Barings Social
Impact
ANNUAL REPORT

2022–2023

Welcome
We’re delighted to present our first stand-alone social impact report. In it, we highlight the steps we’ve made overthe past year to drive deep, intentional impact in the communities in which we work and live.
At the beginning of 2022, we pivoted our approach to best serve our communities in a post-pandemic world, where
many underlying issues were amplified. Our reimagined strategy aims to go beyond financial giving and build lasting
relationships with our partners and community members. Front of mind is moving our approach from transactional
to transformative—dedicating our time and resources to initiatives that we believe are moving the needle aroundeconomic mobility. Our strategic partnerships and civic investments are carefully crafted and executed inpartnership with select organizations to ensure we are serving as a partner, not just a funder, working hand in hand
toward an end goal.
We believe it’s everyone’s work to support our local communities. We realize our impact is far greater when we band
together, internally or externally, working in a cohesive and collaborative manner to tackle pressing issues. We put
the power in our teammates’ hands to make the change they wish to see—through our employee-led grants, global
volunteer efforts and governing structure.
From Charlotte to London to Tokyo, our global teammates continue to show up. I would like to personally give
thanks for all they do to make a lasting impact, as our work would not be successful without their passion for doing
good. I am proud of each of our team members for their enthusiasm and drive to continue this work.
I look forward to everything we will achieve in 2023 and beyond, together.

ELIZABETH COOPERHead of Corporate Giving & Social Impact

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Our Approach
MISSION
Barings Social Impact is committed to partnering with organizations focused on
advancing economic and social mobility within marginalized communities.

S TR ATEG IC PARTNERSHIPS & CIVIC INVES TMENT S
Effective and innovative grants providing multi-year support to a targeted number of partners in three key areas:

AFFORDABLE
HOUSING &HOMELESSNESSWORKFORCE
DEVELOPMENT
Supporting vulnerable populations

ACCESS TOE D U C AT I O N& FINANCIALEMPOWERMENTBuilding stronger, more vibrantby partnering with organizations

communities by partneringthat provide professional

Fostering early childhood economic

with organizations that addressdevelopment, life skills andopportunities by collaborating

affordable housing andeducational opportunities.

with partners specializing in
supplemental instruction, digital

homelessness.

equality and financial literacy.

EMPLOYEE-LED INITIATIVESENCOUR AGE

ENGAGESUPPORT

We encourage employees to put

Our governing body is comprised

We support teammates throughforth their passions by applying forof Barings employees frommatched financial giving and paid

employee-led microgrants in ouracross the globe who drive ourvolunteer time off benefits tolocal communities.

strategic investments and identify

amplify their personal dedication

employee-led initiatives to receive

to nonprofit organizations.

corporate grants.

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Strategic Partnerships & Civ ic Investments
S TR ATEG IC PARTNERSHIPSAt the beginning of 2022, we announced our strategic partnership grant program, which aims to take a more intentional
approach to our community engagement. It was crafted to drive deep, deliberate giving across our global footprint, ensuring
a relational, rather than transactional, connection with our partners. We focused our investments on innovative support
throughout our local community, aiming to shift the narrative within corporate philanthropy. While there is still much work to bedone, we are proud of the projects, community partners and teammates who have banded together to create lasting change.

Increasing Digital
Equit y Across A ffordable
Housing Communities
CHARLOT TE , NC
Barings, E2D, The Center for Digital Equity at Queens University and Local Initiatives
Support Corporation (LISC) set out to make Charlotte a more digitally inclusive community
by banding together to uniquely advance digital equity. From 2022–2024 the partners
have committed to distributing over 1,600 laptops and digital literacy training to residents
of affordable housing communities across the city of Charlotte. Historically, distributions
across the city have been transactional, with community members receiving a laptop andthen walking away. We aimed to humanize the interaction and take a more comprehensive
approach to the distribution by supplying the following onsite:•

A laptop•

A family meal•

Digital literacy training•

Affordable Connectivity Program sign-up assistance with trained digital navigators•

Barings mobile library, The Barings Book Bus, in partnership with the Charlotte Hornets•

Access to a community health care worker and other community resources(where applicable)

Since the program’s inception, we have completed five distributions, giving over 700
laptops and touching around 2,000 people across Charlotte. Additionally, E2D serves
as the beneficiary of our tech recycling program; we have donated over 400 laptops forrefurbishment to them since 2015.

R E A D : Q &A W I T H E 2 D ’ S PAT M I L L E N

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See the Possibilities Program
GLOBALSee the Possibilities is Barings flagship student program for students aged 16–20. The program provides access andexposure to the investment management and financial services industry. Participants are broken into two sub-programs:
Discovering Barings: the junior program exposes high school/sixth form students (aged 16–18) to all areas andcareer opportunities within the business.
Pathways to Barings: the senior program focuses on identifying talent for Barings’ internship scheme during theirearly university years through exposure to asset management. In partnership with our Early Talent team, students are
identified through an application and brief interview process.

IMPACT OVERVIEW

70

2

60+

7

Students Reached AcrossCharlotte and London

Days of
Exposure

Teammates
Involved

Community Partners
in Attendance

Thank you to our wonderful community partners who make the See the Possibilities program a success by
nominating eager and engaged students.

WAT C H : F I N D O U T M O R E A B O U T O U R S E E T H E P O S S I B I L I T I E S P R O G R A M

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Walter G. Byers—
Family Cohort Pilot
CHARLOT TE , NC
Barings, along with two other funding partners in Charlotte, have cometogether with Digi-Bridge and Communities In Schools to design a first-ofits kind program for Walter G. Byers, a local Title-1* K-8 school—The Family
Cohort Program. The approach is designed to support both students and theirfamilies through case management, as well as exposure to science, technology,
engineering, arts and math (STEAM) programs.
The pilot is a

3 -Year Investment
into

30 Families
with students in

5th & 6th G rade
who have an interest in STEAM subjects
Families have established attendance and engagement goals and work with adedicated case manager to identify, address and hopefully eliminate the current
barriers to achieving these goals. At the center of the work is taking families fromsurviving to thriving. Additionally, partners host family nights, available to themembers of our cohort and the broader school. These are recurring nights wherepartners serve dinner to families and then host an education workshop for parents.
Within the first year of
the pilot, we hosted

7

family nights andhave worked with153

people

The families also receive the following support:•

Access to extracurricular programs designed to build interest and skill
development in STEAM disciplines*Schools considered Title I are those in which

Family events which include scholar and parent courses for educational

the identified student percentage (students

financial workshops

directly certified) is at least 35.65% (or 57.03%)•

Workplace visits to top STEAM companies

based on Community Eligibility Provision (CEP)•

Individualized student and family academic and personal development

guidelines. The Community Eligibility Provision

•

plans

(CEP) replaced Free and Reduced Lunch (FRL) as•

One-on-one accountability partners

the school district’s measure of poverty in 2015.

•

Social emotional learning engagements

Source: Charlotte Mecklenburg Schools.

•

Coordinated referrals to an expansive network

As of 2023. https://www.cmsk12.org/Page/769.

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Moms Mov ing For ward
CHARLOT TE , NC
Moms Moving Forward (MMF) is a 12-month program for single mothers
and their children living in Charlotte’s Freedom Drive corridor. The group isdesigned to provide a holistic network of support for single moms and focuseson the mom (housing, mental health, workforce development, network
support) and her children (tutoring, childcare, scholarships at Freedom
Communities’ on-site preschool).
Barings is currently funding cohort six, a group with 13 mothers and over
30 children, and provides additional support through our Barings Women’s
Network (BWN). Volunteers spend their time in a variety of ways: hosting
resume and networking workshops, hosting graduation for the MMF program,
holding a holiday celebration for the moms and their families, and fulfilling thefamilies’ Christmas wish lists. Additionally, Barings financed a 156 affordable
housing apartment complex where some of the moms currently reside.
At our mid-year check in, the moms of cohort six had accomplishedthe following:

S TAT S COMING INTO PROG R A M

79%

Bank
Account

36%$5,984570$25,7 79

Amount in
Savings (all moms)

Average
Credit Score

AverageAnnual Income

Savings
Account

S TAT S MIDWAY THROUG H PROG R A M

100%

93%

Bank
Account

Savings
Account+21% change+57% change$1 2,106586$37, 384

Amount in
Savings (all moms)

Average
Credit Score

AverageAnnual Income+$6,122 change+16 change+45% change

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St Mungo’s
LONDON, U.K .
Barings kicked off a two-year investment to expand St. Mungo’s Construction Skills
program. The program’s two main goals are centered around helping clients take theirfirst steps to recovery and achieving sustainable employment within the construction skills
industry. The program pilot opened in October 2022 and is currently running the first cohort
at the St Mungo’s Hackney site. The program is scheduled to run cohorts through 2025.
Teammates have been highly supportive of St. Mungo’s since launching the partnership infall 2022, hosting in-office drives and volunteering alongside the participants of the program
and throughout St Mungo’s broader scope of volunteer needs such as beautification days at
the hostels and packing care packages.

Children’s Literacy Charit y
LONDON, U.K .
The Children’s Literacy Charity provides specialist literacy tuition for disadvantaged children
in their Literacy and Reading Labs in London primary schools. They help children to close
their literacy gap, and to become confident and resilient learners. Barings funded a Literacy
Lab and Community Cohesion work. Since September, Barings has supported the deliveryof 560 literacy tuition sessions* and helped 20 children to build their literacy skills.

IMPACT OVERVIEW

560

14

78

Literacy Support
Sessions and 20
Children Supported

School Community andParental Workshops

Books Donated in Kind
by Barings Employees

3229

Books Distributed Across Literacy
Labs as Part of World Book Week

Barings Employees/Student
Interns Participating in‘Step into a Story’ Sessions

All texts were diverse, considering
gender, global themes and images
reflecting diverse children*As of May 2023.

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While the case studies above highlight our work with select strategic partners, we are proud to partner with all theorganizations listed below for our strategic partnership program.

CIVIC INVESTMENTS
Aligned with our commitment to the Charlotte community and the Mayor’s Racial Equity Initiative, we pledged $1.7 million
to Johnson C. Smith University (JCSU), our local historically black college and university (HBCU). We support the city anduniversity’s efforts to transform JCSU, with an aim to encourage economic mobility and inspire the next generation offinancial industry leaders.
We do this through:•A 10-year commitment to annually select qualifying students to receive a $10,000 scholarship award for their
sophomore, junior and senior years. $1.2 million of our commitment is earmarked for scholarships.

•

Expanding the potential internship and job opportunities for JCSU graduates.

•

Plans to design an introduction to asset management course and endowed professorship.

•

Ongoing campus engagement, including a speaker series that launched in April 2023 with a fireside chat featuring
Barings President, Eric Lloyd and JCSU President, Clarence D. Armbrister.

In April 2022, as part of the firm’s broader investment in JCSU, we made enhancements to their primary computer lab, inpartnership with the Charlotte Hornets. This included the installation of a new self-service kiosk that holds 12 laptops andenables students to check out devices at their convenience by using their student ID. Barings and the Hornets also provided
JCSU with 24 new laptops and iPads. JCSU is the first HBCU to have this innovative product.
We also hosted a panel discussion at JCSU with sports and business executives to discuss the significance of technology anddigital literacy in their careers, and the key to success in the ever-changing corporate landscape.

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Employee-Led Initiatives
One of the key components of our community engagement strategy is continuing to support andengage our employees throughout the decision-making process. Additionally, supporting employeeled initiatives through our microgrant program, and encouraging employee engagement within thelocal community is critical to the success of each of our community partnerships.
In 2022,560 Employees
throughout

10 Of fices
logged over3,1 20 Hoursof community service and participated in over150
community engagement events

EMPLOYEE MICROGRANT PROGRAM

In London, more than 2.3 million Londoners live below the poverty line and 33%
have skipped meals to have money so their children can eat.1 When COVID-19
hit, food banks became increasingly in demand, something which has continued
to grow with the cost of living crisis. In March 2020, Barings collaborated with
the Thomas Franks Foundation to launch Feeding Communities, a program
created in recognition of the dire need for food aid during the pandemic, totackle food poverty and help those with no or limited access to meals.
The Feeding Communities team decided that the most direct way of giving wasto provide healthy and nutritious meals to schools, hospitals, homeless sheltersand charities. Over the past three years, volunteers have produced over 140,000
meals and 1,660 food boxes for communities and families struggling in London.
In conjunction with our teammates’ fundraising initiatives, Barings has raised justover £371,0002 in support of this effort.

Thomas Franks
Foundation
LONDON, U.K .

1. Source: Greater London Authority. https://www.london.gov.uk/programmesstrategies/communities-and-social-justice/food/our-projects-food-london/food-poverty-action-plans.
2. As of May 2023.

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A ll Stars Project
CH I C AG O, IL A N D N E W YO RK , N Y
Working in neighborhoods that have been hit the hardest by violence, the All Stars Project
has touched the lives of over 35,000 young people, and works to expose children aged
5–21 to opportunities outside of their community using the developmental power of
performance. Barings supports the after-school programming, which includes development
coaching, development of an after-school program for youth, and the All-Stars talent
show network. In 2022, three Barings employees from the New York and Chicago offices
volunteered as mentors in the Development School for Youth (DSY) program. Additionally,
the offices have partnered with the All Stars Project to host two DSY workshops focused on
networking and internship prep with close to 20 Barings volunteers.

Cradles to Crayons
BOSTON, MA AND CHICAGO, IL
Cradles to Crayons works to end clothing insecurity by providing kids in need with essentials
such as clothes and toiletries, free of charge. Through fundraising efforts, office collection
drives and volunteering initiatives, teammates in Chicago and Boston have supported theirlocal chapters of Cradles to Crayons and donated over 540 coats and 2,350 backpacks for
the Gear up for Winter and Ready for Learning initiatives.

SolarBear
TO K YO, J P
SolarBear aims to contribute to solving global environmental issues using children’s polar
bear characters “Sola” and “Bea”, raising awareness of renewable energy and environmental
issues among kids. Barings’ support goes toward educational workshops that emphasize theimportance of reducing Co2 emissions. In July 2022, Barings employees sponsored an inperson workshop for 56 elementary school students and their families where together with
Barings volunteers they made solar lantern lamps.
At the end of the workshop, children were challenged to take up a new habit that would
reduce carbon emissions and save electricity and water.

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OUR MICROGRANT PARTNERSU N I T E D S TAT E S

EMEAA SIA PACIFIC

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Global Month of Ser v ice
We believe it’s everyone’s work to give back to the communities in which we work and live and all
teammates are encouraged to volunteer in their local community by leveraging their paid volunteer
time-off benefit. Since 2019, Barings has hosted a ‘Global Month of Service’ initiative. It encourages
teammates to volunteer in their local community, engage with Barings’ funding partners, volunteer
with their team, or leverage their time in a way that is personally meaningful to them.
During our 2022 Global Month of Service

260
Barings teammates in

9 Cities
logged over

790 Volunteer Hours

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Supporting Our
Diverse Communities
EMPLOYEE RESOURCEGROUP GRANT PROGRAM
Barings and our teammates have an innate desire to work together to improve the statusquo, not just within the firm, but in our wider communities.
We are committed to ensuring our community investments remain sustainable, diverse,
equitable and inclusive for all community members. To supplement our investment
in diverse communities, we established our Employee Resource Group Community
Partnership Program. Within this program, each employee resource group annually receives
a $10,000 grant to donate to a charity whose mission aligns with their diverse goals.
Additionally, some Employee Resource Groups chose to align their community partnerships
with our overall strategic partnerships. In 2022, Barings committed over $280,000, or
dedicated service, to the organizations below:
Barings Black Network U.S. (formally Barings Black Alliance) partnered with the Young
Black Leadership Alliance to sponsor one student in their 20-month Ambassador Program.
Financial commitment also covers their Leadership Inside Out Program. BBA members
provide informal mentorship for the Barings-sponsored Ambassador students.
Barings Black Network U.K. (formally Barings Black Talent Network) partnered with
London organizations, ALETO, Amos Bursary, East London Business Alliance and 10,000
Black Interns on a variety of student programs and workshops. Additionally, the BBTN works
with the Harris Federation to expose students to the investment management industry.
Barings Out & Allies partnered with London-based charity Diversity Role Models (DRM),
focused on making it safe for LGBTQ+ students to come out. DRM achieves this throughinitiatives including a series of student workshops delivered at primary and secondary
schools, at which Barings volunteers speak. In the U.S., O&A is building a relationship with
non-profit PFLAG.
Barings Veteran’s Network partnered with The Independence Fund. Members of theVeteran’s Network host an annual packing event to pack and send care packages to activeduty members.
Barings Women’s Network Europe partnered with The Girls’ Network—supporting young
women and girls living in underserved communities across England through mentorship.
BWNE has seven women who are currently serving as mentors.
Barings Women’s Network U.S. partnered with Freedom Communities and their Mom’s
Moving Forward Program, a 12-month program for single mothers and their children. In
2022, BWN hosted a holiday party for the moms and their families, purchasing gifts for them.
Additionally, once a month, BWN members serve dinner to the moms and their children.

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Governing Structure &Local Points of Contact
A unique attribute of our strategy is weaving in teammates across the globe within our governing
structure. From members of our global advisory board to our local points of contact, we would not beable to achieve success in our partnerships without the dedication of each of these individuals.

GLOBAL ADVISORY BOARD

CH A S I T Y B OYCE

ERIN BR ANSTROM

U.S. Real Estate

Chief Executive Office

ELIZABETH COOPERSARAH DUDLEY

Sustainability

Client Experience

SHAWN KIMBLEOMOTUWNDE L AWAL

U.S. Real Estate

Public Fixed Income

JULIA MANDICH

ANDREA NITZAN

Legal

FinanceR ACHEL THOMPSON
Marketing

ADVISORSJILL DINERMAN*E RI C LLOY D

LegalPresident*Through 2022.

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LOCAL COMMITTEE MEMBERSU N I T E D S TAT E S

EMEAL ATAV E A C R O S SALAN BEHEN

Compliance

All Barings Ireland

SABIH HUSSAIN

L I N D S AY D E A L

Capital Markets &Client Onboarding

Relationship Management

MEGAN FIGUEROABRIAN MANGWIRO

U.S. High Yield

Global Sovereign Debt & Currencies

RYA N L A R U E

NICOLE PARKER

U.S. Real Estate

Global Human Resources

KELSEY MYERS

MARK WILLIAMS

MarketingCorporate Properties

NICOLE PECOUL AS
U.S. Real Estate

LOC AL POINT S OF CONTAC TBOSTONDUBLIN

Tallie Hauser

Alan Behen

HONG KONG

N E W YO RKSYDNEY

Eric Lee

Ryan LaRue

Dominique Farid

SEOUL

T O K YO

Youngsoo Ji

Saeko Yamazaki

Shalong So

CHICAGO
Eboni Everett

EL SEGUNDO
Crystal Pitcher

LONDON

Andrew Markey

Catherine Rice

Nicole Pecoulas

Sara Stewart

SPRINGFIELDMark Williams

Andrea Oddi

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Our Commitment to Sustainabilit y
Just as we encourage teammates to create lasting change in our communities, we also consider
sustainable practices in our investments.
Our primary focus is to seek attractive risk-adjusted returns for our clients. Integration of material
environmental, social and governance (ESG) issues in our approach, among an array of other factors,
is aimed at supporting this overarching goal. This allows for the analysis of as much data as prudently
possible, giving better oversight of risk and return.
In addition, we regularly partner with stakeholders to encourage improved transparency andsustainable practices in pursuit of minimizing risks, maximizing returns and supporting a durable
financial system.
In our operations, we are committed to sustainability and reducing our impact on the environment.
We integrate environmental awareness into our business activities and communicate transparently
on our progress. We’re seeking to achieve net zero in our global operations by 2030 and seek to
employ circular economy principles in our offices globally, where feasible, in our efforts to reduce theemissions and waste that can contribute to climate change.

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Barings is a $362+ billion* global investment manager sourcing differentiated opportunities and building
long-term portfolios across public and private fixed income, real estate and specialist equity markets. With investment
professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve
its clients, communities and employees, and is committed to sustainable practices and responsible investment.

IMPORTANT INFORMATION
Any forecasts in this document are based upon Barings opinion of the market at the date of preparation and are
subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is notnecessarily indicative of the future or likely performance. Investment involves risk. The value of any investments
and any income generated may go down as well as up and is not guaranteed by Barings or any other person.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any investment results, portfolio
compositions and or examples set forth in this document are provided for illustrative purposes only and are notindicative of any future investment results, future portfolio composition or investments. The composition, size of,and risks associated with an investment may differ substantially from any examples set forth in this document. No
representation is made that an investment will be profitable or will not incur losses. Where appropriate, changes
in the currency exchange rates may affect the value of investments. Prospective investors should read the offering
documents, if applicable, for the details and specific risk factors of any Fund/Strategy discussed in this document.
Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its
global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia
Pty Ltd, Barings Japan Limited, 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 Sarl, Baring Asset Management Korea
Limited, and Barings Singapore Pte. Ltd. each are affiliated financial service companies owned by Barings LLC (each,individually, an “Affiliate”). Some Affiliates may act as an introducer or distributor of the products and services ofsome others and may be paid a fee for doing so.
NO OFFER: The document is for informational purposes only and is not an offer or solicitation for the purchaseor sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any
consideration of the investment objectives, financial situation or particular needs of anyone who may receive it.
This document is not, and must not be treated as, investment advice, an investment recommendation, investment
research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or
particular investment strategy, and must not be construed as a projection or prediction.
Unless otherwise mentioned, the views contained in this document are those of Barings. These views are madein good faith in relation to the facts known at the time of preparation and are subject to change without notice.
Individual portfolio management teams may hold different views than the views expressed herein and may makedifferent investment decisions for different clients. Parts of this document may be based on information received
from sources we believe to be reliable. Although every effort is taken to ensure that the information contained inthis document is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy,completeness or adequacy of the information.
Any service, security, investment or product outlined in this document may not be suitable for a prospective
investor or available in their jurisdiction.
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Copyright © 2023 Barings. Information in this document may be used for your own personal use, but may not bealtered, reproduced or distributed without Barings’ consent.
The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patent and Trademark
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LE ARN MORE AT BARINGS.COM*As of March 31, 2023
23-2916560