Rankia Barings Global High YieldFor investment professionals only 6 OAS Dec-13 Dec-14 Dec-15 Dec-16 Oct-19 U.S. HY 412 522 727 426 424 BB 277 341 444 268 238 B 384 531 713 407 434

Rankia Barings Global High Yield

November 2019

19/787911

For investment professionals only 2 For investment professionals only 2

Headlines

Source: Barings


Two Competing Forces in the World

Source: Barings.

CYCLE FEAR/

RISK AVERSION SEARCH FOR YIELD


Notable Market Themes

Global growth slowing

Dovish global central bank stance

Inflation dismissed as an issue

Base rate environment alleviates debt serviceability

-8

-6

-4

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8

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p 2

003

Ma

r 20

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p 2

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r 20

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r 20

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006

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007

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p 2

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p 2

009

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p 2

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r 20

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Se

p 2

011

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r 20

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Se

p 2

012

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r 20

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p 2

013

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r 20

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p 2

014

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r 20

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p 2

015

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p 2

016

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r 20

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017

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r 20

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p 2

018

Ma

r 20

19

Global QoQ GDP Growth (%)

Average

Bloomberg Economics Global GDP Growth (Sep ‘03 – Jun ’19)

Average: 4.99%

Average: 3.50%

Source: Barings, Bloomberg.


Notable Market Themes

Higher rated companies outperformed

Perceived risk gets punished through stock & asset prices

Management teams affect outcomes

M&A and refinancing activity picking up

Landing should be softer!

12.3

6.3

14.3

5.4 5.7

-1.0

13.6

7.3

-1.7

12.9 13.3

4.1

16.7

8.1

1.6

-3.9

16.1

6.7

-1.7

10.8

17.5

0.6

21.3

13.0

-1.7

-12.2

30.9

10.3

-4.5

6.1

-15

-10

-5

0

5

10

15

20

25

30

35

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

BB

B

CCC

Global High Yield Bond Market: Returns per Rating

Source: Barings, ICE Bank of America Merrill Lynch. YTD data as at end of October 2019.

For investment professionals only 6

OAS Dec-13 Dec-14 Dec-15 Dec-16 Oct-19

U.S. HY 412 522 727 426 424

BB 277 341 444 268 238

B 384 531 713 407 434

Euro HY 370 431 538 382 396

BB 265 276 429 284 247

B 458 599 613 458 559

Credit Works in Rocky Economic Times

Source: Bloomberg (equity index returns shown are gross dividends); BAML U.S. Non-Financial High Yield Constrained Index (HCNF).;

BAML European Currency Non-Financial High Yield Index (HPID); as at October 31, 2019.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

High Yield Bond Returns (Jun ‘08 – Oct’19)

Sharp Recovery After Market Volatility

(Dec-13 to Dec-16)

+14.31%

+17.23%

+24.32%

Historic Option-Adjusted Spread Overview (bps)

90

95

100

105

110

115

120

125

European High Yield Bonds (HPID)

U.S. High Yield Bonds (HCNF)

Barings Global High Yield Bond Fund

Annualized Sharpe

Ratio

0.74

0.65

0.73

0.24

+7.90%

+10.24%

+7.58%

+4.67%

-60

-10

40

90

140

190

240European High Yield Bonds (HPID)

U.S. High Yield Bonds (HCNF)

S&P 500

ESTOXX 50


Markets Are Illogical

As of October 31, 2019; source: Bank of America Merrill Lynch US Non-Financial High Yield Constrained Index (HCNF), European Currency Non-

Financial High Yield Constrained Index (HPID).

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

U.S. HY Bonds (HCNF) 4.91% 14.74% 7.22% 2.10% -5.38% 18.32% 7.31% -2.21% 11.31%

European HY

Bonds (HPID) -1.36% 24.93% 9.26% 5.39% 1.46% 11.82% 8.28% -0.66% 11.09%

Global High Yield Bond Market Returns 2011 – 2019

---- Highest Performance ---- Lowest Performance

~ US$1.9 trillion of paper outstanding, ~1,600 issuers1

Using periods of technical weakness to alter asset allocations driving improved risk-adjusted returns

Barings Global High Yield Platform


6.8

9.2

7.78.3

7.4

5.6 5.4

6.76.1

8.6

7.17.7

6.8

5.0 4.8

6.06.26.7 6.6

7.4

6.4

4.9 4.7 4.7

60

250

11685 100 72 66

205

0

200

400

600

800

1000

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Global HighYield CreditStrategiesComposite

Global HighYield Fixed

IncomeComposite

Global SeniorSecured

Fixed IncomeComposite

U.S. HighYield Fixed

IncomeComposite

European HYBond

StrategyComposite

Global SeniorSecured Loan

Composite

U.S. SeniorSecured Loan

Composite

EuropeanLoan Strategy1 Composite

Gro

ss

Ou

tpe

rform

an

ce

(bp

s)

Sin

ce

Ince

ptio

n R

etu

rn (

%)

Gross Net Index Gross Outperformance

Barings Global High Yield Investments – Platform Highlights

Barings’ range of single credit and multi-credit strategies gives investors access to the global below-investment grade corporate credit asset class

1. Performance as of September 30, 2019; outperformance for each composite versus its respective index is shown gross of fees. In order from left

to right, the benchmarks used for the strategies above are: LIBOR + 500 bps; BAML Non-Financial Developed Markets High Yield Constrained

Index; BAML BB-B Global High Yield Secured Bond Index; Barclays U.S. Corporate High Yield Index; BAML European Currency Non-Financial

High Yield Constrained Index; customized Credit Suisse Global Loan Benchmark; Credit Suisse U.S. Leveraged Loan Index; Credit Suisse

Institutional Western European Leveraged Loan Index;

2. The European Loan Strategy track record begins July 2001. The GIPS compliant track record for the European Loan Strategy 1 Composite

begins August 2009.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment entails a risk of loss.

GLOBAL HIGH YIELD SINCE INCEPTION ANNUALIZED STRATEGY RETURNS1

Strategy Inception:


Fund Ratings and Awards

Past performance is no guarantee of future results. Morningstar ratings as of September 30, 3019. Please refer to Morningstar Performance Disclosure

slide in appendix for additional information on ratings and methodology.

Barings was awarded asset management company of the year, Asia – Fixed income in The Asset Triple A Awards 2019, based on Barings’

performance over the preceding calendar year.

OVERALL

MORNINGSTAR RATINGT M

Barings European High Yield Bond Fund

Barings U.S. High Yield Bond Fund

Barings Global High Yield Bond Fund

Barings Global Senior Secured Bond Fund

Barings Global High Yield Credit Strategies Fund

https://www.google.fr/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=2ahUKEwjw5uq-nq_jAhVCU80KHR3NCe8QjRx6BAgBEAU&url=https://bea-union-investment.com/awards&psig=AOvVaw3DscgFVQkk0U4cSj_oFdzi&ust=1563015999455100


Global High Yield Investments – Organisation

Assets are as of September 30, 2019.

Number of professionals are as of October 31, 2019. (xx) represents number of years experience.

1. Excludes cash flow CLOs co-managed with Investment Grade Corporate Team.

2. Product managers share responsibilities across emerging market corporate and sovereign strategies.

MARTIN HORNE HEAD OF GLOBAL PUBLIC FIXED INCOME

US$69.0 BILLION IN GLOBAL HIGH YIELD AUM

U.S. HIGH YIELD

INVESTMENTS

EUROPEAN HIGH YIELD

INVESTMENTS

U.S. HIGH YIELD

INVESTMENTS

STRUCTURED CREDIT

EMERGING MARKET

CORPORATE DEBT

MARTIN HORNE DAVID MIHALICK MELISSA RICCO

TUNDE LAWAL

US$17.8 BILLION IN AUM US$31.9 BILLION IN AUM US$3.7 BILLION IN AUM

13 research analysts

2 dedicated traders

2 product managers

30 research analysts

4 dedicated traders

4 product managers

6 research analysts

1 dedicated trader

2 product managers2

Martin Horne (23)

Robert Faulkner (18)

Gareth Hall (14)

Oliver Harker-Smith (14)

Craig Abouchar (26)

Chris Sawyer (14)

Stuart Mathieson (21)

David Mihalick (15)

Tom McDonnell (24)

Mark Senkpiel (45)

Meredith Lynch (16)

Michael Best (17)

Adrienne Butler (30)

Art McMahon, Jr (27)

Sean Feeley (24)

Scott Roth (26)

Kelly Burton (19)

Bryan High (18)

Tunde Lawal (19) Natalia Krol (18)

US$15.6 BILLION IN AUM1

4 research analysts

1 dedicated trader

2 product managers

Taryn Leonard (22)

Jeffrey Prince (19)

Kathleen Kraez (26)

Melissa Ricco (20)

Laura Grant (23)

TARYN LEONARD


Global High Yield Investments – Committees

1. Only vote on expanded asset classes (CLOs and Emerging Markets Debt).

(xx) = years of investment experience.

As of October 31, 2019.

GLOBAL HIGH YIELD ALLOCATION COMMITTEE

MIKE FRENO (20)

Chairman

MARTIN HORNE (23)

Deputy Chairman

DAVID MIHALICK (15) SEAN FEELEY (24) TARYN LEONARD (22)1 RICARDO ADROGUÉ (27)1

Portfolio Managers feed information bi-weekly to the

Global High Yield Allocation Committee

Global High Yield Allocation Committee evaluates

information and discusses strategy outputs

Global High Yield Allocation Committee votes on

relative value, target portfolio and geographical

allocation decisions

U.S. HIGH YIELD INVESTMENT COMMITTEE EUROPEAN HIGH YIELD INVESTMENT COMMITTEE

DAVID MIHALICK (15)

Chairman,

Managing Director

+8 Committee Members MARTIN HORNE (23)

Chairman,

Managing Director

+5 Committee Members

Research Analysts source local credit ideas and

perform credit review and analysis

Research Analysts provide daily recommendations and

the Investment Committee debates investment merits

Investment Committee decides inclusion to/exclusion

from buy-list by majority vote and sets issuer limits


Global High Yield Investments – Research Team

(xx) = years of investment experience.

As of October 31, 2019.

U.S. SECTOR COVERAGE

CONSUMER; HEALTHCARE &

GAMING

Ryan Christenson (20)

Jeffrey Stewart (19)

Kevin Rate (9)

Kristen Koetter (8)

Devin Redmond (2)

Daniel Parks (1)

Patrick Morley (<1)

TECHNOLOGY, MEDIA, TELECOM;

FINANCIAL SERVICES

Karl Hermann (15)

Andrew Mees, CFA (15)

Charles Creech (16)

Brad Lewis, CFA (9)

James Freney (2)

Shayan Farrukh (<1)

INDUSTRIALS &

SERVICES

Casey McKinney (21)

Chad Campbell (18)

James Chemplavil (14)

Megan Figueroa (13)

Dylan Penner (4)

Mimi Messawer (2)

Bryan Campbell (1)

ENERGY &

COMMODITIES

Brian Pacheco (19)

Kim Atkinson (23)

Stuart Dowling (14)

Greg White (12)

Spencer Rugen (1)

Julie Bond (<1)

EUROPEAN SECTOR COVERAGE

CONSUMER; HEALTHCARE &

GAMING

Oliver Harker-Smith (14)

Philippa Thomas (13)

Nick Roope (5)

Anna Murray (4)

TECHNOLOGY, MEDIA, TELECOM &

FINANCIAL SERVICES

Gareth Hall (14)

Christopher Ellis (8)

Natalie Limbrey (8)

Marion Rosenberg (7)

Aaiza Ali (5)

INDUSTRIALS, SERVICES &

COMMODITIES

Tom Kilpatrick (15)

Sebastian Potocean (12)

Russel Higgins (7)

Daniel Gardiner (6)

Shruti Ramachandran (3)

GLOBAL SPECIAL SITUATIONS

Stuart Mathieson

(21)

Tom Kilpatrick

(15)

Bryan High

(18)

Michael Searles

(11)

Tom Murphy

(7)

Charles Shaffner

(5)

Aaron Hutchinson

(3)

Michael Bouchard

(3)

INTEGRATED LEGAL EXPERTISE

Michelle Manha (19) – U.S. Elizabeth Ball (15) - Europe


Barings Approach

Credit works in volatile economic times

Markets are illogical

Broader volatility presents opportunities

Be contrarian

Focus on credit selection

No substitute for a deep, experienced analytical bench

Time for active credit managers to prove their worth!

Any questions?

Appendix


1.55

11.83

8.12

6.85 7.03

8.86

1.43

11.38

7.59

6.33 6.50

8.29

0.83

11.31

8.05

6.015.31

6.39

0

2

4

6

8

10

12

Last 3 months YTD 1 year 3 year 5 year Since Inception

Barings Global High Yield Bond Fund Gross of Fees

Barings Global High Yield Bond Fund Net of Fees

BAML Non-Fin. Dev. Markets HY Constrained Index

Global High Yield Bond Fund Characteristics

Source: Barings. As of October 31, 2019. Based on market value of invested assets. Currencies shown in USD. Average rating is based on a weighted average using a BAML

ratings methodology. Ratings displayed in Moody’s format.

1. Benchmark: BAML Non-Financial Developed Markets HY Constrained Index. Fund inception date: April 30, 2012. For periods greater than one year, returns are

annualized.

2. Source: Barings, Bloomberg. For illustrative purposes only. This is a static illustration using the current spot rate and 1 month forward rate over a 12 month period of the

respective currencies in the portfolio. Other factors will also affect the cost of hedging.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment entails a risk of loss. Performance reflects the deduction of fees and

expenses based upon the lowest fee share class available within the periods provided. Please note that this does not reflect what a new investor will experience, as their

returns will be reduced by the deduction of such fees and expenses of the applicable share class. Supplemental information to the compliant presentation. For information

purposes only and not a recommendation to buy or sell any securities shown. Information subject to change without notice.

Historical Performance vs. Benchmark (%)1 Annual Performance vs. Benchmark (%)1

TOP 5 COUNTRIES (% of MV) 69.91% United States / 9.57% United Kingdom / 3.96% Germany / 3.72% Canada / 1.69% Ireland

BA RINGS GLOBA L

HIGH YIELD BOND

FUND GROSS OF

FEES

BA RINGS

GLOBA L HIGH

YIELD BOND

FUND NET OF

FEES

BA ML NON-FIN.

DEV . MA RKETS

HY CONSTRA INED

INDEX

YTD 2019 11.83 11.38 11.31

2018 -1.80 -2.29 -1.98

2017 8.36 7.83 7.53

2016 14.48 13.96 16.92

2015 5.16 4.60 -3.89

2014 3.27 2.65 2.81

2013 14.33 13.65 7.64

CHARACTERISTICS CHARACTERISTICS, CONT. TOP 10 SECTORS (% of MV)

Net Asset Value ($M) 1,572 Average Rating B1 Media 12.43

Number of Issuers 193 Secured / Unsecured / Other (% MV) 29 / 71 / 0 Basic Industry 10.37

Average Coupon (%) 6.40 North America / Europe / Other (% MV) 74 / 24 / 2 Healthcare 9.95

Option Adjusted Spread (bps) 423 USD / EUR / GBP (% MV) 77 / 17 / 6 Technology & Electronics 8.92

Average Price ($) 100.50 Telecommunications 8.26

Modified Duration to Worst (yrs) 2.86 TOP 5 ISSUERS (% of NAV) Energy 7.77

Years to Maturity (yrs) 5.60 JBS 2.93 Consumer Goods 7.36

Yield to Maturity, USD Hedged (%)2 6.84 TIBCO Software, Inc. 2.31 Capital Goods 7.16

Yield to Maturity, Local (%) 6.38 Charter Communications Inc. 2.24 Financial Services 6.61

Yield to Worst, USD Hedged (%)2 5.87 TransDigm Group, Inc. 2.16 Services 4.80

Yield to Worst, Local (%) 5.40 Sprint Corporation 2.11


1.83

11.72

9.10

7.106.78

7.55 7.71

1.69

11.21

8.51

6.526.20

6.96 7.11

1.22

11.30

9.37

6.505.88

6.41 6.63

0

2

4

6

8

10

12

Last 3 months YTD 1 year 3 years 5 years 7 years Since Inception

Barings Global Senior Secured Bond Fund Gross of Fees

Barings Global Senior Secured Bond Fund Net of Fees

BofA Merrill Lynch BB-B Global High Yield Secured Bond Index

Global Senior Secured Bond Fund Characteristics

Source: Barings. As of October 31, 2019. Based on market value of invested assets. Currencies shown in USD. Average rating is based on a weighted

average using a BAML ratings methodology. Ratings displayed in Moody’s format.

1. Benchmark: BAML BB-B Global High Yield Secured Bond Index. Fund inception date: January 28, 2011. For periods greater than one year,

returns are annualized.

2. Source: Barings, Bloomberg. For illustrative purposes only. This is a static illustration using the current spot rate and 1 month forward rate over a

12 month period of the respective currencies in the portfolio. Other factors will also affect the cost of hedging.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment entails a risk of loss. Performance reflects the

deduction of fees and expenses based upon the lowest fee share class available within the periods provided. Please note that this does not reflect

what a new investor will experience, as their returns will be reduced by the deduction of such fees and expenses of the applicable share class.

Supplemental information to the compliant presentation. For information purposes only and not a recommendation to buy or sell any securities shown.

Information subject to change without notice.

Historical Performance vs. Benchmark (%)1 Annual Performance vs. Benchmark (%)

TOP 5 COUNTRIES (% of MV) 52.08% United States / 20.06% United Kingdom / 4.48% Germany / 3.91% Ireland / 3.51% France


Net Asset Value ($M) 890 Average Rating B1 Basic Industry 14.07

Number of Issuers 138 Secured / Unsecured / Other (% MV) 100 / 0 / 0 Capital Goods 12.06

Average Coupon (%) 5.73 North America / Europe / Other (% MV) 55 / 42 / 3 Media 11.78

Option Adjusted Spread (bps) 365 USD / EUR / GBP (% MV) 61 / 25 / 14 Services 9.16

Average Price ($) 101.56 Healthcare 8.54

Modified Duration to Worst (yrs) 2.59 TOP 5 ISSUERS (% of NAV) Telecommunications 7.02

Years to Maturity (yrs) 5.46 Triumph Group, Inc. 2.15 Leisure 6.70

Yield to Worst, USD Hedged (%)2 5.32 Ardagh Packaging 2.06 Financial Services 4.90

Yield to Worst, Local (%) 4.58 Virgin Media 1.95 Insurance 3.95

Yield to Maturity, USD Hedged (%)2 6.19 Tenet Healthcare Corporation 1.86 Technology & Electronics 3.94

Yield to Maturity, Local (%) 5.45 ADT Corp / Protection One 1.84

BA RINGS GLOBA L

SENIOR SECURED

BOND FUND

GROSS OF FEES

BA RINGS GLOBA L

SENIOR SECURED

BOND FUND

NET OF FEES

BA ML BB-B

GLOBA L HIGH

YIELD SECURED

BOND INDEX

YTD 2019 11.72 11.21 11.30

2018 -1.06 -1.60 -0.37

2017 8.50 7.91 7.22

2016 11.56 10.95 12.83

2015 4.36 3.79 0.14

2014 3.22 2.66 3.15

2013 11.11 10.47 7.97

2012 19.71 18.99 16.26

20111 0.02 -0.53 0.94


2.98

9.14

4.64 4.65

5.50

7.21

2.86

8.83

4.224.16

4.97

6.62

3.43

8.68

4.754.14

4.35

6.30

0

2

4

6

8

10

12

Last 3 months YTD 1 year 3 years 5 years Since Inception

Barings European High Yield Bond Fund Gross of Fees

Barings European High Yield Bond Fund Net of Fees

BAML European Currency Non-Fin. High Yield Constrained Index

European High Yield Bond Fund Characteristics

Source: Barings. As of October 31, 2019. Based on market value of invested assets. Currencies shown in EUR. Average rating is based on a weighted


1. Fund inception date: May 31, 2011. For periods greater than one year, returns are annualized.

2. BAML European Currency Non-Financial High Yield Constrained Index, hedged to the Euro.



Barings (UK) Limited does not claim GIPS compliance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An

investment entails a risk of loss. Performance reflects the deduction of fees and expenses based upon the lowest fee share class available within the

periods provided. Please note that this does not reflect what a new investor will experience, as their returns will be reduced by the deduction of such

fees and expenses of the applicable share class. Supplemental information to the compliant presentation. For information purposes only and not a

recommendation to buy or sell any securities shown. Information subject to change without notice.

Historical Performance vs. Benchmark (%)1,2 Annual Performance vs. Benchmark (%)2

TOP 5 COUNTRIES (% of MV) United Kingdom 30.18% / United States 28.89% / 11.02% Germany / 5.18% France / 4.69% Ireland


Net Asset Value (€M) 505 Average Rating B1 Healthcare 12.48

Number of Issuers 113 Secured / Unsecured / Other (% MV) 57 / 43 / 0 Basic Industry 10.15

Average Coupon (%) 5.37 North America / Europe / Other (% MV) 30 / 70 / 0 Capital Goods 9.35

Option Adjusted Spread (bps) 455 USD / EUR / GBP (% MV) 13 / 65 / 22 Media 8.54

Average Price (€) 99.96 Services 7.98

Modified Duration to Worst (yrs) 2.48 Financial Services 6.99

Years to Maturity (yrs) 5.22 Virgin Media 2.21 Leisure 6.45

Yield to Worst, EUR Hedged (%)3 3.94 Ardagh Packaging 2.16 Consumer Goods 6.37

Yield to Worst, Local (%) 4.51 Automotive Association 1.97 Telecommunications 5.39

Yield to Maturity, EUR Hedged (%)3 4.95 Travelex 1.93 Technology & Electronics 4.53

Yield to Maturity, Local (%) 5.52 Veritas 1.89

TOP 5 ISSUERS (% of NAV)

BARINGS

EUROP EAN HIGH

YIELD BOND FUND

GROS S OF FEES

BARINGS

EUROP EAN HIGH

YIELD BOND FUND

NET OF FEES

BAML EUROP EAN

CURRENCY NON- FIN.

HIGH YIELD

CONS TRAINED INDEX

2019 YTD 9.17 8.79 8.31

2018 -3.22 -3.65 -3.46

2017 6.50 5.96 6.16

2016 10.01 9.48 10.07

2015 7.88 7.25 1.15

2014 3.72 3.06 5.25

2013 11.61 10.91 8.97

2012 27.84 27.03 24.19


-0.13

3.64

1.48

3.62

4.48

5.34

6.82

-0.28

3.11

0.85

2.95

3.82

4.68

6.11

0.60

3.59

2.463.08

3.774.31

4.79

-1

1

3

5

7

9

Last 3 months YTD 1 year 3 years 5 years 7 years Since Inception

Barings European Loan Fund Gross of Fees

Barings European Loan Fund Net of Fees

Credit Suisse Institutional Western European Leveraged Loan Index

European Loan Fund Characteristics

Source: Barings. As of October 31, 2019. Based on market value of invested assets. Currencies shown in EUR. Average rating is based on a weighted


1. Fund Inception Date: July 6, 2009. For periods greater than one year, returns are annualized.

2. Credit Suisse Institutional Western European Leveraged Loan Index, non-US$, hedged to the Euro.



The period of 06-Jul-09 to 31-Aug-11 represents the net and gross performance of Class A Note Series 1 of Barings European Senior Loans Ltd, an

investment company with similar investment objectives, taken over by the Fund on 31-Aug-11. The period from 31-Aug-11 onwards: Fund returns are

based on net and gross performance of Tranche A EUR Accumulating shares. Please reference the performance notes in the appendix for additional

information. Monthly performance is provided in the Appendix. For information purposes only and not a recommendation to buy or sell any securities

shown. Information subject to change without notice. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An

investment entails a risk of loss.

Historical Performance vs. Benchmark (%)1,2 Annual Performance vs. Benchmark (%)2 BA RINGS

EUROPEA N LOA N

FUND GROSS OF

FEES

BA RINGS

EUROPEA N LOA N

FUND NET OF

FEES

CREDIT SUISSE

INST. WESTERN

EUROPEA N

LEV ERA GED

LOA N INDEX

2019 YTD 3.64 3.11 3.59

2018 0.66 0.00 1.51

2017 5.34 4.66 3.58

2016 6.99 6.33 5.46

2015 5.68 5.03 4.31

2014 4.25 3.61 3.49

2013 9.21 8.48 6.91

2012 15.64 14.83 8.60

2011 0.24 -0.51 0.43

2010 10.07 9.30 4.76

CHARACTERISTICS TOP 5 COUNTRIES (% of MV) TOP 10 SECTORS (% of MV)

Net Asset Value (€M) 4,698 United Kingdom 26.10 Healthcare 16.22

Number of Issuers 142 Germany 19.94 Information Technology 11.25

Average Current Yield, EUR Hedged (%)3 4.94 United States 18.73 Gaming/Leisure 9.97

Average Current Yield, Local (%) 5.47 France 9.12 Service 8.91

3-Year Discount Margin - Loans (bps) 729 Netherlands 8.23 Diversified Media 8.81

Average Price (€) 94.48 Manufacturing 5.89

Average Life (yrs) 4.33 TOP 5 ISSUERS (% of NAV) Retail 5.58

Average Rating B2 Endemol 3.33 Financial 5.45

First Lien / Second Lien / Other (% MV) 91 / 8 / 1 Veritas 3.20 Cable/Wireless video 3.78

Floating Rate / Fixed Rate / Other (% MV) 87 / 13 / 0 Advanz Pharma 2.33 Chemicals 3.77

North America / Europe / Other (% MV) 18 / 81 / 1 Flint Group 2.24

USD / EUR / GBP (% MV) 14 / 69 / 17 Aenova 2.08


Source: Barings.

1. Source: Price of CS Leveraged Loan Index; CS Western European Leveraged Loan Index (all denom.). As of June 30, 2019

2. BAML U.S. Non-Fin. HY Constrained Index (HCNF) and BAML Euro Currency Non-Fin. HY Constrained Index (HPID). As of June 30, 2019.

Volatility Is An Opportunity

4th Quarter Loan Market Price Evolution1 4th Quarter Bond Market Price Evolution2

Volatile markets and liquidity can create opportunities for active managers

4Q 2017 4Q 2018

Barings Trading Volume


Y0Y change

U.S. Bonds $1,435M $1,956M +36%

Euro Bonds €717M €957M +33%

-8

-6

-4

-2

0

2

-8

-6

-4

-2

0

2

4Q 2017 4Q 2018



Y0Y change

U.S. Loans $3,376M $4,501M +33%

Euro Loans €566M €1,245M +120%

4Q18 Euro -5.07%

4Q18 U.S. -6.53%

4Q17 Euro -1.38%

4Q17 U.S. -1.19%

4Q17 U.S. +0.06%

4Q17 Euro -0.31%

4Q18 Euro -2.63%

4Q18 U.S. -4.54%


Barings (U.K.) Limited Decline Rates

Source: Baring Asset Management Limited. As at September 30, 2019.

Loan Decline Rates

Bond Decline Rates

YTD 2019 2018 2017 2016 2015 2014

Total No. Loans Reviewed 127 170 201 191 148 214

Total No. Credits Invested In 57 45% 83 49% 126 63% 99 52% 81 55% 122 57%

Total No. Credits Not

Invested In 70 55% 87 51% 75 37% 92 48% 67 45% 92 43%

YTD 2019 2018 2017 2016 2015 2014

Total No. Bonds Reviewed 85 133 191 126 138 163

Total No. Credits Invested In 26 31% 77 58% 56 29% 41 33% 57 41% 57 35%

Total No. Credits Not

Invested In 59 69% 56 42% 135 71% 85 67% 81 59% 106 65%


Today is Different From 2007 – New Issuance Leverage (ex. Refinancings)

Source: J.P. Morgan. As of February 2019.

Recent U.S HY Bond Issuance Trends Are Healthier Compared to ’06/’07

4.8x

5.3x

5.9x 6.0x

4.2x

4.7x 4.6x

4.7x

4.4x

5.0x 4.9x

4.4x

4.8x 4.7x

3.5x

4.0x

4.5x

5.0x

5.5x

6.0x

6.5x


Today is Different Than 2007

Source: J.P. Morgan. As of February 2019.

Lower rated is defined as credits rated Split B, CCC or NR.

High Yield Bonds

Leveraged Loans

Avg. ’06 – ‘07 Avg. ’15 – ’17 2018

By use of proceeds Acquisition finance/LBO

% of new issuance

48% 23% 21%

By rating Lower rated

% of new issuance

29% 13% 17%

By security type PIK/Toggle/Deferred

% of new issuance

10% 0% 0%

Recent U.S. Issuance Trends Are Healthier Compared to ’06/’07

Avg. ’06 – ‘07 Avg. ’15 – ’17 2018

By use of proceeds Acquisition finance/LBO

% of new issuance

60% 33% 36%

By rating Lower rated

% of new issuance

24% 4% 3%


1. S&P LCD Global Leveraged Lending Review. As of 3Q19.

2. BAML U.S. Non-Financial High Yield Constrained Index (HCNF) and European Currency Non-Financial High Yield Constrained Index (HPID). As

of 3Q19.

Global High Yield Bond Market Maturity Profile ($B)2

High Yield Market Maturity Profiles

011

42

79

164

296

326

165

20 1 316 24

61 63

35

2

0

40

80

120

160

200

240

280

320

360

U.S. Europe

Global Loan Market Maturity Schedule ($B)1

8

61

116

153

166

184176

137

42

74

3

2431

5264

4738

146 9

0

40

80

120

160

200

U.S. Europe


Deal Sizes Growing Alongside Stable Equity Contributions

1. Source: Credit Suisse Western European Leveraged Loan Index (non-USD denominated). Average par amount of outstanding loans in the Index.

As of September 30, 2019.

2. Source: Credit Suisse Leveraged Loan Index. Average par amount of outstanding loans in the Index. As of September 30, 2019.

3. Source: S&P LCD. Average contributed equity excluding rollover equity for all LBO loan new issue transactions in each market. As of June 30,

2019.

4. Preqin, as at June 2018

U.S. Loan Market Avg. Facility Size ($M)2

Stable Equity Cushions Beneath the Debt (%)3

European Loan Market Avg. Facility Size (€M)1

511471 478

534

610

656682

709

760803 807

186 173 169 182216

237 230 232261 243 250

0

100

200

300

400

500

600

700

800

900

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

First Lien Second Lien

296 286 275 278

312

345363

381

461

515544

169 161177 187

116

151123 123

100

168 180

0

100

200

300

400

500

600

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

First Lien Second Lien

4547

44

48

42 41 42

49

44

48

42

46

41

38 3836

37

40 41 4241

43

0

10

20

30

40

50

60

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019

Europe U.S.

Private Equity Dry Powder ($bn)4

524

631 678 671

614 594 557

669 681 744

829

1,026

1,213

0

200

400

600

800

1,000

1,200

1,400

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Jun-18

Dry Powder ($bn)


1.0

1.6

6.6

1.1

3.2

1.0 0.7 1.0 0.9 1.0 0.80.5

1.0

0.0

2.0

4.0

6.0

8.0

10.0

0.5

5.5

9.4

1.6 1.8 1.7

0.9

2.1

3.4 3.3

1.31.5

3.1

0.0

2.0

4.0

6.0

8.0

10.0

0.2

2.9

9.6

2.5

0.7

1.9

1.5

3.0

1.61.3

2.1

1.61.0

0.0

2.0

4.0

6.0

8.0

10.0

Global High Yield Bond & Loan Default Rates

Source: Credit Suisse LTM data is for the last twelve months. As of September 30, 2019.

Recent default dates: U.S. HY from Oct-18, U.S. loan from Oct-18, European HY from Jan-19, European loans from Dec-17.

U.S. High Yield Bond Default Rates (%)

European High Yield Bond Default Rates (%)

Market Average = 2.8%


U.S. Loan Default History (%)


0.1

2.2

6.8

4.6

1.0

7.7

3.3 3.4

0.6 0.5

2.6

0.1

0.00.0

2.0

4.0

6.0

8.0

10.0

European Loan Default History (%)


Recent U.S. HY defaults Number of Defaults Percentage of Market

Energy 11 47.8%

Retail 3 13.0%

Recent U.S. loan defaults Number of Defaults Percentage of Market

Energy 3 16.7%

Service 2 16.7%

Recent European HY

defaults Number of Defaults Percentage of Market

Retail 4 57.1%

Manufacturing 2 28.6%

Recent European loan

defaults Number of Defaults Percentage of Market

Energy 2 66.7%

Healthcare 1 33.3%


Important Information

For Professional Investors/Institutional Investors only. This document should not be distributed to or relied

on by Retail/Individual Investors.

Barings LLC, Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings

Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, Baring Asset

Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring

International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE

(Taiwan) Limited, Baring Asset Management Switzerland Sàrl, and Baring Asset Management Korea

Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an

"Affiliate"), together known as "Barings." Some Affiliates may act as an introducer or distributor of the

products and services of some others and may be paid a fee for doing so.

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INFORMATION:

Barings is the brand name for the worldwide asset management or associated businesses of Barings. This

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Barings LLC, which is a registered investment adviser with the Securities and Exchange Commission

(SEC) under the Investment Advisers Act of 1940, as amended (Barings LLC also relies on section 8.26 of

NI 31-103 (international adviser exemption) and has filed the Form 31-103F2 in Ontario, Quebec, British

Columbia, Alberta, Nova Scotia, Manitoba, New Brunswick, Newfoundland and Labrador, Prince Edward

Island and Saskatchewan);

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Regulatory Authority (Baring Securities LLC also relies on section 8.18 of NI 31-103 (international dealer

exemption) and has filed the Form 31-103F2 in Ontario, Quebec, British Columbia, Alberta, Nova Scotia,

Manitoba, New Brunswick, Newfoundland and Labrador, Prince Edward Island and Saskatchewan);

Barings (U.K.) Limited, which is authorized and regulated by the Financial Conduct Authority in the United

Kingdom (Ref No. 194662) and is a Company registered in England and Wales (No. 03005774) whose

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Barings Global Advisers Limited, which is authorized and regulated by the Financial Conduct Authority in

the United Kingdom (Ref No. 552931) and is a Company registered in England and Wales (No. 07622519)

whose registered address is 20 Old Bailey, London, EC4M 7BF and is a registered investment adviser

with the SEC; Baring Asset Management Limited, which is authorized and regulated by the Financial

Conduct Authority in the United Kingdom (Ref No. 170601) and is a Company registered in England and

Wales (No. 02915887) whose registered address is 20 Old Bailey, London, EC4M 7BF; Baring

International Investment Limited, which is authorized and regulated by the Financial Conduct Authority in

the United Kingdom (Ref No. 122628), and is a Company registered in England and Wales (No.

01426546) whose registered address is 20 Old Bailey, London, EC4M 7BF, is a registered investment



adviser with the SEC (Baring International Investment Limited also relies on section 8.26 of NI 31-103

(international adviser exemption) and has filed the Form 31-103F2 in Quebec and Manitoba;

Barings Real Estate Advisers Europe Finance LLP, which is authorized and regulated by the Financial

Conduct Authority in the United Kingdom (Ref No. 401543);

Baring Fund Managers Limited, which is authorized as a manager of collective investment schemes with

the Financial Conduct Authority in the United Kingdom and is authorized as an Alternative Investment

Fund Manager in several European Union jurisdictions under the Alternative Investment Fund Managers

Directive (AIFMD) passport regime;

Baring International Fund Managers (Ireland) Limited), which is authorized as an Alternative Investment

Fund Manager in several European Union jurisdictions under the Alternative Investment Fund Managers

Directive (AIFMD) passport regime and, since April 28, 2006, as a UCITS management company with the

Central Bank of Ireland;

Baring Asset Management Switzerland Sàrl, which is authorized by the Switzerland Financial Market

Supervisory Authority to offer and/or distribute collective capital investments;

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under its Australian Financial Services License (No: 342787) issued by the Australian Securities and

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SICE- Xin- 030; Address: 21 F, No.333, Sec. 1 Keelung Road, Taipei 11012; Taiwan Contact telephone

number: 0800 062 068); or

Baring Asset Management Korea Limited, which is authorized by the Korean Financial Services

Commission to engage in collective investment business and is registered with the Korean Financial

Services Commission to engage in privately placed collective investment business for professional

investors, discretionary investment business and advisory business.

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This material is being provided for information purposes only. It is not an offer to buy or sell any Fund

interest or any other security. The Fund has not been and will not be registered pursuant to Article 4,

Paragraph 1 of the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948) and,

accordingly, it may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit, of any

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person except under circumstances which will result in compliance with all applicable laws, regulations

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including any corporation or other entity organized under the laws of Japan.

FOR PERSONS DOMICILED IN PERU:

The Fund is not registered before the Superintendencia del Mercado de Valores (SMV) and it is placed by

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FOR PERSONS DOMICILED IN CHILE:

Esta oferta privada se acoge a las disposiciones de la norma de carácter general nº 336 de la

superintendencia de valores y seguros, hoy comisión para el mercado financiero. Esta oferta versa sobre

valores no inscritos en el registro de valores o en el registro de valores extranjeros que lleva la comisión

para el mercado financiero, por lo que tales valores no están sujetos a la fiscalización de ésta; Por tratar

de valores no inscritos no existe la obligación por parte del emisor de entregar en chile información

pública respecto de los valores sobre los que versa esta oferta; Estos valores no podrán ser objeto de

oferta pública mientras no sean inscritos en el registro de valores correspondiente.


Important Information – Best of the Best Award

+ About Asia Asset Management Best of the Best Awards, 2018: The performance awards are dedicated to measuring the accomplishments of each company based on the performance statistics of funds being managed. The top performer among the submissions received will be awarded. If a company’s funds have performed exceptionally well for the last three, five, seven and ten years, they are invited to enter as a contender for the awards.

Documents

Rankia Barings Global High YieldFor investment professionals only 6 OAS Dec-13 Dec-14 Dec-15 Dec-16 Oct-19 U.S. HY 412 522 727 426 424 BB 277 341 444 268 238 B 384 531 713 407 434