Barings ASEAN Frontiers FundThis is a marketing communication.
OVERALLM O R N I N G S T A R R A T I N G TM *F U N D F AC T S
NAV ($m)
347.3
Inception Date
August 1, 2008
DomiciledIreland, UCITS Fund
Dealing Frequency
DailyManagement Company
Baring International FundManagers (Ireland) Limited
Investment Manager
Baring Asset Management Limited
Share Classes
USD/EUR/GBPDistribution Frequency
AnnualBase Currency
USD
Benchmark2
MSCI AC ASEAN★★★★

J U L Y 2 0 2 4 / F AC T S H E E T

KEY RISK
During exceptional market conditions there may be insufficient buyers and sellers to allow the Fund to buy
and sell investments, which could affect the Fund's ability to meet investors' redemption requests. Losses
may occur if an organization through which we buy an asset fails to meet its obligations. Custody of assets
involves a risk of loss if a custodian becomes insolvent or breaches duties of care. Fund investments inderivatives are sensitive to changes in the value of the underlying asset on which they are based and theiruse may result in losses greater than the amount originally invested. Fund investments in overseas assets
may lose value due to movements in foreign exchange rates. Fund investments in equities may be subject
to significant fluctuations in value. The Fund can hold smaller company shares which can be more difficult tobuy and sell and more volatile than those of larger companies. Region specific funds have a narrower focus
than those which invest broadly across markets and are therefore more risky. Further information on the
Fund’s risks can be found in the offering (constitutional) documents.
OBJECTIVE
The investment objective of the Fund is to seek long-term capital growth primarily through investment in adiversified portfolio of ASEAN companies which could include Singapore, Thailand, the Philippines,
Malaysia, Indonesia and Vietnam.
STRATEGY & MARKET OPPORTUNITY
Identify investment opportunities through a differentiated and innovative investment process using
fundamental, bottom-up analysis.
••••

One of the largest funds in this asset class, with a strong long-term track record.
The emerging countries of Asia – favourable demographics together with significant underpenetration of goods and servicesa.
Long-term growth from infrastructure build-out and accelerating consumption trajectory.
Investment process tailored for asset class by experienced team.

aReal GDP growth of the ASEAN 6 has consistently exceeded Global, US, Europe and Japan growth since at least 2000.

Source: Credit Suisse; ASEAN 6: Singapore, Malaysia, Indonesia, Thailand, Philippines and Vietnam.

FUND
PERFORMANCE (%)

Class I USD Acc(Gross of Fees)1

Class I USD Acc(Net of Fees)1

Benchmark 2

Year to Date

4.50

3.89

3.40

1 Year

-0.05

-1.05

-0.89

PORTFOLIO
M AN AG E R S

3 Years

-1.36

-2.35

1.57

5 Years

3.85

2.81

-1.62

SooHai Lim, CFA
26 years of experience

10 Years

4.37

3.22

-0.26

Since Inception

7.20

5.93

3.42

SFDR Classification
Article 8

Tiebin Liu
14 years of experience

PAST PERFORMANCE DOES NOT PREDICT FUTURE RETURNS. An investment entails a risk ofloss. Returns for periods greater than one year are annualized. If you are investing in a different
currency to the base currency of the fund, your returns may increase or decrease as a result of
currency fluctuations.
Source: Morningstar/Barings: Performance figures are shown in USD on a NAV per unit basis, withgross income reinvested. The Benchmark is used for risk management and performance comparison
purposes. The investment manager has complete discretion in making investments and is notconstrained by the Benchmark.
1. Performance figures prior to July 5, 2013 are hypothetical. The hypothetical fund performance isbased on the A USD Inc share class. This has been grossed up by 0.50%. (The difference
between the A and the I share class fees) to create a proxy net I class calculated from theinception of the fund. The proxy gross I class has been grossed up by the I class OCF.
2. The benchmark is MSCI AC ASEAN (Total Net Return) Index.
*Morningstar Rating as of previous month end, please refer to page 3 for additional detail.

1

For investment professionals only
23/2939523

Barings ASEAN Frontiers FundThis is a marketing communication.

B AR I N G S AS E AN
FRONTIERS FUND

E Q U I T Y P L AT F O R M 1
C H AR AC T E R I S T I C S 2 , 3Barings manages $409+ billionof equities, fixed income, realestate, and alternative assets
globally

Number Of Holdings

We focus on building highconviction, research-driven
equity solutions for our clients.
We have a long history of
being early investors in newand established markets.
•••

Global Equities
Emerging Markets Equities
Small-Cap Equities

55

Active Share (%)

52.95

Off Benchmark (%)

27.38

Tracking Error (%) (3Y Ann)

5.16

Information Ratio (3Y Ann)

-0.55

Standard Deviation (3Y Ann)

14.93

Alpha (3Y Ann)

-2.76

Beta (3Y Ann)

0.99

Av. Market Cap (USDb)

29.92

TOP SECTOR W EIGHTING (% OF M V) 3
Equities investor base includes
financial institutions, pensions,foundations and endowments
and wholesale distributors

Financials

45.2

Industrials

11.2

Communication

8.9

Consumer Staples

8.8

Information Technology

6.0

Health Care

5.2

Consumer Discretionary

5.0

Real Estate

3.0

Utilities

1.8

Materials

1.7

Energy

1.4

Cash

1.8
0

5

10

TOP HOLDINGS (% OF M V)3

20

25

30

35

40

45

9.69

Singapore

BANK CENTRAL ASIA TBK PT

8.43

Indonesia

23.7

8.33

Thailand

21.8

5.59

Philippines

SEA LTD

5.13

Malaysia

CP ALL PCL

3.64

Vietnam

3.2

BANGKOK DUSIT MEDICALSERVICES PCL

3.40

United States

1.4

UNITED OVERSEAS BANK LTD

3.21

Taiwan (Republic of China)

0.6

Cash

1.8

-5

5

INTERNATIONAL CONTAINERTERMINAL SERVICES INCMETROPOLITAN BANK AND
TRUST COMPANY

50

TOP COUNTRY W EIGHTING (% OF M V) 3

DBS GROUP HOLDINGS LTDOVERSEA CHINESE BANKINGCORPORATION LTDBANK RAKYAT INDONESIAPERSERO TBK PT

1.
2.
3.

15

2.92
2.13

31.8

9.8
6.0

15

25

35

Barings assets as of June 30, 2024.
Risk statistics based on gross performance.
As of July 31, 2024.
2

For investment professionals only
23/2939523

Barings ASEAN Frontiers FundThis is a marketing communication.

FEE SCHEDULEClass I USD ACC

Min Investment

Management Fee (p.a.)

OCF1

Initial - $10M
Subsequent - $500

0.75%

1.01 %

Be aware of currency risk. If you are buying this product in a different currency to your local currency you will receive pay ments in a different currency, so the final
return you will get will depend on the exchange rates between the two currencies.
1.
The OCF represents annual charges and other payments taken from the Fund, including the Management Fee. The OCF excludes the costs of buying andselling assets for the Fund. The OCF is based on ex-post expenses for the year ended Apr 30, 2024 and may vary from year to year.

CLASS I ACTIVE SHARE CLASSES
Name

ISIN

Bloomberg

LipperUSD ACC
USD INC
EUR ACC
GBP ACC

IE00B3BC5V13
IE00BKQMYD06
IE00B3BC5X37
IE00B3BC5W20

BARFIUA ID
BABAFIU ID
BASEIEA ID
BARAFIG ID

68216678
68652347
68085400
68081184*Please refer to prospectus for additional currency class information.

Note: ©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may
not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible
for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life
subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and openended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Returnmeasure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations andrewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each productcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1
star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year
rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or moremonths of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year
period actually has the greatest impact because it is included in all three rating periods.
Barings ASEAN Frontiers I USD Acc share class was rated against the following numbers of EAA Fund ASEAN Equity investments over the following
time periods: 67 investments in the last three years, 59 investments in the last five years, and 43 investments in the last ten years. Past performance
is no guarantee of future results.
Morningstar Rating is for the I share class only; other classes may have different performance characteristics.
Baring International Fund Managers (Ireland) Limited - 3rd Floor- Building 3, Number 1 Ballsbridge, 126 Pembroke Road, Dublin 4, D04 EP27.
Authorised and regulated by the Central Bank of Ireland
CONTACT US: +353 1 486 9700 (This is a low cost number)
Telephone calls may be recorded and monitored
www.barings.com

3

For investment professionals only
23/2939523

Important Information

TO LEARN MORE PLEASE CONTACT YOUR LOCAL BARINGS TEAM

North American based enquiries:
north.american.info@barings.com

EMEA based enquiries:
emea.info@barings.com

Asia-Pacific based enquiries:
apac.info@barings.com

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 not necessarily 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. PASTPERFORMANCE 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 not indicative 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 for the details and specific risk factors of any Fund discussed
in this document.
For Professional Investors / Institutional Investors only. This document should not be
distributed to or relied on by Retail / Individual Investors.
Barings is the brand name for the worldwide asset management and associatedbusinesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.)
Limited, Barings Australia Pty Ltd, Barings Australia Property Pty Ltd, Gryphon Capital
Investments 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, Barings Singapore Pte Ltd, and Baring Asset Management Limited (DIFC
Branch) – regulated by the DFSA, each are affiliated financial service companies owned
by Barings LLC (each, individually, an "Affiliate"), together known as “Barings.” Some
Affiliates may act as an introducer or distributor of the products and services of someothers 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 thepurchase or 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, andmust 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 aprojections or predictions.
In making an investment decision, prospective investors must rely on their own
examination of the merits and risks involved and before making any investment decision, it
is recommended that prospective investors seek independent investment, legal, tax,
accounting or other professional advice as appropriate.
Unless otherwise mentioned, the views contained in this document are those of Barings.
These views are made in 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 make different
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 in this document is accurate, Barings makes norepresentation or warranty, express or implied, regarding the accuracy, completeness oradequacy of the information.
Target and projected returns are derived from Barings’ proprietary model, which contain anumber of assumptions and judgements about (including future projections of one monthterm SOFR rates as projected by forward curves at time of preparation, prepayment of acertain percentage of the overall model portfolio, and market interest rate for the loansthat comprise the model portfolio, among others) that Barings believes are reasonable
under the circumstances. Generally, our assumptions include construction projects
proceeding according to plan, no modeled losses, and no adverse macroeconomic events,
among others. However, there can be no assurance that such assumptions will prove tobe accurate, and the actual realized returns will depend on, among other factors, future
operating results, interest rates, economic and market conditions, and the value of theunderlying assets at the time of disposition, any related transaction costs and the timing
and manner of disposition, all of which may differ from the assumptions on which targets
and projections are based and therefore, the actual results achieved may vary significantly

from the targets and projections, and the variations may be material. We would be happy
to provide you with the risks related to hypothetical performance information at yourrequest.
OTHER RESTRICTIONS:
The distribution of this document is restricted by law. No action has been or will be taken
by Barings to permit the possession or distribution of the document in any jurisdiction,
where action for that purpose may be required. Accordingly, the document may not be
used in any jurisdiction except under circumstances that will result in compliance with allapplicable laws and regulations.
Any service, security, investment or product outlined in this document may not be suitable
for a prospective investor or available in their jurisdiction.
Any information with respect to UCITS Funds is not intended for U.S. Persons, as definedin Regulation S under the U.S. Securities Act of 1933, or persons in any other jurisdictions
where such use or distribution would be contrary to law or local regulation.
This fund may not be registered or authorized for a particular jurisdiction for distribution topersons who are not Professional Investors/Institutional Investors, in which case thefollowing conditions apply in each of the below listed jurisdictions:
Copyright and Trademark
Copyright © 2024 Barings. Information in this document may be used for your own
personal use, but may not be altered, 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 Office and in other countries around the world. All rights arereserved.
FOR PERSONS DOMICILED IN THE EUROPEAN UNION and the EUROPEANECONOMIC AREA (EEA):This information is only made available to Professional Investors, as defined by theMarkets in Financial Instruments Directive.
FOR PERSONS DOMICILED IN THE UNITED KINGDOMThis document is directed at and intended for “Professional Investors” or any othercategory of person to which such marketing is permitted under the national laws of theUnited Kingdom. A “Professional Investor” is an investor who is considered to be aprofessional client or which may, on request, be treated as a professional client within therelevant national implementation of Annex II of European Directive 2014/65/EU (Markets
in Financial Instruments Directive or "MiFID II") and the Alternative Investment FundManagers Regulations, 2013, as amended by the Alternative Investment Managers(Amendment, etc.) (EU Exit) Regulations 2019 (“UK AIFM Regulations”).
FOR PERSONS DOMICILED IN AUSTRALIA:
This publication is only made available to persons who are wholesale clients within themeaning of section 761G of the Corporations Act 2001. This publication is supplied on thecondition that it is not passed on to any person who is a retail client within the meaning ofsection 761G of the Corporations Act 2001.
FOR PERSONS DOMICILED IN CANADA:This confidential marketing brochure pertains to the offering of a product only in thosejurisdictions and to those persons in Canada where and to whom they may be lawfully

For investment professionals only

Important Information

offered for sale, and only by persons permitted to sell such interests. This material is not,and under no circumstances is to be construed as, an advertisement or a public offering ofa product. No securities commission or similar authority in Canada has reviewed or in any
way passed upon this document or the merits of the product or its marketing materials,
and any representation to the contrary is an offence.
FOR PERSONS DOMICILED IN SWITZERLAND:This is an advertising document.
This material is aimed at Qualified Investors, as defined in article 10, paragraph 3 of theCollective Investment Schemes Act, based in Switzerland. This material is not aimed at
any other persons. The legal documents of the funds (prospectus, key investor information
document and semi-annual or annual reports) can be obtained free of charge from therepresentatives named below. For the sub-funds of Barings Umbrella Fund plc, therepresentative is UBS Fund Management (Switzerland) AG, Aeschenvorstadt 1, 4051
Basel and the paying agent is UBS Switzerland AG, Bahnhofstrasse 45, 8001 Basel.
For sub-funds of all other Barings UCITS, the representative and paying agent is BNPParibas Securities Services, Paris, Succersale de Zurich, Selnaustrasse 16, 8002 Zurich.
FOR PERSONS DOMICILED IN HONG KONG:
Distribution of this document, and placement of shares in Hong Kong, are restricted forfunds not authorized under Section 104 of the Securities and Futures Ordinance of Hong
Kong by the Securities and Futures Commission of Hong Kong. This document may only
be distributed, circulated or issued to persons who are professional investors under the
Securities and Futures Ordinance and any rules made under that Ordinance or asotherwise permitted by the Securities and Futures Ordinance. The contents of thisdocument have not been reviewed by any regulatory authority in Hong Kong. You areadvised to exercise caution in relation to the offer. If you are in any doubt about any of thecontents of this document, you should obtain independent professional advice.
FOR PERSONS DOMICILED IN SOUTH KOREA:
Neither this document nor Barings is making any representation with respect to theeligibility of any recipients of this document to acquire interests in the Fund under the lawsof Korea, including but without limitation the Foreign Exchange Transaction Act andRegulations thereunder. The Fund may only be offered to Qualified Professional
Investors, as such term is defined under the Financial Investment Services and CapitalMarkets Act, and this Fund may not be offered, sold or delivered, or offered or sold to any
person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea
except pursuant to applicable laws and regulations of Korea.
FOR PERSONS DOMICILED IN SINGAPORE:
This document has been prepared for informational purposes only, and should not be
considered to be an advertisement or an offer for the sale or purchase or invitation forsubscription or purchase of interests in the Fund. This document has not been registeredas a prospectus with the Monetary Authority of Singapore. Accordingly, statutory liability
under the SFA in relation to the content of prospectuses would not apply. This document
or any other material in connection with the offer or sale, or invitation for subscription orpurchase of interests in the Fund, may not be circulated or distributed to persons in
Singapore other than (i) to an institutional investor pursuant to Section 304 of the
Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person
pursuant to Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance withthe conditions of, any other applicable provision of the SFA.
FOR PERSONS DOMICILED IN TAIWAN:
The Shares of in the nature of securities investment trust funds are being made available
in Taiwan only to banks, bills houses, trust enterprises, financial holding companies andother qualified entities or institutions (collectively, “Qualified Institutions”) pursuant to therelevant provisions of the Taiwan Rules Governing Offshore Funds (the “Rules”) or asotherwise permitted by the Rules. No other offer or sale of the Shares in Taiwan ispermitted. Taiwan’s qualified Institutions which purchase the Shares may not sell orotherwise dispose of their holdings except by redemption, transfer to a Qualified
Institution, transfer by operation of law or other means approved by Taiwan Financial
Supervisory Commission. Investors should note that if the Shares are not in the nature of
securities investment trust funds, they are not approved or reported for effectiveness foroffering, sales, issuance or consultation by Taiwan Financial Supervisory Commission.
The information relating to the shares in this document is for information only and does
not constitute an offer, recommendation or solicitation in Taiwan.
FOR PERSONS DOMICILED IN JAPAN:
This material is being provided for information purposes only. It is not an offer to buy orsell any Fund interest or any other security. The Fund has not been and will not beregistered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange
Act of Japan (Act No. 25 of 1948) and, accordingly, it may not be offered or sold, directly
or indirectly, in Japan or to, or for the benefit, of any Japanese person or to others for reoffering or resale, directly or indirectly, in Japan or to any Japanese person except undercircumstances which will result in compliance with all applicable laws, regulations andguidelines promulgated by the relevant Japanese governmental and regulatory authorities
and in effect at the relevant time. For this purpose, a “Japanese person” means any
person resident in Japan, including any corporation or other entity organized under thelaws of Japan.

FOR PERSONS DOMICILED IN THAILAND:This document is only made available to qualified institutional investors/high-net-worth
individuals according to Notification of the Capital Market Supervisory Board No. Tor Thor.
1/2560. It is for information only and is not an advertisement, investment
recommendation, research or advice. It does not have regard to the specific investment
objectives, financial situation or needs of any specific person. You should seek advice
from a financial adviser if you are in any doubt about any of the content of this document.
None of the funds has been registered with the Office of the Securities and Exchange
Commission. Barings is not licensed to carry out fund management activities in Thailand
and has no intention to solicit your investment or subscription in the fund directly in
Thailand.
FOR PERSONS DOMICILED IN ARGENTINA:
This document includes a private invitation to invest in securities. It is addressed only toyou on an individual, exclusive, and confidential basis, and its unauthorized copying,
disclosure, or transfer by any means whatsoever is absolutely and strictly forbidden.
Barings will not provide copies of this document or provide any kind of advice or
clarification, or accept any offer or commitment to purchase the securities herein referred
to from persons other than the intended recipient. The offer herein contained is not a
public offering, and as such it is not and will not be registered with, or authorized by, theapplicable enforcement authority. The information contained herein has been compiled byBarings, who assumes the sole responsibility for the accuracy of the data herein
disclosed.
FOR PERSONS DOMICILED IN BRAZIL:
The fund may not be offered or sold to the public in Brazil. Accordingly, the fund has notbeen nor will be registered with the Brazilian Securities Commission – CVM nor have they
been submitted to the foregoing agency for approval. Documents relating to the fund, as
well as the information contained therein, may not be supplied to the public in Brazil, as
the offering of fund is not a public offering of securities in Brazil, nor used in connection
with any offer for subscription or sale of securities to the public in Brazil.
FOR PERSONS DOMICILED IN CHILE:
This is not a public offering. These instruments have not been registered with theSuperintendence of Securities and Insurance of Chile.
(i) La presente oferta se acoge a la Norma de Carácter General N° 336 de laSuperintendencia de Valores y Seguros de Chile. (ii) La presente oferta versa sobre
valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros quelleva la Superintendencia de Valores y Seguros, por lo que los valores sobre los cualesésta versa, no están sujetos a su fiscalización; (iii) Que por tratarse de valores noinscritos, no existe la obligación por parte del emisor de entregar en Chile información
pública respecto de estos valores; y (iv) Estos valores no podrán ser objeto de oferta
pública mientras no sean inscritos en el Registro de Valores correspondiente.
FOR PERSONS DOMICILED IN COLOMBIA:
The material herein does not constitute a public offer in the Republic of Colombia. This
document does not constitute a public offer in the Republic of Colombia. The offer of thefund is addressed to less than one hundred specifically identified investors. The fund may
not be promoted or marketed in Colombia or to Colombian residents, unless suchpromotion and marketing is made in compliance with Decree 2555 of 2010 and otherapplicable rules and regulations related to the promotion of foreign funds in Colombia. The
distribution of this document and the offering of shares may be restricted in certain
jurisdictions. The information contained in this document is for general guidance only, and
it is the responsibility of any person or persons in possession of this document andwishing to make application for shares to inform themselves of, and to observe, allapplicable laws and regulations of any relevant jurisdiction. Prospective applicants forshares should inform themselves of any applicable legal requirements, exchange control
regulations and applicable taxes in the countries of their respective citizenship, residenceor domicile.
FOR PERSONS DOMICILED IN MEXICO:The securities offered hereby are not and will not be registered in the national securities
registry (Registro Nacional De Valores) maintained by the Mexican Banking and
Securities Commission (Comision Nacional Bancaria y De Valores “CNBV”). These
securities may not be publicly offered or sold in Mexico without the applicability of an
exemption for the private placement of securities pursuant to the Mexican Securities law.
In making an investment decision, you should rely on your own review and examination of
the fund / security. These securities are not being offered and may not be offered nor
acquired within the territory of the United Mexican States. The information contained
herein has not been reviewed or authorized by the CNBV. Any Mexican investor who
acquires the securities does so at his or her own risk.
FOR PERSONS DOMICILED IN PANAMA:
This is not a public offering. This document is only for the exclusive use of institutional
investors. The securities mentioned in this document have not been registered with nor
fall under the supervision of the Superintendence of the Securities Market of Panama. The
distribution of this document and the offering of shares may be restricted in certain
jurisdictions. The above information is for general guidance only, and it is the

For investment professionals only

Important Information

responsibility of any person or persons in possession of this document and wishing to
make application for shares to inform themselves of, and to observe, all applicable laws
and regulations of any relevant jurisdiction. Prospective applicants for shares should
inform themselves as to legal requirements also applying and any applicable exchange
control regulations and applicable taxes in the countries of their respective citizenship,
residence or domicile. This document does not constitute an offer or solicitation to any
person in any jurisdiction in which such offer, or solicitation is not authorised or to any
person to whom it would be unlawful to make such offer or solicitation.
FOR PERSONS DOMICILED IN PERU:The Fund is not registered before the Superintendencia del Mercado de Valores (SMV)and it is placed by means of a private offer. SMV has not reviewed the information
provided to the investor. This document is only for the exclusive use of institutional
investors in Peru and is not for public distribution.
FOR PERSONS DOMICILED IN URUGUAY:
The sale of the product qualifies as a private placement pursuant to section 2 ofUruguayan law 18,627. The product must not be offered or sold to the public in Uruguay,
except in circumstances which do not constitute a public offering or distribution underUruguayan laws and regulations. The product is not and will not be registered with the
Financial Services Superintendency of the Central Bank of Uruguay. The productcorresponds to investment funds that are not investment funds regulated by Uruguayan
law 16,774 dated September 27,1996, as amended.
FOR PERSONS DOMICILED IN THE DUBAI INTERNATIONAL FINANCIAL CENTRE:
This document is directed at and intended for “Professional Investors” or any othercategory of person to which such marketing is permitted under the rules of Dubai
Financial Services Authority.

For investment professionals only