# Efficient portfolio management
The Funds may use Financial Derivative Instruments (“FDIs”) for efficient portfolio management. The efficient portfolio management purposes for which the Company intends to employ FDIs are reduction of risk, reduction of cost and the generation of additional capital or income for the relevant Fund with an appropriate level of risk, taking into account the risk profile of the Fund and the general provisions of the UCITS Regulations. The Company may use various types of derivatives for these purposes, including, without limitation, warrants, exchange traded futures and options, forward currency contracts, swap agreements, contracts for differences, index-linked notes and share and commodity index futures contracts for these purposes.
Risk Monitoring of Global Exposure
The Funds have been classified as a non-sophisticated user of FDI (Financial Derivative Instruments) and, as permitted by the Central Bank UCITS Regulations, the Company has adopted a commitment approach (the “Commitment Approach”) in the calculation of global exposure for the fund during the financial period.
In accordance with the UCITS Regulations, the Commitment Approach has been calculated, in the case of forward currency contracts (“FCCTs”), by converting the FCCT position into an equivalent position based on the market value of the underlying asset. As the FDI are used for hedging purposes, the exposure of the FDI has been calculated and then netted against the instrument being hedged. The Global Exposure calculation is performed on a daily basis.
In no circumstances will the global exposure of the funds exceed 100% of its Net Asset Value.
| 10.  NAV per redeemable participating shares |  |
| --- | --- |
| Net assets attributable to holders of redeemable participating | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| shares |  |  |  |
| Barings China Select Fund | US$26,142,404 | US$28,656,326 | US$44,641,550 |
| NAV per redeemable shares |  |  |  |
| Barings China Select Fund - Class A USD Inc | US$13.49 | US$13.77 | US$14.50 |
| Barings China Select Fund - Class A EUR Inc | €18.86 | €19.14 | €18.68 |
| Barings China Select Fund - Class A HKD Acc | HK$105.79 | HK$108.10 | HK$113.88 |
| Barings China Select Fund - Class I EUR Acc | €21.98 | €22.20 | €21.48 |
| Barings China Select Fund - Class I GBP Inc | £11.06 | £11.26 | £11.17 |
| Barings China Select Fund - Class I USD Acc | US$15.30 | US$15.54 | US$16.22 |
| Net assets attributable to holders of redeemable participating |  |  |  |
| shares |  |  |  |
| Barings Europe Select Fund* | €45,251,796 | €92,963,660 | - |
| NAV per redeemable shares |  |  |  |
| Barings Europe Select Fund - Class B GBP Inc | £41.22 | £40.60 | - |
| Barings Europe Select Fund - Class B EUR Acc | €50.93 | €49.89 | - |
| Barings Europe Select Fund - Class B EUR Inc | €47.77 | €46.97 | - |
| Barings Europe Select Fund - Class J EUR Acc | €51.27 | €50.04 | - |
| Barings Europe Select Fund - Class J EUR Inc | €48.36 | €47.46 | - |
| Barings Europe Select Fund - Class J GBP Inc | £41.62 | £40.90 | - |

| 10.  NAV per redeemable participating shares (continued) |  |  |  |
| --- | --- | --- | --- |
| Net assets attributable to holders of redeemable participating | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| shares |  |  |  |
| Barings European Opportunities Fund | €206,104,387 | €199,984,225 | €203,575,276 |
| NAV per redeemable shares |  |  |  |
| Barings European Opportunities Fund - Class A EUR Acc | €16.16 | €15.77 | €15.45 |
| Barings European Opportunities Fund - Class A USD Acc | US$17.84 | US$17.53 | US$18.62 |
| Barings European Opportunities Fund - Class I EUR Acc | €17.01 | €16.51 | €16.03 |
| Barings European Opportunities Fund - Class I GBP Inc | £16.31 | £16.05 | £16.09 |
| Barings European Opportunities Fund - Class I USD Acc | US$19.11 | US$18.58 | US$19.31 |
| Barings European Opportunities Fund - Class X GBP Acc | £17.89 | £17.33 | £17.08 |
| Net assets attributable to holders of redeemable participating |  |  |  |
| shares |  |  |  |
| Barings Frontier Markets Fund** | - | US$30,073,465 | US$34,838,884 |
| NAV per redeemable shares |  |  |  |
| Barings Frontier Markets Fund - Class A USD Acc | - | US$11.48 | US$13.60 |
| Barings Frontier Markets Fund - Class A GBP Inc | - | £13.19 | £14.85 |
| Barings Frontier Markets Fund - Class I GBP Inc | - | £13.20 | £14.85 |
| Barings Frontier Markets Fund - Class I USD Acc | - | US$18.22 | US$21.39 |
| Barings Frontier Markets Fund - Class X USD Acc | - | US$12.98 | US$15.06 |
| Net assets attributable to holders of redeemable participating |  |  |  |
| shares |  |  |  |
| Barings German Growth Fund* | €29,097,301 | €32,399,684 | - |
| NAV per redeemable shares |  |  |  |
| Barings German Growth Fund - Class B EUR Acc | €9.49 | €9.76 | - |
| Barings German Growth Fund - Class B EUR Inc | €8.54 | €8.78 | - |
| Barings German Growth Fund - Class B GBP Acc | £8.16 | £8.41 | - |
| Barings German Growth Fund - Class B GBP Inc | £7.37 | £7.59 | - |
| Barings German Growth Fund - Class B USD Acc** | - | US$10.94 | - |
| Barings German Growth Fund - Class J EUR Acc | €9.98 | €10.22 | - |
| Barings German Growth Fund - Class J GBP Acc | £8.58 | £8.80 | - |
| Barings German Growth Fund - Class J GBP Inc | £7.39 | £7.60 | - |
| Barings German Growth Fund - Class J USD Acc | US$10.93 | US$11.26 | - |

| 10.  NAV per redeemable participating shares (continued) |  |  |  |
| --- | --- | --- | --- |
| Net assets attributable to holders of redeemable participating | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| shares |  |  |  |
| Barings Global Dividend Champions Fund | US$38,522,606 | US$20,894,023 | US$19,307,118 |
| NAV per redeemable shares |  |  |  |
| Barings Global Dividend Champions Fund - Class A USD Acc | US$13.47 | US$12.88 | US$11.81 |
| Barings Global Dividend Champions Fund - Class F GBP Acc* | £100.45 | - | - |
| Barings Global Dividend Champions Fund - Class F GBP Inc* | £99.99 | - | - |
| Barings Global Dividend Champions Fund - Class F USD Acc* | US$102.72 | - | - |
| Barings Global Dividend Champions Fund - Class F USD Inc* | US$102.23 | - | - |
| Barings Global Dividend Champions Fund - Class I GBP Acc | £13.03 | £12.37 | £10.67 |
| Barings Global Dividend Champions Fund - Class I GBP Inc* | £96.96 | - | - |
| Barings Global Dividend Champions Fund - Class I USD Inc | US$12.92 | US$12.49 | US$11.62 |
| Net assets attributable to holders of redeemable participating |  |  |  |
| shares |  |  |  |
| Barings Global Equity Allocation Fund* | US$42,825,285 | - | - |
| NAV per redeemable shares Barings Global Equity Allocation Fund - Class I USD Acc | US$103.39 | - | - |
| Barings Global Equity Allocation Fund - Class X USD Acc | US$103.57 | - | - |
| Net assets attributable to holders of redeemable participating |  |  |  |
| shares |  |  |  |
| Barings Global Flexible Allocation Fund | €51,349,651 | €51,018,313 | €70,910,476 |
| NAV per redeemable shares Barings Global Flexible Allocation Fund - Class X EUR Acc | €14.56 | €14.31 | €14.30 |
| Barings Global Flexible Allocation Fund - Class A EUR Acc | €13.11 | €12.99 | €13.18 |
| Barings Global Flexible Allocation Fund - Class A EUR Inc | €12.64 | €12.65 | €12.96 |
| Barings Global Flexible Allocation Fund - Class I CHF Hedged Acc** | - | - | CHF 10.20 |
| Barings Global Flexible Allocation Fund - Class I EUR Acc | €13.81 | €13.62 | €13.69 |

- Barings Europe Select Fund and Barings German Growth Fund were launched on 8 February 2019.
- Barings Global Equity Allocation Fund was launched on 28 June 2019.
- Barings Global Dividend Champions Fund Class F GBP Acc, Class F GBP Inc, Class F USD Acc and Class F USD Inc were launched on 10 June 2019. Barings Global Dividend Champions Fund Class I GBP Inc was launched on 12 July 2019.

** Barings Frontier Markets Fund was closed on 23 September 2019
** Barings German Growth Fund Class B USD ACC was closed on 20 June 2019.
** Barings Global Flexible Allocation Fund Class I CHF Hedged Acc share class was closed on 13 February 2019.
-

Translation (ENFR, 2019-10-31):
# Gestion efficace du portefeuille
Les Fonds peuvent utiliser des instruments financiers dérivés à des fins de gestion efficace du portefeuille. La gestion efficace du portefeuille aux fins de laquelle la Société compte utiliser des instruments financiers dérivés inclut la réduction des risques, la réduction des coûts et la génération de capital ou de revenus supplémentaires au sein du Fonds concerné, selon un niveau de risque approprié, en tenant compte du profil de risque du Fonds et des dispositions générales de la réglementation sur les OPCVM. La Société peut utiliser différents types d’instruments dérivés à ces fins, incluant sans s’y limiter les warrants, les ETF, les options négociables, les contrats de change à terme de gré à gré, les contrats de swap, les contrats sur différence, les obligations indexées et les contrats à terme normalisés sur indices d’actions ou de matières premières.
Surveillance de l’exposition globale
Les Fonds sont classés comme des « utilisateurs non avertis » d’instruments financiers dérivés et, ainsi que cela est autorisé par la Réglementation sur les OPCVM de la Banque centrale, la Société a adopté une approche par les engagements (« l’Approche par les engagements ») pour calculer l’exposition globale du Fonds durant la période comptable.
Conformément à la Réglementation sur les OPCVM, s’agissant des contrats de change à terme de gré à gré, l’Approche par les engagements a consisté à convertir la position sur ces contrats en une position équivalente en fonction de la valeur de marché de l’actif sous-jacent. Les instruments financiers dérivés étant utilisés à des fins de couverture, l’exposition à ces instruments a été calculée puis compensée par rapport à l’instrument couvert. L’exposition globale est calculée quotidiennement.
L’exposition globale des Fonds ne saurait en aucun cas dépasser 100% de sa Valeur d’inventaire nette.
- VIN des Actions de participation rachetables

|  | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| --- | --- | --- | --- |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings China Select Fund | 26 142 404 USD | 28 656 326 USD | 44 641 550 USD |
| VIN des Actions rachetables |  |  |  |
| Barings China Select Fund - Classe A USD dis. | 13,49 USD | 13,77 USD | 14,50 USD |
| Barings China Select Fund - Classe A EUR dis. | 18,86 EUR | 19,14 EUR | 18,68 EUR |
| Barings China Select Fund - Classe A HKD cap. | 105,79 HKD | 108,10 HKD | 113,88 HKD |
| Barings China Select Fund - Classe I EUR cap. | 21,98 EUR | 22,20 EUR | 21,48 EUR |
| Barings China Select Fund - Classe I GBP dis. | 11,06 GBP | 11,26 GBP | 11,17 GBP |
| Barings China Select Fund - Classe I USD cap. | 15,30 USD | 15,54 USD | 16,22 USD |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings Europe Select Fund* | 45 251 796 EUR | 92 963 660 EUR | - |
| VIN des Actions rachetables |  |  |  |
| Barings Europe Select Fund - Classe B GBP dis. | 41,22 GBP | 40,60 GBP | - |
| Barings Europe Select Fund - Classe B EUR cap. | 50,93 EUR | 49,89 EUR | - |
| Barings Europe Select Fund - Classe B EUR dis. | 47,77 EUR | 46,97 EUR | - |
| Barings Europe Select Fund - Classe J EUR cap. | 51,27 EUR | 50,04 EUR | - |
| Barings Europe Select Fund - Classe J EUR dis. | 48,36 EUR | 47,46 EUR | - |
| Barings Europe Select Fund - Classe J GBP dis. | 41,62 GBP | 40,90 GBP | - |

10.  VIN des Actions de participation rachetables (suite)
|  | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| --- | --- | --- | --- |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings European Opportunities Fund | 206 104 387 EUR | 199 984 225 EUR | 203 575 276 EUR |
| VIN des Actions rachetables |  |  |  |
| Barings European Opportunities Fund - Classe A EUR cap. | 16,16 EUR | 15,77 EUR | 15,45 EUR |
| Barings European Opportunities Fund - Classe A USD cap. | 17,84 USD | 17,53 USD | 18,62 USD |
| Barings European Opportunities Fund - Classe I EUR cap. | 17,01 EUR | 16,51 EUR | 16,03 EUR |
| Barings European Opportunities Fund - Classe I GBP dis. | 16,31 GBP | 16,05 GBP | 16,09 GBP |
| Barings European Opportunities Fund - Classe I USD cap. | 19,11 USD | 18,58 USD | 19,31 USD |
| Barings European Opportunities Fund - Classe X GBP cap. | 17,89 GBP | 17,33 GBP | 17,08 GBP |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings Frontier Markets Fund** | - | 30 073 465 USD | 34 838 884 USD |
| VIN des Actions rachetables |  |  |  |
| Barings Frontier Markets Fund - Classe A USD cap. | - | 11,48 USD | 13,60 USD |
| Barings Frontier Markets Fund - Classe A GBP dis. | - | 13,19 GBP | 14,85 GBP |
| Barings Frontier Markets Fund - Classe I GBP dis. | - | 13,20 GBP | 14,85 GBP |
| Barings Frontier Markets Fund - Classe I USD cap. | - | 18,22 USD | 21,39 USD |
| Barings Frontier Markets Fund - Classe X USD cap. | - | 12,98 USD | 15,06 USD |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings German Growth Fund* | 29 097 301 EUR | 32 399 684 EUR | - |
| VIN des Actions rachetables |  |  |  |
| Barings German Growth Fund - Classe B EUR cap. | 9,49 EUR | 9,76 EUR | - |
| Barings German Growth Fund - Classe B EUR dis. | 8,54 EUR | 8,78 EUR | - |
| Barings German Growth Fund - Classe B GBP cap. | 8,16 GBP | 8,41 GBP | - |
| Barings German Growth Fund - Classe B GBP dis. | 7,37 GBP | 7,59 GBP | - |
| Barings German Growth Fund - Classe B USD cap.** | - | 10,94 USD | - |
| Barings German Growth Fund - Classe J EUR cap. | 9,98 EUR | 10,22 EUR | - |
| Barings German Growth Fund - Classe J GBP cap. | 8,58 GBP | 8,80 GBP | - |
| Barings German Growth Fund - Classe J GBP dis. | 7,39 GBP | 7,60 GBP | - |
| Barings German Growth Fund - Classe J USD cap. | 10,93 USD | 11,26 USD | - |

- VIN des Actions de participation rachetables (suite)

|  | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| --- | --- | --- | --- |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings Global Dividend Champions Fund | 38 522 606 USD | 20 894 023 USD | 19 307 118 USD |
| VIN des Actions rachetables |  |  |  |
| Barings Global Dividend Champions Fund - Classe A USD cap. | 13,47 USD | 12,88 USD | 11,81 USD |
| Barings Global Dividend Champions Fund - Classe F GBP cap.* | 100,45 GBP | - | - |
| Barings Global Dividend Champions Fund - Classe F GBP dis.* | 99,99 GBP | - | - |
| Barings Global Dividend Champions Fund - Classe F USD cap.* | 102,72 USD | - | - |
| Barings Global Dividend Champions Fund - Classe F USD dis.* | 102,23 USD | - | - |
| Barings Global Dividend Champions Fund - Classe I GBP cap. | 13,03 GBP | 12,37 GBP | 10,67 GBP |
| Barings Global Dividend Champions Fund - Classe I GBP dis.* | 96,96 GBP | - | - |
| Barings Global Dividend Champions Fund - Classe I USD dis. | 12,92 USD | 12,49 USD | 11,62 USD |
| Actif net attribuable aux porteurs d’Actions de participation rachetables |  |  |  |
| Barings Global Flexible Allocation Fund | 51 349 651 EUR | 51 018 313 EUR | 70 910 476 EUR |
| VIN des Actions rachetables |  |  |  |
| Barings Global Flexible Allocation Fund - Classe X EUR cap. | 14,56 EUR | 14,31 EUR | 14,30 EUR |
| Barings Global Flexible Allocation Fund - Classe A EUR cap. | 13,11 EUR | 12,99 EUR | 13,18 EUR |
| Barings Global Flexible Allocation Fund - Classe A EUR dis. | 12,64 EUR | 12,65 EUR | 12,96 EUR |
| Barings Global Flexible Allocation Fund - Classe I CHF couverte cap.** | - | - | 10,20 CHF |
| Barings Global Flexible Allocation Fund - Classe I EUR cap. | 13,81 EUR | 13,62 EUR | 13,69 EUR |

- Le Barings Europe Select Fund et le Barings German Growth Fund ont été lancés le 8 février 2019.
- Les Classes F GBP cap., F GBP dis., F USD cap. et F USD dis. du Barings Global Dividend Champions Fund ont été lancées le 10 juin 2019. La Classe I GBP dis. du Barings Global Dividend Champions Fund a été lancée le 12 juillet 2019.

** Le Barings Frontier Markets Fund a été clôturé le 23 septembre 2019.
** La Classe B USD cap. du Barings German Growth Fund a été clôturée le 20 juin 2019.
** La Classe d’Actions I CHF couverte cap. du Barings Global Flexible Allocation Fund a été clôturée le 13 février 2019.
-