
expenses to capital, this would effectively amount to paying dividends out of capital.
 The Managers may also distribute such part of any capital gains less realised and unrealised
capital losses as, in their opinion, is appropriate to maintain a satisfactory level of distribution.
 The payment of distributions out of unrealised capital gains or the payment of distributions
effectively out of capital amounts to a return or withdrawal of part of an investor’s original
investment or from any capital gains attributable to that original investment. Any distributions
involving payment of unrealised capital gains or payment effectively out of the Fund’s capital
(as the case may be) may result in an immediate reduction of the Fund’s net asset value per
Unit.
5
HOW HAS THE FUND PERFORMED?
Barings Developed and Emerging Markets High Yield Bond Fund - Class A USD Inc
50%
37.7%
40%
30%
14.0%
20%
10%
18.0%
5.7%
11.2%
6.5%
0%
-1.2%
-10%
-2.1% -4.5%
-20%
-21.6%
-30%
2007
2008 2009
2010
2011
2012
2013
2014
2015
2016
Source: Barings
 Past performance information is not indicative of future performance. Investors may not get back
the full amount invested.
 The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with
dividend reinvested. For the avoidance of doubt, “dividend reinvested” has the same meaning as
“gross income reinvested” which is used in other marketing documents outside of Hong Kong.
 These figures show by how much the Class A USD Inc increased or decreased in value during
the calendar year being shown. Performance data has been calculated in US dollars, including
ongoing charges and excluding subscription fee and redemption fee you might have to pay.
 Class A USD Inc is selected as representative unit class as it is the major unit class subscribed by
investors in Hong Kong.
 Fund launch date: 19 July 1993
 Class A USD Inc launch date: 19 July 1993
IS THERE ANY GUARANTEE?
The Fund does not have any guarantees. You may not get back the full amount of money you invest.
6
WHAT ARE THE FEES AND CHARGES?
Charges which may be payable by you
You may have to pay the following fees when dealing in the units of the Fund.
Fee
What you pay
Subscription fee (Preliminary charge)
Class A Units: Up to 5% of the amount you subscribed*
Class I Units: Nil
Switching fee
Nil
Redemption fee (Realisation charge)
Nil**
Ongoing fees payable by the Fund
The following expenses will be paid out of the Fund. They affect you because they reduce the return
you get on your investments.
Annual rate (as a % of the Fund’s net asset value (“NAV”)),
unless otherwise specified
Management fee***
Class A Units: 1.00%
Class I Units: 0.75%
Depositary fee
Up to 0.025% per annum
Performance fee
Not applicable
Administration fee
0.45%, subject to monthly minimum fee of £2,500. In
respect of EUR Hedged and GBP Hedged Classes, there is
an additional charge of £500 per month.
Distributor fee
Not applicable
Transaction charge
The Fund pays a transaction charge to
the Depositary.
Normal commercial rates
*
The subscription fee may be increased up to maximum level as specified in the offering document by
giving at least 1 month’s prior notice to investors. Please refer to the offering document for further
details.
** At least 1 month’s notice will be given to investors should any redemption fees be charged.
***The management fee may be increased up to maximum level as specified in the offering document
by giving at least 90 days prior notice to investors. Please refer to the offering document for further
details.
Other fees
You may have to pay other fees when dealing in the units of the Fund. The Fund will also bear the
costs which are directly attributable to it, as set out in the offering document.
7
ADDITIONAL INFORMATION
 You generally subscribe and redeem units at the Fund’s next-determined NAV per unit attributable
to the relevant Unit Class after your request is received in good order by Baring Asset Management
(Asia) Limited, our Hong Kong Representative, on or before 5 p.m. (Hong Kong time) or the Fund
Manager on or before 12 noon Dublin time on a Dealing Day. Dealing Days are every business day
on which banks in both Dublin and London are open for business (excluding Saturday or Sunday).
Before placing your subscription or redemption orders, please check with your distributor for the
distributor’s internal dealing deadline (which may be earlier than the Fund’s dealing deadline).
 The NAV of the Fund is calculated and the prices of unit of the relevant Unit Classes are published
for each Dealing Day, and are available online at www.barings.com1.
 The composition of the dividends (i.e. the relative amounts paid out of net distributable income
and capital) for the last 12 months2 can be obtained either through the Hong Kong Representative’s
website at www.barings.com1 or from the Hong Kong Representative on request.
 Investors may obtain the past performance information of other unit classes offered to Hong
Kong investors from www.barings.com1.
IMPORTANT
If you are in doubt, you should seek professional advice.
The SFC takes no responsibility for the contents of this statement and makes no representation as
to its accuracy or completeness.
This website has not been reviewed by the SFC and it may contain information on funds which are not authorised
by the SFC.
2
The 12-month period is intended to be a rolling 12-month period starting from the date on which payment of
dividends is being made by the Fund out of capital after 8 November 2012.
1
8