# Barings German Growth Fund
Investment Objective and Policies
The investment objective of the Fund is to achieve long-term capital growth by investing in Germany.
The Fund will seek to achieve its investment objective by investing at least 75% of its total assets directly and indirectly in equities and equity related securities (as described below) of companies incorporated in, or exercising the predominant part of their economic activity in Germany, or quoted or traded on the stock exchanges in Germany.
For the remainder of its total assets, the Fund may invest outside of Germany (however, the Fund will not invest in emerging markets) as well as in fixed income and cash. The fixed income instruments (which will be used solely for cash management purposes) shall include investment grade fixed and floating rate corporate or government bonds, notes, debentures, convertible instruments (which for the purpose of this Supplement mean convertible bonds, mandatory convertible bonds, convertible preferred stock and equity linked notes), commercial paper, certificates of deposit, banker acceptances. The Fund will only invest in securities that are traded on markets and exchanges drawn from the list contained in Appendix II of the Prospectus.
In order to implement the investment policy the Fund may gain exposure through American depositary receipts, global depositary receipts and other equity related securities including participation notes, structured notes and equity-linked notes. The Fund may also invest up to 10% of its net assets in collective investment schemes.
With the intention that the Fund is eligible to the PEA regime (Plan d’Epargne en Actions equity savings plan) in France, the Fund will invest at least 75% of its assets in equities and warrants issued by companies where the head office is in the European Union (EU) or a European Economic Area (EEC) Country, except Liechtenstein.
Pursuant to the Investmentsteuergesetz (2018), the Fund intends to meet the requirements to be classified as being an “equity fund” and will invest at least 50% of its assets in direct equities.
Strategy
The Investment Manager believes that equity markets are inefficient ( i.e. they do not always correctly value securities) and seeks to identify these inefficiencies through the analysis of a company’s business model whilst incorporating wider economic and social governance trends, often referred to as fundamental analysis. Equity investment teams at the Investment Manager share a common investment approach, best described as Growth at a Reasonable Price (GARP).
GARP seeks to identify reasonably priced growth companies whose qualities are unrecognised by market participants by performing structured fundamental analysis (as described below) with a disciplined investment process. The evaluation of growth companies’ includes analysis of their future financial performance as well as their business model and management style, while focussing on long-term earnings growth of three to five years to find investment opportunities.
The Investment Manager’s strategy favours companies with well-established or improving business franchises, profitability focused, minority shareholder friendly management and balance sheets that enable the company to execute its business strategy. The Investment Manager regards these companies as higher quality as they provide transparency and allow investment professionals to forecast earnings with greater confidence. The Investment Manager believes that this strategy should result in the Fund exhibiting lower volatility over time.
Derivatives
The Fund may invest in the following derivatives: futures, options, swaps, warrants and forward contracts for efficient portfolio management, which includes hedging. Investors are referred to the heading “Investment in Derivatives” in the Prospectus for a description of the commercial purpose of these derivatives. Where the Fund invests in exchange-traded derivatives these markets and exchanges will be drawn from the list of markets and exchanges in Appendix II of the Prospectus.
The Fund will employ a risk management process which enables it to accurately measure, monitor and manage the various risks associated with derivatives and other securities that embed a derivative element.
When derivatives are used the Fund will be leveraged through the leverage inherent in the use of derivatives. As certain equity-related securities (as described in “Investment Objective and Policies” above) in which the Fund invests may contain an embedded derivative element, such as debt securities convertible into equities or structured notes, any leverage arising from investment in such instruments will be accurately monitored, measured and managed in accordance with the risk management process in place for the Fund. The Fund will use the commitment approach to calculate its global exposure, as described in detail in the risk management process of the Investment Manager. In no circumstances will the global exposure of the Fund using the commitment approach exceed 100% of its Net Asset Value.
Profile of a Typical Investor
The Fund is capable of being marketed to all types of investors subject to compliance with applicable legal and regulatory requirements in the relevant jurisdiction(s).
Establishment Cost
The cost of establishing the Fund will be paid by the Investment Manager. The establishment expenses will include legal, regulatory and listing expenses and initial market registration charges.
Available Share Classes
| Share Class | A | B 3 | I | J 3 | X  4 |
| --- | --- | --- | --- | --- | --- |
| Management Fee | 1.50% | 1.50% | 0.75% | 0.75% | None |
| Administration, Depositary and Operating Fee | 0.45% (Hedged Classes 0.4625%) | 0.06% | 0.25% (Hedged Classes 0.2625%) | 0.06% | 0.25% |
| Base Currency | EUR | EUR | EUR | EUR | EUR |
|  | Class A CHF Hedged Acc | Class B CHF Hedged Acc | Class I CHF Hedged Acc | Class J CHF Hedged Acc |  |
| Hedged Class Available | Class A RMB Hedged Acc 5 | Class B RMB Hedged Acc 5 | Class I GBP Hedged Acc | Class J GBP Hedged Acc | - |
|  | Class A USD Hedged Acc | Class B USD Hedged Acc | Class I GBP Hedged Inc | Class J GBP Hedged Inc |  |
| Unhedged Class Available | Class A EUR Acc Class A EUR Inc Class A GBP Acc Class A GBP Inc Class A USD Acc | Class B EUR Acc Class B EUR Inc Class B GBP Acc Class B GBP Inc Class B USD Acc | Class I EUR Acc Class I EUR Inc Class I GBP Acc Class I GBP Inc Class I USD Acc | Class J EUR Acc Class J EUR Inc Class J GBP Acc Class J GBP Inc Class J USD Acc | Class X EUR Acc Class X GBP Acc Class X USD Acc |
| Distribution Shares (Inc) dividend payment dates 1 | Paid annually no later than 31 July in each year |
|  | CHF Classes | CHF 5,000 | CHF 5,000 | CHF 10,000,000 | CHF 10,000,000 | - |
| Minimum | EUR Classes | EUR 5,000 | EUR 5,000 | EUR 10,000,000 | EUR 10,000,000 | At Directors’ discretion |
|  |  |  |  |  |  |
| Subscription and Holding Level  2 | GBP Classes | GBP 1,000 | GBP 1,000 | GBP 10,000,000 | GBP 10,000,000 | At Directors’ discretion |
| RMB Classes | USD 5,000 6 | USD 5,000 6 | - | - | - |
|  | USD Classes | USD 5,000 | USD 5,000 | USD 10,000,000 | USD 10,000,000 | At Directors’ discretion |
| Subsequent Minimum Investment  2 | CHF Classes | CHF 1,000 | CHF 1,000 | CHF 1,000 | CHF 1,000 | - |
| EUR Classes | EUR 1,000 | EUR 1,000 | EUR 1,000 | EUR 1,000 | At Directors’ discretion |
| GBP Classes | GBP 500 | GBP 500 | GBP 500 | GBP 500 | At Directors’ discretion |
| RMB Classes | USD 2,500 6 | USD 2,500 6 | - | - | - |
| USD Classes | USD 2,500 | USD 2,500 | USD 2,500 | USD 2,500 | At Directors’ discretion |

1 
Distributions will be paid out of surplus net income and/or any capital gains less realised and unrealised capital losses attributable to the Fund or Class of the Fund in respect of each Accounting Period.
2 
or such lower amount as the Directors may determine at their discretion. Any increase in the Minimum Investment/Minimum Holding will be notified to Shareholders in advance.
3 
Please note that these Share Classes are only available to investors at the discretion of the Investment Manager or Manager
4 
The annual management fee is subject to a separate agreement with the Investment Manager and is not paid from the Net Asset Value of the Class X Share. Class X Shares may only be issued to investors who have in place an agreement with the Investment Manager or Manager in relation to the collection of an investment management fee or similar fee arrangement.
5 
The RMB Hedged Acc Share Classes are denominated and priced in RMB. All subscriptions and redemptions should be placed in offshore RMB (CNH) and will be settled in offshore RMB (CNH).
6 
HKD or RMB equivalent of the US$ amounts specified.
BARINGS INVESTMENT FUNDS PLC (THE “COMPANY”)
Additional information for investors in the United Kingdom Barings China Select Fund
Barings Dynamic Absolute Return Fund Barings European Opportunities Fund Barings Europe Select Fund
Barings Frontier Markets Fund Barings German Growth Fund
Barings Global Dividend Champions Fund Barings Global Flexible Allocation Fund
(THE “SUB-FUNDS”)
70 Sir John Rogerson’s Quay Dublin 2
Ireland
This is an additional information for investors in the United Kingdom (“Country Supplement”) to the prospectus of the company dated 1 July 2019 as may be amended from time to time (the “Prospectus”)
This Country Supplement forms part of, and should be read in conjunction with, the Prospectus. It is authorised for distribution only when accompanied by the Prospectus. This Country Supplement is issued with respect to the offering of Shares in the Company. Unless otherwise defined, defined terms herein shall have the same meaning as set out in the Prospectus. If you are in any doubt about the contents of this Country Supplement you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser authorised pursuant to the Financial Services and Markets Act 2000 (“FSMA”).
This Country Supplement constitutes neither an offer by the Company or by any other person to enter into an investment agreement with the recipient of this document nor an invitation to the recipient to respond to the document by making an offer to the Company, or to any other person, to enter into an investment agreement. Investors who have any doubt about or wish to discuss the suitability of an investment in the Shares and / or obtain further information on the Shares should contact an independent financial advisor. Nothing in this Country Supplement should be construed as investment advice.
The Company is categorised as a recognized collective investment scheme for the purposes of section 264 of FSMA. Accordingly, Shares may be marketed to the general public in the UK.
The Company has appointed Baring International Fund Managers (Ireland) Limited to act as its manager (the “Manager”).
The Manager has appointed Barings (U.K.) Limited as the Company’s UK facilities agent (“Facilities Agent”) to maintain facilities pursuant to the Collective Investment Schemes Sourcebook published by the Financial Conduct Authority (“FCA”). The Facilities Agent is authorized and regulated by the FCA. The facilities will be located at the registered office address of the Facilities Agent at 61 Aldwych, London, WC2B4AE, United Kingdom where the following may be obtained:
- information in writing about the Company’s most recently published prices for Shares in the Sub-funds;
- Shareholders may redeem or arrange for redemption of their Shares in the Sub-funds and from which payment of the price on redemption may be obtained;
- the following documents concerning the Company are available for inspection free of charge and for which copies in English can be obtained free of charge:
	- the Articles of Association for the Company and any amendments thereto;
	- the most recently prepared Prospectus, and this Country Supplement;
	- the most recent Key Investor Information Documents;
	- the most recently prepared Annual and Semi-annual reports relating to the Company; and
	- any Shareholder or other person can submit a complaint about any aspect of the service including the operations of the Company or the Manager for transmission to the Company.


Investors in the UK are advised that some or all of the rules made under FSMA may not apply to the Company or the Manager in relation to an investment in the Company and its Sub-Funds and investors will not be covered by the Financial Services Compensation Scheme nor will they have any cancellation rights.
Investors can obtain information about the most recent prices and redemption facilities from the office of the Facilities Agent detailed above. Updated prices are also available at the registered office of the Company.
The fees and operating expenses of the Company are set out in detail under the heading “Fees and Expenses” in the Prospectus and the attention of prospective investors is drawn to this section.
For information concerning Shareholder voting rights in connection with an investment in Shares in the Company, the attention of prospective investors is drawn to the section entitled “Voting Rights” in the latest available Prospectus.
UK resident investors should seek their own professional advice as to tax matters and other relevant considerations. Please note that investors making investments in the Company may not receive back their entire investment and investors should note that any changes in tax rules and / or legislation may alter the benefits of an investment in the Company and any of its Sub-Funds.
The foregoing is based on the Directors' understanding of the law and practice currently in force in the UK and is subject to changes therein. It should not be taken as constituting legal or tax advice and, investors should obtain information and, if necessary, should consult their professional advisers on the possible tax or other consequences of buying, holding, transferring or selling the Shares under the laws of their countries of origin citizenship, residence or domicile

##### Address:

###### Baring Asset Management Limited 20 Old Bailey

###### London EC4M 7BF

###### www.barings.com
Important information:
This document is approved and issued by Baring Asset Management Limited.
Disclosure:
Baring Asset Management Limited
Authorised and Regulated by the Financial Conduct Authority 20 Old Bailey, London, EC4M 7BF
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Translation (ENFR, 2019-07-01):
# Barings German Growth Fund
Objectif et politiques d’investissement
L’objectif d’investissement du Compartiment est de générer une croissance à long terme du capital en investissant en Allemagne.
Le Compartiment cherchera à atteindre son objectif d’investissement en plaçant au moins 75 % de son actif total directement ou indirectement dans des actions et des titres assimilés à des actions (voir la description ci-dessous) de sociétés immatriculées ou exerçant la majeure partie de leur activité économique en Allemagne, ou cotés ou négociés sur des places boursières allemandes.
Pour le reste de son actif total, le Compartiment peut investir dans d'autres pays que l'Allemagne (à l'exclusion toutefois des marchés émergents) ainsi que dans des titres à revenu fixe et des liquidités. Les instruments obligataires (qui ne seront utilisés qu’à des fins de gestion des liquidités) comprennent des obligations d’entreprises ou d’État à taux fixe ou variable de qualité « investment grade », des bons, des obligations garanties, des instruments convertibles (dans le cadre du présent Supplément, ce terme désigne des obligations convertibles, des obligations remboursables en actions, des actions privilégiées convertibles et des obligations indexées sur action), des effets de commerce, des certificats de dépôt et des acceptations bancaires. Le Compartiment ne peut investir que dans des titres négociés sur les marchés et places boursières indiqués à l’Annexe II du Prospectus.
Dans le but de mettre en œuvre sa politique d’investissement, le Compartiment peut également investir dans des certificats de dépôt américains, de certificats de dépôt internationaux et d’autres titres assimilés aux actions, dont des bons de participation, des obligations structurées et des obligations liées aux actions. Le Compartiment peut également investir jusqu’à 10 % de son actif net dans des organismes de placement collectif.
Afin d'être éligible au régime PEA (Plan d'Épargne en Actions) en France, le Compartiment investira au moins 75 % de ses actifs dans des actions et warrants émis par des entreprises dont le siège social est sis dans l’Union européenne (UE) ou au sein de l'Espace économique européen (EEE), à l'exception du Liechtenstein.
Le Compartiment entend être considéré comme un « fonds en actions » au sens de la loi allemande sur la fiscalité des investissements (Investmentsteuergesetz) de 2018. À cette fin, il investira au moins 50 % de son actif directement dans des actions.
Stratégie
La Société d’Investissement estime que les marchés d'actions sont inefficients (c.-à-d. qu'ils n’évaluent pas toujours correctement les titres) et vise à identifier ces failles par l’analyse du modèle économique d’une entreprise tout en intégrant des tendances plus généralisées en matière de gouvernance sociale et économique, une pratique communément appelée « analyse fondamentale ». Les équipes de gérants spécialisés dans les actions de la Société d'Investissement partagent la même approche d’investissement, désignée sous le nom de Growth at a Reasonable Price ou GARP (croissance à bon marché).
La GARP vise à identifier les entreprises en croissance qui sont sous-évaluées, dont les qualités ne sont pas reconnues par les opérateurs de marché en procédant à une analyse fondamentale structurée (décrite ci-dessous) avec un processus d’investissement rigoureux. L’évaluation des entreprises en croissance comprend une analyse de leurs résultats financiers futurs ainsi que de leur modèle économique et style de direction, tout en se focalisant sur la croissance des bénéfices à long terme de trois à cinq ans pour trouver des opportunités d’investissement.
La stratégie de la Société d’Investissement cible les entreprises qui possèdent des franchises bien établies ou en progression, une direction favorable aux actionnaires minoritaires et privilégiant la rentabilité et des bilans qui permettent la mise en œuvre de la stratégie commerciale. Ces entreprises sont de meilleure qualité aux yeux de la Société d’Investissement car elles font preuve de transparence et permettent aux analystes financiers de prédire l’évolution des bénéfices avec une plus grande fiabilité. La Société d'Investissement estime que cette stratégie devrait permettre au Compartiment d'afficher une volatilité réduite au fil du temps.
Instruments dérivés
Le Compartiment peut investir dans les instruments dérivés suivants : contrats à terme normalisés, options, swaps, warrants et contrats à terme de gré à gré, à des fins de gestion efficace de portefeuille, y compris de couverture.
Nous recommandons aux investisseurs de lire le paragraphe « Investissements en instruments dérivés » du Prospectus pour une description de leur objectif commercial. Si le Compartiment investit dans des instruments dérivés négociés en bourse, les bourses et marchés éligibles seront ceux repris dans la liste figurant en Annexe II du Prospectus.
Le Compartiment utilisera un processus de gestion des risques qui lui permet de mesurer, surveiller et gérer avec précision les différents risques associés aux instruments dérivés et autres titres assortis d'un instrument dérivé intégré.
S’il utilise des instruments dérivés, le Compartiment acquiert un effet de levier en raison de l'effet de levier inhérent à l’utilisation d’instruments dérivés. Comme certains titres rattachés à des actions (tel que décrit à la section « Objectif et politiques d'investissement » ci-dessus) dans lesquels le Compartiment investit sont parfois assortis d'un instrument dérivé intégré, à l’instar de titres de créance convertibles en actions ou d’obligations structurées, tout effet de levier découlant de ces investissements sera surveillé de près, évalué et géré conformément au processus de gestion des risques du Compartiment. Le Compartiment utilisera l’approche par les engagements pour calculer son risque global, tel que décrit en détail dans le processus de gestion des risques de la Société d'Investissement. L’exposition globale du Compartiment selon l'approche par les engagements ne dépassera en aucun cas 100 % de sa Valeur d’Inventaire Nette.
Profil de l’investisseur type
Le Compartiment peut être commercialisé auprès de toutes les catégories d’investisseurs, dans le respect de la loi et des exigences réglementaires en vigueur dans la ou les juridiction(s) concernée(s).
Frais d’établissement
Les frais d’établissement du Compartiment seront payés par la Société d’investissement. Ils incluent les frais juridiques, réglementaires et de cotation, ainsi que les droits d’enregistrement initiaux sur le marché.
Classes d’Actions disponibles
| Classe d'actions | A | B 3 | I | J 3 | X  4 |
| --- | --- | --- | --- | --- | --- |
| Commission de gestion | 1,50 % | 1,50 % | 0,75 % | 0,75 % | Aucune |
| Commission d'administration, de garde et d'exploitation | 0,45 % (Classes couvertes 0,4625 %) | 0,06 % | 0,25 % (Classes couvertes 0,2625 %) | 0,06 % | 0,25 % |
| Devise de Référence | EUR | EUR | EUR | EUR | EUR |
|  | Classe A CHF couverte cap. | Classe B CHF couverte cap. | Classe I CHF couverte cap. | Classe J CHF couverte cap. |  |
| Classe couverte disponible | Classe A RMB couverte cap. 5 | Classe B RMB couverte cap. 5 | Classe I GBP couverte cap. | Classe J GBP couverte cap. | - |
|  | Classe A USD couverte cap. | Classe B USD couverte cap. | Classe I GBP couverte dis. | Classe J GBP couverte dis. |  |
|  |  |  | Classe I EUR cap. | Classe J EUR cap. |  |
| Classe non couverte disponible | Classe A EUR cap. Classe A EUR dis. Classe A GBP cap. Classe A GBP dis. Classe A USD cap. | Classe B EUR cap. Classe B EUR dis. Classe B GBP cap. Classe B GBP dis. Classe B USD cap. | Classe I EUR dis. Classe I GBP cap. Classe I GBP dis. | Classe J EUR dis. Classe J GBP cap. Classe J GBP dis. | Classe X EUR cap Classe X GBP cap. Classe X USD cap. |
|  |  |  | Classe I USD cap. | Classe J USD cap. |  |
| Dates de versement des dividendes au titre des Actions de distribution (dis.)  1 | Versements annuels effectués au plus tard le 31 juillet de chaque année |
| Souscription et participation minimums  2 | Classes en CHF | CHF 5 000 | CHF 5 000 | CHF 10 000 000 | CHF 10 000 000 | - |
| Classes en EUR | EUR 5 000 | EUR 5 000 | EUR 10 000 000 | EUR 10 000 000 | À la discrétion des Administrateurs |
| Classes en GBP | GBP 1 000 | GBP 1 000 | GBP 10 000 000 | GBP 10 000 000 | À la discrétion des Administrateurs |
| Classes en RMB | USD 5 000 6 | USD 5 000 6 | - | - | - |
| Classes en USD | USD 5 000 | USD 5 000 | USD 10 000 000 | USD 10 000 000 | À la discrétion des Administrateurs |

| Investissement ultérieur minimum  2 | Classes en CHF | CHF 1 000 | CHF 1 000 | CHF 1 000 | CHF 1 000 | - |
| --- | --- | --- | --- | --- | --- | --- |
| Classes en EUR | EUR 1 000 | EUR 1 000 | EUR 1 000 | EUR 1 000 | À la discrétion des Administrateurs |
| Classes en GBP | GBP 500 | GBP 500 | GBP 500 | GBP 500 | À la discrétion des Administrateurs |
| Classes en RMB | USD 2 500 6 | USD 2 500 6 | - | - | - |
| Classes en USD | USD 2 500 | USD 2 500 | USD 2 500 | USD 2 500 | À la discrétion des Administrateurs |

1 
Les distributions sont versées sur l'excédent de revenus nets et/ou les plus-values minorées des moins-values réalisées et latentes attribuables au Compartiment ou à la Classe du Compartiment au titre de chaque Exercice.
2 
ou un montant inférieur déterminé par les Administrateurs, à leur discrétion absolue. Les Actionnaires seront avisés à l'avance de toute hausse de l’investissement minimum/de la participation minimum.
3 
Veuillez noter que ces Classes d'Actions ne sont proposées aux investisseurs qu'à la discrétion de la Société d'Investissement ou de la Société de gestion.
4 
La commission annuelle de gestion fait l’objet d’un contrat séparé avec la Société d’Investissement et n’est pas payée à partir de la Valeur d’Inventaire Nette des Actions de Classe X. Les Actions de Classe X seront uniquement émises au profit d'investisseurs ayant signé un contrat avec la Société d’Investissement ou la Société de gestion concernant la perception d’une commission de gestion ou de commissions semblables.
5 
Les Classes d'Actions RMB couvertes cap. sont libellées et tarifées en renminbi. Toutes les souscriptions et tous les rachats doivent se faire en RMB offshore (CNH) et sont réglés en RMB offshore (CNH).
6 
Somme en HKD ou en RMB équivalente aux montants indiqués en USD.

##### Adresse :

###### Baring Asset Management Limited 20 Old Bailey

###### London EC4M 7BF

###### www.barings.com
Informations importantes :
Ce document est approuvé et émis par Baring Asset Management Limited.
Publication :
Baring Asset Management Limited
Société agréée et réglementée par la Financial Conduct Authority 20 Old Bailey, London, EC4M 7BF
24362861_3.docx