# Portfolio information
| Top ten holdings | % of NAV |
| --- | --- |
| JD Sports Fashion | 1.76 |
| Marshalls | 1.69 |
| Euronext | 1.65 |
| Ashtead | 1.61 |
| IMCD | 1.61 |
| Tryg | 1.61 |
| Teleperformance | 1.58 |
| GN Store Nord | 1.57 |
| Elisa | 1.52 |
| Intermediate Capital | 1.52 |

| Purchases | US$'000 | Sales | US$'000 |
| --- | --- | --- | --- |
| Northern Trust Global Funds - US Dollar Fund | 6,579 | Northern Trust Global Funds - US Dollar Fund | 6,821 |
| Tencent | 1,050 | Alibaba ADR | 2,323 |
| Alibaba ADR | 913 | Tencent | 2,070 |
| Kweichow Moutai | 856 | Baidu ADR | 1,224 |
| Ping An Insurance Group of China | 821 | China Minsheng Banking | 1,113 |
| Taiwan Semiconductor Manufacturing | 756 | NetEase ADR | 1,070 |
| NetEase ADR | 688 | China Merchants Bank | 1,055 |
| China Shenhua Energy | 671 | Sunny Optical Technology | 970 |
| Anhui Conch Cement | 662 | Uni-President China | 926 |
| Shimao Property | 652 | Melco Resorts & Entertainment ADR | 859 |
| Largan Precision | 601 | Haier Electronics | 835 |
| Li Ning | 591 | Kingsoft | 829 |
| Sunny Optical Technology | 587 | Brilliance China Automotive | 809 |
| Ping An Bank | 534 | AAC Technologies | 793 |
| Zhuzhou CRRC Times Electric | 495 | Weibo ADR | 770 |
| China Foods | 477 | Wharf Real Estate Investment | 755 |
| China Petroleum & Chemical | 465 | ANTA Sports Products | 749 |
| Hong Kong Exchanges & Clearing | 451 | Ping An Insurance Group of China | 740 |
| Sun Art Retail | 433 | Hong Kong Exchanges & Clearing | 726 |
| Hua Hong Semiconductor | 433 | Lee & Man Paper Manufacturing | 721 |
| Shenwan Hongyuan | 428 | Samsonite International | 692 |
| Huaneng Renewables | 417 | Great Wall Motor | 671 |
|  |  | Lifestyle International | 651 |
|  |  | China Shenhua Energy | 614 |
|  |  | KWG Property | 605 |
|  |  | China International Capital | 600 |
|  |  | Xinyi Glass | 596 |
|  |  | Taiwan Semiconductor Manufacturing | 595 |
|  |  | Sun Art Retail | 582 |
|  |  | ZTE | 570 |
|  |  | China Railway Construction | 565 |
|  |  | China Construction Bank | 548 |

| Purchases | US$'000 | Sales | US$'000 |
| --- | --- | --- | --- |
| US Treasury Bill 0% 28/02/2019 | 5,865 | US Treasury Bill 0% 28/02/2019 | 5,870 |
| US Treasury Bill 0% 28/03/2019 Germany Government Inflation Linked Bond 0.1% | 5,259 | US Treasury Bill 0% 28/03/2019 Germany Government Inflation Linked Bond | 5,263 |
| 15/04/2023 | 3,026 | 0.1% 15/04/2023 | 2,965 |
| US Treasury Notes 1.625% 15/05/2026 | 1,525 | US Treasury Bill 0% 16/08/2018 | 1,995 |
| US Treasury Notes 1.125% 15/01/2021 | 1,452 | US Treasury Bill 0% 24/05/2018 | 1,750 |
| US Treasury Bill 0% 10/01//2018 | 1,188 | US Treasury Notes 1.625% 15/05/2026 | 1,558 |
| US Treasury Bill 0% 15/11//2018 | 1,099 | US Treasury Notes 3.5% 15/05/2020 | 1,486 |
| US Treasury Notes 2.375% 15/01/2025 | 1,097 | US Treasury Notes 1.125% 15/01/2021 | 1,451 |
| US Treasury Notes 1.5% 30/11/2019 | 987 | US Treasury Bill 0% 19/07/2018 | 1,200 |
| US Treasury Notes 2.5% 31/01/2025 | 971 | US Treasury Bill 0% 10/01//2018 | 1,191 |
| Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 | 963 | US Treasury Bill 0% 15/11//2018 | 1,104 |
| Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 | 880 | US Treasury Notes 2.375% 15/01/2025 | 1,093 |
| US Treasury Bill 0% 25/04//2019 Russian Foreign Bond - Eurobond 3.625% | 785 | US Treasury Bill 0% 11/10/2018 | 997 |
| 16/09/2020 Turkey Government International Bond 5.125% | 614 | US Treasury Notes 1.5% 30/11/2019 | 988 |
| 18/05/2020 | 607 | US Treasury Notes 2.5% 31/01/2025 | 984 |
| Mexican Bonos 10% 05/12/2024 Brazilian Government International Bond 2.625% | 587 | US Treasury Bill 0% 21/06/2018 Italy Buoni Poliennali Del Tesoro 4.75% | 900 |
| 05/01/2023 Brazil Notas de Tesouro Nacional Serie B 10% | 581 | 01/09/2028 Italy Buoni Poliennali Del Tesoro 3.75% | 895 |
| 01/01/2023 | 526 | 01/08/2021 | 835 |
| Russian Federal Bond - OFZ 7% 16/08/2023 | 486 | US Treasury Bill 0% 25/04//2019 | 788 |
| Indonesia Treasury Bond 7% 15/05/2022 | 471 | Source Physical Gold P-ETC ETF Russian Foreign Bond - Eurobond 3.625% | 671 |
| Poland Government Bond 2.5% 25/07/2026 | 461 | 09/16/G27/020 Brazil Notas do Tesouro Nacional Serie B 6% | 597 |
| South Africa Government Bond 10.5% 21/12/2026 | 458 | 15/08/2050 Brazilian Government International Bond 2.625% | 588 |
| Source Physical Gold P-ETC ETF | 352 | 05/01/2023 Turkey Government International Bond 5.125% | 580 |
| Hellenic Government Bond 3.375% 15/02/2025 | 336 | 18/05/2020 Brazil Notas de Tesouro Nacional Serie B 10% | 577 |
|  |  | 01/01/2023 | 549 |
|  |  | Poland Government Bond 6.375% 15/07/2019 | 511 |
|  |  | Mexican Bonos 10% 05/12/2024 | 510 |
|  |  | Hungary Government Bond 4% 25/03/2019 | 500 |
|  |  | Russische Foedertion 11% 24/07/2018 | 500 |
|  |  | US Treasury Bill 0% 06/12/2018 | 498 |
|  |  | Mexico Government Bond 3.5% 21/01/2021 | 494 |
|  |  | Russian Federal Bond - OFZ 7% 16/08/2023 | 493 |
|  |  | Indonesia Treasury Bond 7% 15/05/2022 | 476 |

|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | €'000 | Sales | €'000 |
| Northern Trust Global Funds - Sterling Fund | 9,304 | Northern Trust Global Funds - Euro Liquidity Fund | 7,857 |
| Northern Trust Global Funds - Euro Liquidity Fund | 8,450 | Northern Trust Global Funds - Sterling Fund | 5,561 |
| Brenntag | 758 | Prysmian | 996 |
| Konecranes | 693 | Amer Sports | 743 |
| SEB | 497 | Rubis | 577 |
| ANDRITZ | 473 | Elior | 534 |
| Amplifon | 376 | Valmet | 525 |
| Barry Callebaut | 341 | Recordati | 499 |
| Applus Services | 331 | Bilfinger | 452 |
| SBM Offshore | 330 | DSV | 436 |
| Qiagen | 320 | Norma | 430 |
| GrandVision | 319 | Telenet Group | 423 |
| Swedish Match | 308 | Freenet | 414 |
| Jungheinrich | 285 | Hera | 401 |
| Securitas | 283 | Loomis | 396 |
| Infrastrutture Wireless Italiane | 279 | Baloise | 356 |
| Aalberts Industries | 273 | Nibe Industrier | 349 |
| Moncler | 272 | BE Semiconductor Industries | 334 |
| Eurazeo | 232 | Trigano | 308 |
| Barco | 214 | Attendo | 250 |

|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | €'000 | Sales | €'000 |
| Northern Trust Global Funds - Euro Liquidity Fund | 25,234 | Northern Trust Global Funds - Euro Liquidity Fund | 25,306 |
| Northern Trust Global Funds - Sterling Fund | 16,716 | Northern Trust Global Funds - Sterling Fund | 22,510 |
| Koninklijke Vopak | 2,902 | ZPG | 3,157 |
| Cranswick | 2,435 | DSV | 2,599 |
| Amplifon | 2,248 | Recordati | 2,394 |
| Bucher Industries | 2,198 | DKSH | 2,298 |
| Marshalls | 2,157 | Temenos | 2,135 |
| Securitas | 2,154 | Wirecard | 1,952 |
| Hunting | 2,149 | FinecoBank Banca Fineco | 1,799 |
| Puma | 2,130 | ANDRITZ | 1,793 |
| Senior | 2,108 | CIE Automotive | 1,718 |
| SCOR | 2,059 | CVS | 1,716 |
| Wizz Air | 1,994 | Prysmian | 1,685 |
| Close Brothers | 1,906 | Rubis | 1,675 |
| Weir Group | 1,904 | Imerys | 1,636 |
| GrandVision | 1,798 | Indra Sistemas | 1,616 |
| Spectris | 1,708 | Worldline | 1,600 |
| Moncler | 1,702 | Ascential | 1,488 |
| Wendel | 1,615 | Umicore | 1,481 |
| Barco | 1,499 | Prosegur Cash | 1,413 |
| GAM Holding | 1,399 | Kingspan | 1,357 |
| QIAGEN | 1,332 | Edenred | 1,328 |
| SBM Offshore | 1,285 | Norma | 1,208 |
| John Menzies | 1,160 | Sopra Steria | 1,200 |
| Barry Callebaut | 1,008 | HomeServe | 1,188 |
| Rubis | 1,003 | SCOR | 1,127 |
| Swedish Match | 1,003 | Stabilus | 1,090 |
| ANDRITZ | 994 |  |  |
| Indra Sistemas | 993 |  |  |
| Glanbia | 991 |  |  |

|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | US$'000 | Sales | US$'000 |
| Northern Trust Global Funds - US Dollar Fund | 5,262 | Northern Trust Global Funds - US Dollar Fund | 5,994 |
| Samba Financial Group | 702 | Samba Financial Group | 761 |
| Vinhomes | 659 | Luxoft | 682 |
| Credit Agricole Egypt | 577 | Globant | 682 |
| Abu Dhabi Commercial Bank | 569 | John Keells | 657 |
| Attijariwafa Bank | 561 | Pampa Energia ADR | 543 |
| Bupa Arabia for Cooperative Insurance | 536 | Merrill Lynch P-Note Mar 19 (Bupa Arabia) | 536 |
| Dialog Axiata | 511 | Masan Consumer | 452 |
| AGP | 469 | Saigon Beer Alcohol Beverage | 418 |
| DP World | 448 | BRAC Bank | 418 |
| Vietnam Engine & Agricultural Machinery | 446 | EPAM Systems | 415 |
| Tullow Oil | 442 | SC Electrica SA | 409 |
| First Quantum Minerals | 415 | Globalworth | 397 |
| Bolsas y Mercados Argentinos | 399 | GMA Network | 328 |
| Viettel Post | 355 | Nigerian Breweries | 326 |
| BBVA Banco Frances ADR | 321 | TBC Bank | 309 |
| Nestle Nigeria | 317 | United Bank | 299 |
| Saigon Beer Alcohol Beverage | 309 | Vietnam Dairy Products | 297 |
| Bank of Georgia | 307 | BBVA Banco Frances ADR | 287 |
| Concepcion Industrial | 303 | Megawide Construction | 278 |
| Luxoft | 293 | Ooredoo QPSC | 247 |
| Grupo Financiero Galicia ADR | 285 | Banco Macro ADR | 225 |
| Vietnam Technological & Commercial Joint Stock B | 283 | National Bank of Kuwait | 209 |
| HSBC Bank P-Note May 21 (Saudi Company for Ha | 281 | AGP | 208 |
| East African Breweries | 280 |  |  |
| Halyk Savings Bank of Kazakhstan GDR | 242 |  |  |
| Zenith Bank | 233 |  |  |
| Empresa Distribuidora y Comercializadora Norte | 229 |  |  |
| Samba Financial Group | 226 |  |  |
| Safaricom | 222 |  |  |

|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | €'000 | Sales | €'000 |
| Northern Trust Global Funds - Euro Liquidity Fund | 2,891 | Northern Trust Global Funds - Euro Liquidity Fund | 2,151 |
|  |  | Muenchener Rueckversicherungs-Gesellschaft In |  |
| Deutsche Telekom | 858 | Muen | 1,792 |
| Siemens | 807 | Deutsche Telekom | 686 |
| Wirecard | 681 | Airbus | 608 |
| Allianz | 526 | SAP | 468 |
| SAP | 476 | Siemens | 412 |
| Airbus | 451 | Allianz | 251 |
| BASF | 344 | Freenet | 178 |
| Muenchener Rueckversicherungs-Gesellschaft In |  |  |  |
| Muen | 331 | Northern Trust Global Funds - Sterling Fund | 174 |
| Kion Group | 245 | Wirecard | 137 |
| Deutsche Post | 222 | BASF | 108 |
| HeidelbergCement | 178 | Leoni | 105 |
| Northern Trust Global Funds - Sterling Fund | 174 | Jenoptik | 92 |
| Infineon Technologies | 147 | Deutsche Post | 77 |
| TUI | 135 | S&T | 65 |
| Hapag-Lloyd | 112 | HeidelbergCement | 63 |
| Evotec | 106 | CompuGroup Medical | 54 |
| S&T | 101 | Infineon Technologies | 50 |
| Rheinmetall | 98 | Schaeffler | 49 |
| Stroeer SE & Co KgaA | 86 | Evonik Industries | 46 |

|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | US$'000 | Sales | US$'000 |
| Northern Trust Global Funds - US Dollar Fund | 2,015 | Northern Trust Global Funds - US Dollar Fund | 1,214 |
| Microsoft | 785 | Dulux | 804 |
| Nintendo | 572 | Home Depot | 636 |
| Mastercard | 546 | Tractor Supply | 580 |
| Intuit | 426 | Cintas | 531 |
| MARR | 410 | Crown Castle International REITs | 375 |
| Zoetis | 384 | SGS | 365 |
| Kone | 362 | Ecolab | 350 |
| Amadeus IT | 277 | Sage Group | 325 |
| International Flavors & Fragrances | 265 | Genuine Parts | 316 |
| Henkel | 199 | TJX Cos | 264 |
| Associated British Foods | 193 | Costco Wholesale | 230 |
| Compass | 100 | Givaudan | 192 |
| Northern Trust Global Funds - Euro Liquidity Fund | 96 | MARR | 177 |
| Northern Trust Global Funds - Sterling Fund | 82 | Essilor International | 177 |
| Dulux | 65 | Northern Trust Global Funds - Euro Liquidity Fund | 103 |
|  |  | Nestle | 96 |
|  |  | International Flavors & Fragrances | 95 |
|  |  | Chocoladefabriken Lindt & Spruengli | 74 |
|  |  | Northern Trust Global Funds - Sterling Fund | 61 |

|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | €'000 | Sales | €'000 |
| iShares Core S&P 500 UCITS ETF | 5,890 | iShares Core S&P 500 UCITS ETF United States Treasury Inflation 2.375% | 5,745 |
| United States Treasury Inflation 2.375% 15/01/2025 | 4,998 | 15/01/2025 Italy Buoni Poliennali Del Tesoro 4.75% | 5,086 |
| Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 | 4,705 | 01/09/2028 Amundi ETF MSCI EM Asia UCITS ETF - USD | 4,426 |
| Barings European High Yield Bond Fund | 3,825 | ETF | 3,794 |
| Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 | 3,779 | UK Treasury Bill 0% 11/02/2019 Italy Buoni Poliennali Del Tesoro 4.75% | 3,424 |
| UK Treasury Bill 0% 12/08/2019 | 3,416 | 01/08/2023 | 2,974 |
| UK Treasury Bill 0% 11/02/2019 | 3,393 | Source Physical Gold P-ETC ETF United States Treasury Note/Bond 2.125% | 2,896 |
| Kingdom of Spain 0% 12/07/2019 | 3,229 | 30/06/2021 United States Treasury Note/Bond 1.75% | 2,710 |
| United States Treasury Note/Bond 2.5% 31/01/2025 | 3,017 | 30/11/2021 | 2,705 |
| Republic of Portugal 0% 19/07/2019 | 2,994 | UK Treasury Bill 0% 17/12/2018 Italy Buoni Poliennali Del Tesoro 3.75% | 2,673 |
| Deutsche Bundesrepublik Inflation Linked Bond 0.1% | 2,873 | 01/08/2021 United States Treasury Note/Bond 2.5% | 2,535 |
| United States Treasury Note/Bond 1.75% 30/11/2021 | 2,734 | 31/01/2025 Republic of South Africa Government Bond 10.5% | 2,023 |
| UK Treasury Bill 0% 17/12/2018 | 2,700 | 21/12/2026 Portugal Obrigacoes do Tesouro OT 3.875% | 1,970 |
| UK Treasury Bill 0% 17/06/2019 | 2,660 | 15/02/2030 Portugal Obrigacoes do Tesouro OT 5.65% | 1,762 |
| Amundi ETF MSCI EM Asia UCITS ETF - USD ETF Poland Government International Bond 2.5% | 2,396 | 15/02/2024 Portugal Obrigacoes do Tesouro OT 2.875% | 1,666 |
| 25/07/2026 | 2,063 | 15/10/2025 | 1,654 |
| Russian Federal Bond - OFZ 7% 16/08/2023 | 2,058 | Russian Federal Bond - OFZ 7% 16/08/2023 | 1,599 |
| Indonesia Treasury Bond 7% 15/05/2022 Republic of South Africa Government Bond 10.5% | 2,034 | Indonesia Treasury Bond 7% 15/05/2022 Poland Government International Bond 2.5% | 1,564 |
| 21/12/2026 | 1,968 | 25/07/2026 | 1,500 |
| iShares Euro High Yield UCITS ETF Hellenic Republic Government Bond 3.375% | 1,709 | Mexican Bonos 10% 05/12/2024 | 1,469 |
| 15/02/2025 | 1,536 | iShares Euro High Yield UCITS ETF Hellenic Republic Government Bond 4.75% | 1,440 |
| Source Physical Gold P-ETC ETF | 1,530 | 17/04/2019 | 1,403 |
|  |  | Amundi ETF MSCI Emerging Markets UCITS ETF |  |
| Hellenic Government Bond 0% 02/08/2019 | 1,499 | USD ETF Brazil Notas do Tesouro Nacional Serie F 10% | 1,388 |
| Italy Buoni Poliennali Del Tesoro 0.05% 15/10/2019 | 1,493 | 01/01/2023 Croatia Government International Bond 3.875% | 1,190 |
| UK Treasury Bill 0% 07/05/2019 | 1,333 | 30/05/2022 | 1,116 |
| 15/07/2019 | 870 | Kingdom of Spain 0% 12/07/2019 Portugal Obrigacoes do Tesouro OT 2.875% | 1082 |
|  |  | 21/07/2026 | 1046 |


## Remuneration
Baring International Fund Managers (Ireland) Limited’s (“the Manager’s) Remuneration Policy ensures the remuneration arrangements as defined in ESMA’s “Guidelines on Sound Remuneration Policy under the UCITS directive and AIFMD” (ESMA 2016/411) (the 'ESMA Guidelines'), (as amended) are:
- consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent with the risk profile, rules or instruments of constitution of the Manager or the Funds; and
- consistent with the Manager’s business strategy, objectives, values and interests and include measures to avoid conflicts of interest.


## The Manager complies with the remuneration principles in a way and to the extent appropriate to its size and business.

## Remuneration committee

## Due to the size and nature of the Manager, the Board of Directors considers it appropriate to dis-apply the requirement to appoint a remuneration committee.
The Manager forms part of the Barings Europe Limited (UK) group of companies (“Barings”). Barings has two remuneration committees to take remuneration decisions, namely the Remunerations Committee and the Senior Compensation Committee. The remuneration committees ensure the fair and proportionate application of the remuneration rules and ensure that potential conflicts arising from remuneration are managed and mitigated appropriately.

## Remuneration Code Staff

## The Manager has determined its Remuneration Code Staff as the following:
- Senior managementSenior Management comprises the Board of Directors.
- Control FunctionsAll CBI Pre Approved Control Functions (“PCFs”) are included within the definition of Remuneration Code Staff. PCFs have not been included in this disclosure as they were approved shortly before the accounting year-end.
- Risk TakersRisk Takers are defined as the investment managers of the UCITS and AIFs. Investment management is delegated to firms subject to an equivalent remuneration regime and therefore the Manager currently has no risk takers outside of senior management.
- Employees in the same remuneration bracket as risk takersThe Manager will not treat a person as Remuneration Code Staff if a person’s professional activities do not have a material impact on the risk profiles of the firm or the Funds. Accordingly the Manager has no staff in this category.
- Staff responsible for heading the investment management, administration, marketing and human resources There are no staff in this category.


## Remuneration disclosure

## The disclosure below details fixed and variable remuneration paid to the Manager’s Remuneration Code Staff.
|  | Number of beneficiaries | Total Remuneration | Total Fixed Remuneration | Total Variable Remuneration |
| --- | --- | --- | --- | --- |
| Total remuneration paid by the Manager in relation to the Funds* | 3 | €23,280 | €23,280 | €0 |
| Total Senior Management Remuneration paid by the Manager** | 3 | €96,144 | €96,144 | €0 |

The Manager’s Remuneration Policy is reviewed annually both in respect of the general principles it contains and its own implementation. For 2018 the policy was updated to align it to the Barings group policy. The 2018 review resulted in some changes to the remuneration approach and disclosure; no irregularities were identified.
The above disclosures are made in line with Barings' interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops, Barings may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to the Funds not being comparable to the disclosures made in the prior year, or in relation to other Barings fund disclosures in that same year.

## Notes:
* The Manager does not make any direct payments to staff who are paid by other Barings Group entities. Figures are calculated using the AUM of all Funds within the umbrella as a proportion of Barings’ total AUM. Accordingly the figures are not representative of any individual's actual remuneration.

## ** Senior management remuneration is apportioned on the basis of the Manager’s total AUM as a proportion of Barings total AUM.

## The Funds do not pay performance fees or award carried interest.

## Registered address:

## Baring International Fund Managers (Ireland) Limited

## 70 Sir John Rogerson's Quay

## Dublin 2

## D02 R296

## Ireland

## Contact:

## Tel: +353 1 542 2930

## Fax: +353 1 670 1185

## www.barings.com
Important information:
This document is approved and issued by Baring International Fund Managers (Ireland) Limited.
Disclosure:
Baring International Fund Managers (Ireland) Limited Authorised and regulated by the Central Bank of Ireland 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland

Translation (ENFR, 2019-04-30):
# Informations sur le portefeuille
| Dix principales positions | % de la VIN |
| --- | --- |
| JD Sports Fashion | 1,76 |
| Marshalls | 1,69 |
| Euronext | 1,65 |
| Ashtead | 1,61 |
| IMCD | 1,61 |
| Tryg | 1,61 |
| Teleperformance | 1,58 |
| GN Store Nord | 1,57 |
| Elisa | 1,52 |
| Intermediate Capital | 1,52 |

Barings China Select Fund
|  | Coût |  | Produits |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US Dollar Fund | 6 579 | Northern Trust Global Funds - US Dollar Fund | 6 821 |
| Tencent | 1 050 | Alibaba ADR | 2 323 |
| Alibaba ADR | 913 | Tencent | 2 070 |
| Kweichow Moutai | 856 | Baidu ADR | 1 224 |
| Ping An Insurance Group of China | 821 | China Minsheng Banking | 1 113 |
| Taiwan Semiconductor Manufacturing | 756 | NetEase ADR | 1 070 |
| NetEase ADR | 688 | China Merchants Bank | 1 055 |
| China Shenhua Energy | 671 | Sunny Optical Technology | 970 |
| Anhui Conch Cement | 662 | Uni-President China | 926 |
| Shimao Property | 652 | Melco Resorts & Entertainment ADR | 859 |
| Largan Precision | 601 | Haier Electronics | 835 |
| Li Ning | 591 | Kingsoft | 829 |
| Sunny Optical Technology | 587 | Brilliance China Automotive | 809 |
| Ping An Bank | 534 | AAC Technologies | 793 |
| Zhuzhou CRRC Times Electric | 495 | Weibo ADR | 770 |
| China Foods | 477 | Wharf Real Estate Investment | 755 |
| China Petroleum & Chemical | 465 | ANTA Sports Products | 749 |
| Hong Kong Exchanges & Clearing | 451 | Ping An Insurance Group of China | 740 |
| Sun Art Retail | 433 | Hong Kong Exchanges & Clearing | 726 |
| Hua Hong Semiconductor | 433 | Lee & Man Paper Manufacturing | 721 |
| Shenwan Hongyuan | 428 | Samsonite International | 692 |
| Huaneng Renewables | 417 | Great Wall Motor | 671 |
|  |  | Lifestyle International | 651 |
|  |  | China Shenhua Energy | 614 |
|  |  | KWG Property | 605 |
|  |  | China International Capital | 600 |
|  |  | Xinyi Glass | 596 |
|  |  | Taiwan Semiconductor Manufacturing | 595 |
|  |  | Sun Art Retail | 582 |
|  |  | ZTE | 570 |
|  |  | China Railway Construction | 565 |
|  |  | China Construction Bank | 548 |

|  | Coût |  | Produits |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| US Treasury Bill 0% 28/02/2019 | 5 865 | US Treasury Bill 0% 28/02/2019 | 5 870 |
| US Treasury Bill 0% 28/03/2019 | 5 259 | US Treasury Bill 0% 28/03/2019 | 5 263 |
| Germany Government Inflation Linked Bond 0.1% 15/04/2023 | 3 026 | Germany Government Inflation Linked Bond 0.1% 15/04/2023 | 2 965 |
| US Treasury Notes 1.625% 15/05/2026 | 1 525 | US Treasury Bill 0% 16/08/2018 | 1 995 |
| US Treasury Notes 1.125% 15/01/2021 | 1 452 | US Treasury Bill 0% 24/05/2018 | 1 750 |
| US Treasury Bill 0% 10/01//2018 | 1 188 | US Treasury Notes 1.625% 15/05/2026 | 1 558 |
| US Treasury Bill 0% 15/11//2018 | 1 099 | US Treasury Notes 3.5% 15/05/2020 | 1 486 |
| US Treasury Notes 2.375% 15/01/2025 | 1 097 | US Treasury Notes 1.125% 15/01/2021 | 1 451 |
| US Treasury Notes 1.5% 30/11/2019 | 987 | US Treasury Bill 0% 19/07/2018 | 1 200 |
| US Treasury Notes 2.5% 31/01/2025 | 971 | US Treasury Bill 0% 10/01//2018 | 1 191 |
| Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 | 963 | US Treasury Bill 0% 15/11//2018 | 1 104 |
| Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 | 880 | US Treasury Notes 2.375% 15/01/2025 | 1 093 |
| US Treasury Bill 0% 25/04//2019 | 785 | US Treasury Bill 0% 11/10/2018 | 997 |
| Russian Foreign Bond - Eurobond 3.625% 16/09/2020 | 614 | US Treasury Notes 1.5% 30/11/2019 | 988 |
| Turkey Government International Bond 5.125% 18/05/2020 | 607 | US Treasury Notes 2.5% 31/01/2025 | 984 |
| Mexican Bonos 10% 05/12/2024 | 587 | US Treasury Bill 0% 21/06/2018 | 900 |
| Brazilian Government International Bond 2.625% 05/01/2023 | 581 | Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 | 895 |
| Brazil Notas de Tesouro Nacional Serie B 10% 01/01/2023 | 526 | Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 | 835 |
| Russian Federal Bond - OFZ 7% 16/08/2023 | 486 | US Treasury Bill 0% 25/04//2019 | 788 |
| Indonesia Treasury Bond 7% 15/05/2022 | 471 | Source Physical Gold P-ETC ETF | 671 |
| Poland Government Bond 2.5% 25/07/2026 | 461 | Russian Foreign Bond - Eurobond 3.625% 09/16/G27/020 | 597 |
| South Africa Government Bond 10.5% 21/12/2026 | 458 | Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 | 588 |
| Source Physical Gold P-ETC ETF | 352 | Brazilian Government International Bond 2.625% 05/01/2023 | 580 |
| Hellenic Government Bond 3.375% 15/02/2025 | 336 | Turkey Government International Bond 5.125% 18/05/2020 | 577 |
|  |  | Brazil Notas de Tesouro Nacional Serie B 10% 01/01/2023 | 549 |
|  |  | Poland Government Bond 6.375% 15/07/2019 | 511 |
|  |  | Mexican Bonos 10% 05/12/2024 | 510 |
|  |  | Hungary Government Bond 4% 25/03/2019 | 500 |
|  |  | Russische Foedertion 11% 24/07/2018 | 500 |
|  |  | US Treasury Bill 0% 06/12/2018 | 498 |
|  |  | Mexico Government Bond 3.5% 21/01/2021 | 494 |
|  |  | Russian Federal Bond - OFZ 7% 16/08/2023 | 493 |
|  |  | Indonesia Treasury Bond 7% 15/05/2022 | 476 |

|  |  | Coût |  | Produits |
| --- | --- | --- | --- | --- |
| Achats | 000 EUR | Ventes | 000 EUR |
| Northern Trust Global Funds - Sterling Fund |  | 9 304 | Northern Trust Global Funds - Euro Liquidity Fund | 7 857 |
| Northern Trust Global Funds - Euro Liquidity Fund | 8 450 | Northern Trust Global Funds - Sterling Fund | 5 561 |
| Brenntag |  | 758 | Prysmian | 996 |
| Konecranes |  | 693 | Amer Sports | 743 |
| SEB |  | 497 | Rubis | 577 |
| ANDRITZ |  | 473 | Elior | 534 |
| Amplifon |  | 376 | Valmet | 525 |
| Barry Callebaut |  | 341 | Recordati | 499 |
| Applus Services |  | 331 | Bilfinger | 452 |
| SBM Offshore |  | 330 | DSV | 436 |
| Qiagen |  | 320 | Norma | 430 |
| GrandVision |  | 319 | Telenet Group | 423 |
| Swedish Match |  | 308 | Freenet | 414 |
| Jungheinrich |  | 285 | Hera | 401 |
| Securitas |  | 283 | Loomis | 396 |
| Infrastrutture Wireless Italiane |  | 279 | Baloise | 356 |
| Aalberts Industries |  | 273 | Nibe Industrier | 349 |
| Moncler |  | 272 | BE Semiconductor Industries | 334 |
| Eurazeo |  | 232 | Trigano | 308 |
| Barco |  | 214 | Attendo | 250 |

|  | Coût |  | Produits |
| --- | --- | --- | --- |
| Achats | 000 EUR | Ventes | 000 EUR |
| Northern Trust Global Funds - Euro Liquidity Fund | 25 234 | Northern Trust Global Funds - Euro Liquidity Fund | 25 306 |
| Northern Trust Global Funds - Sterling Fund | 16 716 | Northern Trust Global Funds - Sterling Fund | 22 510 |
| Koninklijke Vopak | 2 902 | ZPG | 3 157 |
| Cranswick | 2 435 | DSV | 2 599 |
| Amplifon | 2 248 | Recordati | 2 394 |
| Bucher Industries | 2 198 | DKSH | 2 298 |
| Marshalls | 2 157 | Temenos | 2 135 |
| Securitas | 2 154 | Wirecard | 1 952 |
| Hunting | 2 149 | FinecoBank Banca Fineco | 1 799 |
| Puma | 2 130 | ANDRITZ | 1 793 |
| Senior | 2 108 | CIE Automotive | 1 718 |
| SCOR | 2 059 | CVS | 1 716 |
| Wizz Air | 1 994 | Prysmian | 1 685 |
| Close Brothers | 1 906 | Rubis | 1 675 |
| Weir Group | 1 904 | Imerys | 1 636 |
| GrandVision | 1 798 | Indra Sistemas | 1 616 |
| Spectris | 1 708 | Worldline | 1 600 |
| Moncler | 1 702 | Ascential | 1 488 |
| Wendel | 1 615 | Umicore | 1 481 |
| Barco | 1 499 | Prosegur Cash | 1 413 |
| GAM Holding | 1 399 | Kingspan | 1 357 |
| QIAGEN | 1 332 | Edenred | 1 328 |
| SBM Offshore | 1 285 | Norma | 1 208 |
| John Menzies | 1 160 | Sopra Steria | 1 200 |
| Barry Callebaut | 1 008 | HomeServe | 1 188 |
| Rubis | 1 003 | SCOR | 1 127 |
| Swedish Match | 1 003 | Stabilus | 1 090 |
| ANDRITZ | 994 |  |  |
| Indra Sistemas | 993 |  |  |
| Glanbia | 991 |  |  |

|  |  | Coût |  | Produits |
| --- | --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US Dollar Fund |  | 5 262 | Northern Trust Global Funds - US Dollar Fund | 5 994 |
| Samba Financial Group |  | 702 | Samba Financial Group | 761 |
| Vinhomes |  | 659 | Luxoft | 682 |
| Crédit Agricole Égypte |  | 577 | Globant | 682 |
| Abu Dhabi Commercial Bank |  | 569 | John Keells | 657 |
| Attijariwafa Bank |  | 561 | Pampa Energia ADR | 543 |
| Bupa Arabia for Cooperative Insurance |  | 536 | Merrill Lynch P-Note Mar 19 (Bupa Arabia) | 536 |
| Dialog Axiata |  | 511 | Masan Consumer | 452 |
| AGP |  | 469 | Saigon Beer Alcohol Beverage | 418 |
| DP World |  | 448 | BRAC Bank | 418 |
| Vietnam Engine & Agricultural Machinery |  | 446 | EPAM Systems | 415 |
| Tullow Oil |  | 442 | SC Electrica SA | 409 |
| First Quantum Minerals |  | 415 | Globalworth | 397 |
| Bolsas y Mercados Argentinos |  | 399 | GMA Network | 328 |
| Viettel Post |  | 355 | Nigerian Breweries | 326 |
| BBVA Banco Frances ADR |  | 321 | TBC Bank | 309 |
| Nestlé Nigeria |  | 317 | United Bank | 299 |
| Saigon Beer Alcohol Beverage |  | 309 | Vietnam Dairy Products | 297 |
| Bank of Georgia |  | 307 | BBVA Banco Frances ADR | 287 |
| Concepcion Industrial |  | 303 | Megawide Construction | 278 |
| Luxoft |  | 293 | Ooredoo QPSC | 247 |
| Grupo Financiero Galicia ADR |  | 285 | Banco Macro ADR | 225 |
| Vietnam Technological & Commercial Joint Stock Bank | 283 | National Bank of Kuwait | 209 |
| HSBC Bank P-Note May 21 (Saudi Company for Hardware) |  | 281 | AGP | 208 |
| East African Breweries |  | 280 |  |  |
| Halyk Savings Bank of Kazakhstan GDR |  | 242 |  |  |
| Zenith Bank |  | 233 |  |  |
| Empresa Distribuidora y Comercializadora Norte |  | 229 |  |  |
| Samba Financial Group |  | 226 |  |  |
| Safaricom |  | 222 |  |  |

|  | Coût |  | Produits |
| --- | --- | --- | --- |
| Achats | 000 EUR | Ventes | 000 EUR |
| Northern Trust Global Funds - Euro Liquidity Fund | 2 891 | Northern Trust Global Funds - Euro Liquidity Fund | 2 151 |
| Deutsche Telekom | 858 | Muenchener Rueckversicherungs- Gesellschaft In Muen | 1 792 |
| Siemens | 807 | Deutsche Telekom | 686 |
| Wirecard | 681 | Airbus | 608 |
| Allianz | 526 | SAP | 468 |
| SAP | 476 | Siemens | 412 |
| Airbus | 451 | Allianz | 251 |
| BASF | 344 | Freenet | 178 |
| Muenchener Rueckversicherungs-Gesellschaft In Muen | 331 | Northern Trust Global Funds - Sterling Fund | 174 |
| Kion Group | 245 | Wirecard | 137 |
| Deutsche Post | 222 | BASF | 108 |
| HeidelbergCement | 178 | Leoni | 105 |
| Northern Trust Global Funds - Sterling Fund | 174 | Jenoptik | 92 |
| Infineon Technologies | 147 | Deutsche Post | 77 |
| TUI | 135 | S&T | 65 |
| Hapag-Lloyd | 112 | HeidelbergCement | 63 |
| Evotec | 106 | CompuGroup Medical | 54 |
| S&T | 101 | Infineon Technologies | 50 |
| Rheinmetall | 98 | Schaeffler | 49 |
| Stroeer SE & Co KgaA | 86 | Evonik Industries | 46 |

|  | Coût |  | Produits |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US Dollar Fund | 2 015 | Northern Trust Global Funds - US Dollar Fund |  | 1 214 |
| Microsoft | 785 | Dulux |  | 804 |
| Nintendo | 572 | Home Depot |  | 636 |
| Mastercard | 546 | Tractor Supply |  | 580 |
| Intuit | 426 | Cintas |  | 531 |
| MARR | 410 | Crown Castle International REIT |  | 375 |
| Zoetis | 384 | SGS |  | 365 |
| Kone | 362 | Ecolab |  | 350 |
| Amadeus IT | 277 | Sage Group |  | 325 |
| International Flavors & Fragrances | 265 | Genuine Parts |  | 316 |
| Henkel | 199 | TJX Cos |  | 264 |
| Associated British Foods | 193 | Costco Wholesale |  | 230 |
| Compass | 100 | Givaudan |  | 192 |
| Northern Trust Global Funds - Euro Liquidity Fund | 96 | MARR |  | 177 |
| Northern Trust Global Funds - Sterling Fund | 82 | Essilor International |  | 177 |
| Dulux | 65 | Northern Trust Global Funds - Euro Liquidity Fund | 103 |
|  |  | Nestlé |  | 96 |
|  |  | International Flavors & Fragrances |  | 95 |
|  |  | Chocoladefabriken Lindt & Spruengli |  | 74 |
|  |  | Northern Trust Global Funds - Sterling Fund |  | 61 |

|  | Coût |  | Produits |
| --- | --- | --- | --- |
| Achats | 000 EUR | Ventes | 000 EUR |
| iShares Core S&P 500 UCITS ETF | 5 890 | iShares Core S&P 500 UCITS ETF | 5 745 |
| United States Treasury Inflation 2.375% 15/01/2025 | 4 998 | United States Treasury Inflation 2.375% 15/01/2025 | 5 086 |
| Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 | 4 705 | Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 | 4 426 |
| Barings European High Yield Bond Fund | 3 825 | Amundi ETF MSCI EM Asia UCITS ETF - USD ETF | 3 794 |
| Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 | 3 779 | UK Treasury Bill 0% 11/02/2019 | 3 424 |
| UK Treasury Bill 0% 12/08/2019 | 3 416 | Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 | 2 974 |
| UK Treasury Bill 0% 11/02/2019 | 3 393 | Source Physical Gold P-ETC ETF | 2 896 |
| Kingdom of Spain 0% 12/07/2019 | 3 229 | United States Treasury Note/Bond 2.125% 30/06/2021 | 2 710 |
| United States Treasury Note/Bond 2.5% 31/01/2025 | 3 017 | United States Treasury Note/Bond 1.75% 30/11/2021 | 2 705 |
| Republic of Portugal 0% 19/07/2019 | 2 994 | UK Treasury Bill 0% 17/12/2018 | 2 673 |
| Deutsche Bundesrepublik Inflation Linked Bond 0.1% | 2 873 | Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 | 2 535 |
| United States Treasury Note/Bond 1.75% 30/11/2021 | 2 734 | United States Treasury Note/Bond 2.5% 31/01/2025 | 2 023 |
| UK Treasury Bill 0% 17/12/2018 | 2 700 | Republic of South Africa Government Bond 10.5% 21/12/2026 | 1 970 |
| UK Treasury Bill 0% 17/06/2019 | 2 660 | Portugal Obrigacoes do Tesouro OT 3.875% 15/02/2030 | 1 762 |
| Amundi ETF MSCI EM Asia UCITS ETF - USD ETF | 2 396 | Portugal Obrigacoes do Tesouro OT 5.65% 15/02/2024 | 1 666 |
| Poland Government International Bond 2.5% 25/07/2026 | 2 063 | Portugal Obrigacoes do Tesouro OT 2.875% 15/10/2025 | 1 654 |
| Russian Federal Bond - OFZ 7% 16/08/2023 | 2 058 | Russian Federal Bond - OFZ 7% 16/08/2023 | 1 599 |
| Indonesia Treasury Bond 7% 15/05/2022 | 2 034 | Indonesia Treasury Bond 7% 15/05/2022 | 1 564 |
| Republic of South Africa Government Bond 10.5% 21/12/2026 | 1 968 | Poland Government International Bond 2.5% 25/07/2026 | 1 500 |
| iShares Euro High Yield UCITS ETF | 1 709 | Mexican Bonos 10% 05/12/2024 | 1 469 |
| Hellenic Republic Government Bond 3.375% 15/02/2025 | 1 536 | iShares Euro High Yield UCITS ETF | 1 440 |
| Source Physical Gold P-ETC ETF | 1 530 | Hellenic Republic Government Bond 4.75% 17/04/2019 | 1 403 |
| Hellenic Government Bond 0% 02/08/2019 | 1 499 | Amundi ETF MSCI Emerging Markets UCITS ETF - USD ETF | 1 388 |
| Italy Buoni Poliennali Del Tesoro 0.05% 15/10/2019 | 1 493 | Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2023 | 1 190 |
| UK Treasury Bill 0% 07/05/2019 | 1 333 | Croatia Government International Bond 3.875% 30/05/2022 | 1 116 |
| Poland Government International Bond 6.375% 15/07/2019 | 870 | Kingdom of Spain 0% 12/07/2019 | 1082 |
|  |  | Portugal Obrigacoes do Tesouro OT 2.875% 21/07/2026 | 1046 |


## Rémunération
La politique de rémunération de Baring International Fund Managers (Ireland) Limited (« la Société de gestion ») fait en sorte que les accords de rémunération, selon la définition des « orientations de l’AEMF relatives aux bonnes politiques de rémunération au titre de la directive sur les organismes de placement collectif en valeurs mobilières et de la directive sur les gestionnaires de fonds d’investissement alternatifs », AEMF 2016/411 (« les Orientations de l’AEMF »), telles qu’amendées :
- sont conformes à une gestion saine et efficace des risques et la promeuvent, et n’encouragent pas à prendre des risques inadaptés au profil de risque, aux règles ou à l’Acte constitutif de la Société de gestion ou des Fonds ; et
- sont conformes à la stratégie commerciale, aux objectifs, aux valeurs et aux intérêts de la Société de gestion, et incluent des mesures visant à éviter les conflits d’intérêts.


## La Société de gestion respecte les principes de rémunération, d’une façon et dans une mesure adaptées à sa taille et à ses activités.

## Comité de rémunération

## Compte tenu de la taille et de la nature de la Société de gestion, le Conseil d’administration estime qu’il est approprié de ne pas appliquer l’obligation de nommer un comité de rémunération.
La Société de gestion fait partie du groupe de sociétés Barings Europe Limited (UK) (« Barings »). Barings a mis en place deux comités de rémunération prenant les décisions relatives à la rémunération, à savoir le Remunerations Committee (comité des rémunérations) et le Senior Compensation Committee (comité responsable de la rémunération des dirigeants). Les comités de rémunération, d’une part, assurent une application équitable et proportionnelle des règles de rémunération et, d’autre part, veillent à ce que les potentiels conflits découlant de la rémunération soient gérés et atténués de façon appropriée.

## Personnel visé par le code de rémunération

## La Société de gestion a désigné son personnel visé par le code de rémunération comme suit :
- Haute directionLa haute direction comprend le Conseil d’administration.
- Fonctions de contrôleToutes les fonctions de contrôle pré-approuvées par la Banque centrale d’Irlande sont incluses dans la définition du personnel visé par le code de rémunération. Les fonctions de contrôle pré-approuvées ne sont pas incluses dans les présentes informations car elles ont été approuvées peu avant la fin de l’exercice comptable.
- Preneurs de risqueLes preneurs de risque sont les gestionnaires d’investissement de l’OPCVM et des fonds de placement alternatif. La gestion des investissements étant déléguée à des entreprises assujetties à un régime de rémunération équivalent, la Société de gestion ne compte donc actuellement aucun preneur de risque hormis la haute direction.
- Employés situés dans la même tranche de rémunération que les preneurs de risquePour la Société de gestion, si les activités professionnelles d’une personne donnée n’ont pas d’impact significatif sur le profil de risque de la société ou des Fonds, cette personne ne fait pas partie du personnel visé par le code de rémunération. Pour cette raison, la Société de gestion n’a pas de personnel dans cette catégorie.
- Personnel chargé de diriger les activités de gestion d’investissement, d’administration, de marketing et de ressources humainesIl n’y a pas de personnel dans cette catégorie.


## Informations relatives à la rémunération

## Les informations suivantes présentent de façon détaillée la rémunération fixe et variable versée au personnel visé par le code de rémunération de la Société de gestion.
|  | Nombre de bénéficiaires | Rémunération totale | Montant total de la rémunération fixe | Montant total de la rémunération variable |
| --- | --- | --- | --- | --- |
| Rémunération totale versée par la Société de gestion dans le cadre des Fonds* | 3 | 23 280 EUR | 23 280 EUR | 0 EUR |
| Rémunération totale versée par la Société de gestion à la haute direction** | 3 | 96 144 EUR | 96 144 EUR | 0 EUR |

La politique de rémunération de la Société de gestion est révisée une fois par an, et cet examen concerne à la fois les principes généraux et la mise en œuvre de la politique. La politique a été mise à jour en 2018 afin de l’aligner sur la politique du groupe Barings. L’examen de 2018 a engendré une modification de l’approche suivie pour la rémunération et des informations déclarées en la matière, mais aucune irrégularité n’a été identifiée.
Les informations déclarées ci-dessus correspondent à l’interprétation que Barings fait des orientations réglementaires actuelles sur les informations quantitatives relatives à la rémunération. Au fur et à mesure que les pratiques réglementaires ou de marché évolueront, Barings pourra décider d’apporter des changements à la façon dont les informations quantitatives relatives à la rémunération sont déterminées. Si de tels changements étaient effectués, les informations déclarées pour les Fonds au cours d’une année donnée pourraient diverger de celles déclarées pour l’année précédente ou de celles déclarées au cours de la même année pour d’autres fonds Barings.

## Notes :
* La Société de gestion ne verse pas de paiements directs au personnel rémunéré par d’autres entités du groupe Barings. Les chiffres sont calculés en fonction de l’encours sous gestion de tous les Fonds du fonds commun, proportionnellement à l’encours sous gestion total de Barings. Pour cette raison, les chiffres ne représentent pas la rémunération réelle d’une personne donnée.

## ** La rémunération de la haute direction est répartie en fonction de l’encours sous gestion total de la Société de gestion par rapport à l’encours sous gestion total de Barings.

## Les Fonds ne versent pas de commission de performance ou d’intéressement aux plus-values.

## Siège social :

## Baring International Fund Managers (Ireland) Limited 70 Sir John Rogerson’s Quay

## Dublin 2 D02 R296

## Irlande

## Contact:

## Tél. : +353 1 542 2930

## Fax : +353 1 670 1185

## www.barings.com
Information importante :
Le présent document est approuvé et publié par Baring International Fund Managers (Ireland) Limited.
Déclarations :
Baring International Fund Managers (Ireland) Limited
Société agréée et réglementée par la Banque centrale d’Irlande 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Irlande