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About Baring Asset Management

The firm provides its services to asset manager clients, UK platforms, financial advisers, life insurance companies, government bodies, corporations, pension funds, charitable institutions, institutional, retail, and private clients. It manages separate client focused equity, fixed income, and balanced portfolios for its clients. It also launches and manages equity, fixed income, and balanced mutual funds and hedge funds for its clients. It invests in the public equity and fixed income markets across the globe and invests in growth, value, and growth oriented value stocks of companies.

Baring Asset Management Headquarter Location

155 Bishopsgate

London, England, EC2M 3XY,

United Kingdom

44 20 7628 6000

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Barings Emerging EMEA Opportunities Plc - Annual Financial Report

Dec 6, 2021

Barings Emerging EMEA Opportunities Plc 783 12/06/2021 | 02:02am EST Message : (formerly Baring Emerging Europe PLC) LEI: 213800HLE2UOSVAP2Y69 Annual Report & Audited Financial Statements for the year ended 30 September 2021 The Directors present the Annual Financial Report of Barings Emerging EMEA Opportunities PLC (the “Company”) for the year ended 30 September 2021. The full Annual Report and Accounts can be accessed via the Company’s website, www.bemoplc.com or by contacting the Company Secretary on 01392 477571. COMPANY SUMMARY Barings Emerging EMEA Opportunities PLC (the “Company”) was incorporated on 11 October 2002 as a public limited company and is an investment company in accordance with the provisions of Section 833 of the Companies Act 2006 (the “Act”). It is a member of the Association of Investment Companies (the “AIC”). The ticker is BEMO. As an investment trust, the Company has appointed an Alternative Investment Fund Manager, Baring Fund Managers Limited (the “AIFM”), to manage its investments. The AIFM is authorised and regulated by the Financial Conduct Authority (the “FCA”). The AIFM has delegated responsibility for the investment management of the portfolio to Baring Asset Management Limited (the “Investment Manager” or “Manager”). Further information on the Investment Manager, their investment philosophy and management of the Investment Portfolio can be found below. MANAGEMENT FEE With effect from 13 November 2020, the AIFM agreed to a reduction in the investment management fee from the previous level of 0.80% of the net asset value (“NAV”) of the Company to 0.75% of the NAV of the Company per annum. This is paid monthly in arrears based on the level of net assets at the end of the month. INVESTMENT OBJECTIVE AND POLICY BENCHMARK The Company’s comparator benchmark is the MSCI Emerging Markets EMEA Index (net dividends reinvested) (the “Benchmark”). This Benchmark is considered to be most representative of the Company’s investment mandate, which covers Emerging Europe, the Middle East and Africa. Financial Highlights -202.12p Revenue return (earnings) per Ordinary Share is based on the revenue return for the year of £2,912,000 (2020: £2,281,000). Capital return per Ordinary Share is based on net capital gain for the financial year of £27,476,000 (2020: loss £27,339,000). These calculations are based on the weighted average of 12,202,696 (2020: 12,397,456) Ordinary Shares in issue, excluding treasury shares, during the year. At 30 September 2021, there were 12,044,780 (2020: 12,276,025) Ordinary Shares of 10 pence each in issue which excludes 3,318,207 (2020: 3,318,207) Ordinary Shares held in treasury. The shares held in treasury are not included when calculating the weighted average of Ordinary Shares in issue during the year. All shares repurchased during the year have been cancelled. 1Alternative Performance Measures (“APMs”) definitions can be found in the Glossary below. 2% based on dividend declared for the full year. #Key Performance Indicator. Chairman’s Statement “Our Investment Manager was not only able to deliver a strong return in absolute terms, but also a significant outperformance relative to the Benchmark. This result was largely attributable to stock selection, whilst the portfolio also benefited from the broadening of the investment mandate and the increased diversification of its investments”. Frances Daley Chairman I am delighted to present the results for the year ended 30 September 2021. This was a period of significant change for the Company, following Shareholders’ approval of a broadened investment mandate to include the emerging markets of Europe, the Middle East and Africa in November last year. A year ago, I wrote at a time of continued global uncertainty over COVID-19 and governments’ responses to it. The twelve months that have passed since have been remarkable. Our region’s equity markets, after being amongst the hardest hit in the earlier stages of the pandemic, rebounded strongly as the successful development of a number of COVID-19 vaccines allowed economies globally to reopen. Against this backdrop, our Investment Manager was not only able to deliver a strong return in absolute terms, but also significant outperformance relative to the Benchmark. This result was largely attributable to stock selection, based on our Investment Manager’s fundamental bottom-up investment process. The portfolio has also benefited from the broadening of the investment mandate. The effect has been to increase the diversification of the investment portfolio. The portfolio now comprises investments across eleven different countries and currencies, and enjoys a deeper pool of potential stock picks. The benefit of reduced vulnerability to negative developments in particular countries is exemplified by Turkey. With Turkey now making up just 2.6% of the portfolio compared to 8.1% at the end of the prior financial year, the volatility of the country’s equity market over the period had a negligible impact on the Company’s performance. Performance The NAV total return over the year was +36.6% compared to the Benchmark return of +33.3%. On a relative basis, this represents an outperformance of +2.4% versus the Benchmark. Over the long term, the Company’s annualised NAV total return was +7.7% over three years and +9.1% over five years. This remains comfortably ahead of the Benchmark, which returned +6.2% and +8.1% respectively. Our region also delivered an impressive performance relative to both developed and emerging market peers. By contrast, the total return from developed European equities was 22.0%, whilst global emerging market equities gained 13.3%1. This recovery across emerging EMEA equities is particularly impressive given that the region’s economies and financial markets were among the worst hit in the world by the first shockwaves of the pandemic last year. As economies tentatively began to recover from the pandemic the share prices of companies whose fortunes are closely aligned to the economic cycle, and had been hardest hit by COVID-19, tended to perform most strongly. This was despite many of these businesses still facing uncertain outlooks and weak profitability. This is not the type of company generally held in the portfolio, as our Manager believes that the most effective way to deliver attractive returns to Shareholders is to invest in structurally growing companies rather than those tied to the economic cycle. It is therefore worthy of note that our portfolio performed significantly better than the Benchmark, driven by the success of our Manager’s stock selection. This was despite the cyclical stocks that benefitted most from the upturn in the economic cycle not being as widely held in the portfolio. I would like to thank the team at Barings for managing what has been a period of great change for the Company and its portfolio. 1 As defined by the MSCI Europe Net (Developed Europe) and MSCI Emerging Markets Net (Global Emerging Markets) indices. Environmental, Social and Governance The Investment Manager continues to incorporate Environmental, Social and Governance (“ESG”) parameters as a key element of the investment process and company analysis, to reflect improving or deteriorating corporate standards that may influence a company’s value. This approach enables the Investment Manager to uncover potential unrecognised investment opportunities, whilst also mitigating risks. The Investment Manager also undertakes active engagement to positively influence ESG practices and improve ESG disclosures. During the year, the Board discussed with the Investment Manager their approach to ESG, the challenges posed by countries across our region and reviewed some examples of companies they have engaged with. This process included a series of online meetings with the management teams of some of the companies the Company is invested in. We also discussed the opportunities that ESG presents, specifically as it relates to renewable energy sources and a future world less dependent on fossil fuels. One particular area of interest is the transition to greener energy sources. The Investment Manager believes that the portfolio is well positioned to be able to invest in businesses positively exposed to energy transition and renewables themes. The Board shares the Investment Manager’s view that ESG factors are among some of the most important variables that can impact on investment’s risks and returns over time. Further detail on the Investment Manager’s ESG process and approach to active engagement can be found in the Investment Manager’s Report. Discount Management The discount at year-end was 13.9% compared with 15.5% for the end of the prior year. The average discount during the year was 13.1%. During the year, 231,245 Ordinary Shares were bought back and cancelled at an average price of £7.41 per Ordinary Share, for a total cost of £1,715,000. The share buybacks added approximately 2.1 pence per Ordinary Share to NAV, accounting for just under 0.2% of the total return to Shareholders. Gearing There were no borrowings during the period. At 30 September 2021, there was net cash of £1.7 million (30 September 2020: £1.7 million). The Company does not currently make use of a loan facility but keeps its borrowing arrangements and gearing policy under review. Dividends In respect of the six-month period ended 31 March 2021, the Company paid an interim dividend of 15 pence per share (2020: 15 pence per share). For the year under review, the Board recommends a final dividend of 11 pence per share (2020: 10 pence per share). This amounts to a total dividend for the year of 26 pence per share (2020: 25 pence per share), equivalent to a yield of around 3.3% on the year end share price of 793p. This payment is not fully covered by the income account, which produced  net revenue per share of 23.86 pence per share (2020: 18.40 pence). However, it reflects our confidence in the ability of the Investment Manager to sustainably grow the underlying revenue generated by the portfolio over the medium term. The Board remains committed to enhancing the appeal of investing in the Company by providing Shareholders with an attractive level of income. Promotional Activity and Keeping Shareholders Informed The Board and Investment Manager have put in place a promotional programme that seeks to raise the Company’s profile and its investment remit, particularly amongst retail investors. The aim is to benefit all shareholders by generating sustained interest in, and demand for, the Company’s shares. As part of the plan, the Company’s website has been refreshed with new themed content, a portfolio and pricing feed, plus detailed information on investing through online investment trading platforms, where many retail investors now buy their shares. We have also put in place an email communications programme to enhance engagement with the Company’s existing shareholders, as well as with other supporters. These email updates provide relevant news and views plus performance updates. I encourage you to sign up for these targeted communications by visiting the Company’s web page at www.bemoplc.com and clicking on ‘Register for email updates’. Annual General Meeting  The Board would be delighted to meet Shareholders at the Company’s Annual General Meeting (“AGM”), to be held at the offices of the Investment Manager, 20 Old Bailey, London EC4M 7BF, on Tuesday, 25 January 2022 at 2.30pm. The Investment Manager will give their customary presentation on the markets and the outlook for the year ahead. Details can be found in the Notice of the AGM, which has been circulated separately to this report. While we hope that you are able to attend, the Directors are aware that government guidance or regulation to contain the spread of COVID-19 might change and if we are obliged to change the arrangements for the AGM after publishing this document, details will be published via RNS and our website. Articles of Association The Company’s Annual General Meeting in 2021 could not be held as normal as a result of COVID-19 restrictions. Electronic or hybrid meetings would allow greater Shareholder participation in future Annual General Meetings or other general meetings should similar situations arise. Electronic and hybrid meetings are only permitted if expressly provided for in the Company’s Articles of Association. As currently drafted, the Company’s Articles of Association do not allow for hybrid meetings. The Board is therefore proposing a Special Resolution at the Annual General Meeting to be held on 25 January 2022 that the Articles of Association be amended to allow for hybrid meetings and to capture any significant regulatory changes since the drafting of the current Articles of Association. Whilst the Board is proposing a provision for hybrid meetings, it is the Board's preference, restrictions permitting, for Annual General Meetings to be held in person as the Board welcomes the opportunity to meet and engage with shareholders. Outlook Since the year-end, equity markets have continued to extend their recovery from the lows of 2020, reflecting optimism that the global economic recovery will continue. After this strong rebound in economic activity, worries now centre around inflationary pressures caused by the release of pent-up of demand and the consequential disruption to global supply lines. In turn, this has led to concerns that the stimulatory monetary policies followed by central banks around the world might be reversed with adverse effects on equity markets. Despite these global concerns, there are reasons to be optimistic for the emerging EMEA asset class. We have continued to see a recovery in earnings growth across many of the companies in our investment universe. This trend bodes well for the performance of the portfolio and the income generated by the companies in the portfolio. Underpinning this earnings growth is the strength of the consumer. High disposable income growth across most parts of the region, combined with ongoing efficiency gains, will remain a key driver of earnings over the medium term. The case for investment in the region’s equities also comprises a degree of resilience against inflationary pressures. This has been most evident in recent months, where rising energy prices have helped support economic activity and stock market performance across some of region’s markets. This will continue to be important over the coming months as inflationary pressures persist. Liquidity across the region is improving, underpinned by the increased participation of retail investors. We believe this trend is set to continue, and will help to support portfolio diversification and valuations. Finally, against a backdrop of monetary tightening, the region will continue to benefit from the flexibility provided by the independent monetary policy framework that has been established in most of the countries (one obvious current exception being Turkey). The impact of some of these positive trends can be seen in the performance of markets across the region. For example, in U.S. Dollar terms, both Russia and Saudi Arabia are at multi-year highs. These factors should help contribute to the increasing attractiveness of emerging EMEA equities as an asset class, whilst the Company’s diversified portfolio is well placed to continue to deliver attractive returns for our Shareholders. Frances Daley Business Model and Strategy The Company has no employees and the Board is comprised of Non-Executive Directors. The day-to-day operations and functions of the Company have been delegated to third-party service providers, which are subject to the ongoing oversight of the Board. In line with the stated investment philosophy, the Manager takes a bottom-up approach, founded on research carried out using the Manager’s own internal resources. This research, which has a strong focus on environmental, social and governance issues, enables the Manager to identify what it believes to be the most attractive stocks in EMEA markets. Further information can be found below. The Company’s Investment Objective and Policy was changed on 13 November 2020, following approval from Shareholders in a general meeting. Purpose, Values and Strategy The Company’s primary purpose is to meet its investment objective to deliver capital growth, principally through investment in emerging and frontier equity securities listed or traded on EMEA markets. To achieve this, the Board uses its breadth of skills, experience and knowledge to oversee and work with the Investment Manager, to ensure that it has the appropriate capability, resources and controls in place to actively manage the Company’s assets to meet its investment objective. The Board also select and engage reputable and competent organisations to provide other services on behalf of the Company. The Company’s values focus on transparency, clarity and constructive challenge. The Directors recognise the importance of sustaining a culture that contributes to achieving the purpose of the Company that is consistent with its values and strategy. Further detail on culture can be found below. Investment Objective The Company’s investment objective is to achieve capital growth, principally through investment in emerging and frontier equity securities listed or traded on Eastern European, Middle Eastern and African (EMEA) securities markets. The Company may also invest in securities in which the majority of underlying assets, revenues and/or profits are, or are expected to be, derived from activities in EMEA but are listed or traded elsewhere (EMEA Universe). Investment Policy The Company intends to invest for the most part in emerging and frontier equity listed or traded on EMEA securities markets or in securities in which the majority of underlying assets, revenues and/or profits are, or are expected to be, derived from activities in EMEA but are listed or traded elsewhere. To achieve the Company’s investment objective, the Company selects investments through a process of bottom-up fundamental analysis, seeking long-term appreciation through investment in mispriced companies. Where possible, investments will generally be made directly into public listed or traded equity securities including equity-related instruments such as preference shares, convertible securities, options, warrants and other rights to subscribe or acquire equity securities, or rights relating to equity securities. It is intended that the Company will generally be invested in equity securities; however, the Company may invest in bonds or other fixed-income securities, including high risk debt securities. These securities may be below investment grade. The number of investments in the portfolio will normally range between 20 and 65. The Company may invest in unquoted securities, but the amount of such investment is not expected to be material. The maximum exposure to unquoted securities should be restricted to 5% of the Company’s gross assets, at the time of investment, in normal circumstances. The Company may also invest in other investment funds in order to gain exposure to EMEA countries or gain access to a particular market, or where such a fund represents an attractive investment in its own right. The Company will not invest more than 10% of its gross assets in other UK listed closed-ended investment funds, save that, where such UK listed closed ended investment funds have themselves published investment policies to invest no more than 15% of their total assets in other listed closed-ended investment funds, the Company will invest not more than 15% of its gross assets in such UK listed closed ended investment funds. Whilst there are no specific limits placed on exposure to any one sector or country, the Company seeks to achieve a spread of risk through continual monitoring of the sector and country weightings of the portfolio. The Company’s maximum limit for any single investment at the time of purchase is the higher of 15% of gross assets or the weight of the purchased security in the comparator benchmark plus 5%, with an upper maximum limit of 20% of gross assets (excluding for cash management purposes). Relative guidelines will be based on the Morgan Stanley Capital International “MSCI” Emerging Markets EMEA Index (net), which will be the index used as the benchmark. The Company may use borrowed funds to take advantage of investment opportunities. However, it is intended that the Company would only be geared when the Directors, advised by the Investment Manager, have a high level of confidence that gearing would add significant value to the portfolio. The Investment Manager has discretion to operate with an overall exposure of the portfolio to the market of between 90% and 110%, to include the effect of any derivative positions. The Company may use derivative instruments for the purpose of efficient portfolio management (which includes hedging) and for any investment purposes that are consistent with the investment objective and polices of the Company. On 13 November 2020, the Company announced it had received Shareholder approval to broaden its investment mandate to focus on investing in emerging equity securities listed or traded on Emerging European, Middle Eastern and African (“EMEA”) securities markets. The previous Investment Objective and Investment Policy of the Company can be found in the Report. Benchmark Discount Control Mechanism The Board is aware of Shareholders’ continued desire for a strong discount control mechanism, though also mindful of the need to provide the Company the opportunity to achieve its goal of outperforming its Benchmark. With effect from 1 October 2020, the Board approved a tender offer trigger mechanism to provide Shareholders with a tender offer for up to 25% of the Company’s issued ordinary share capital if: i)  the average daily discount of the Company’s market share capital to its net asset value (‘cum-income’) exceeds 12%, as calculated with reference to the trading of the Company’s shares over the period between 1 October 2020 and 30 September 2025; or ii) the performance of the Company’s net asset value per share on a total return basis does not exceed the return on the MSCI Emerging Markets EMEA Index (net) by an average of 50 basis points per annum over the Calculation Period. Please refer to the shareholder circular dated 19 October 2020 for further details. In addition, and in order to reduce the discount, the Board authorises the Company’s shares to be brought on the market, from time to time, where the share price is quoted at a discount to NAV. Barings Emerging EMEA Opportunities PLC Focusing on the markets of Emerging Europe, the Middle East and Africa, the Company seeks out attractively valued, quality companies across this diverse and fast-changing region. Large investment region underrepresented in global portfolios, with a portfolio that aims to deliver both attractive levels of income and capital growth over the long-term. Managed by one of the region’s most experienced investment teams with a consistent track record of delivering relative outperformance. A differentiated and innovative investment process driven by fundamental bottom-up analysis – with a strong focus on environmental, social and governance factors. Principal and Emerging Risks Principal Risks and Uncertainties The Company is exposed to a variety of risks and uncertainties. The Board, through delegation to the Audit Committee, has undertaken a robust assessment of both the emerging and principal risks facing the Company, together with a review of any evolving risks which may have arisen during the year, including those risks which would threaten the Company’s business model, future performance, solvency or liquidity. These risks are formalised within the Company’s risk matrix. The Audit Committee regularly (on a six-monthly basis) reviews the risks facing the Company by maintaining a detailed record of the identified risks against an assessment of the likelihood of such risks occurring and the severity of the potential impact of such risks. A residual risk rating is then calculated for each risk based on the outcome of the assessment. This enables the Board to take action and develop strategies in order to mitigate the effect of such risks to the extent possible. An analysis of financial risks can be found in note 14 to the Financial Statements below. Information about the Company’s internal control and risk management procedures can be found in the Audit Committee Report below. The principal financial risks and the Company’s policies for managing these risks and the policy and practice with regard to financial instruments are summarised in note 14 to the Financial Statements. The principal risks and uncertainties faced by the Company during the financial year, together with the potential effects, controls and mitigating factors, are set out in the following table. The Audit Committee will continue to assess these risks on an ongoing basis. Risk There can be no guarantee that the investment objective will be achieved The Investment Manager has a clear investment strategy, as set out above, which is regularly reviewed by the Board. The Investment Manager has in place a dedicated investment process which is designed to maximise the chances of the investment objective being achieved. The Board reviews regular investment reports from the Investment Manager to monitor performance against its stated objective and regularly reviews the strategy. All of the Company’s investments are listed on recognised stock exchanges and the liquidity of individual investments is monitored by the Investment Manager and the Board. Adverse market conditions Emerging markets are subject to volatile geopolitical and socioeconomic movements as well as the possible imposition of selective sanctions. This may have an impact on the liquidity of individual investments. Events such as health pandemics or outbreaks of disease may lead to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. The Company is closed-end and, unlike open-ended funds, does not have to sell investments at low valuations in volatile markets. It can be argued that the most effective method of protecting the Company from the effects of country specific or individual stock risks is to hold a geographically diversified portfolio spread across a diversified portfolio of stocks. As at the date of this report, the Company holds 51 stocks in 11 countries and the AIFM has the ability, where necessary, to diversify the portfolio into other regions. The AIFM has a clear investment strategy as set out below. Whilst recognising there will be periods when this strategy underperforms the Benchmark and peer group, the Board monitors performance at each Board meeting and reviews the investment process throughout the year. The Investment Manager’s own internal compliance functions provide robust checks that the Investment Manager complies with the investment mandate. The Board recognises the benefits of a closed-end fund structure in extremely volatile markets such as those affected by the COVID-19 pandemic. Unlike open ended funs, closed-ended funds are not obliged to sell-down portfolio holdings at potentially low valuations to meet liquidity requirements for redemptions. During times of elevated volatility and market stress, the ability of a closed-end fund structure to remain invested for the long term enables the Investment Manager to adhere to the investment management approach and be ready to respond to dislocations in the market as opportunities present themselves. Size of the Company The size of the Company could become sub optimal as share buybacks reduce the Company’s market capitalisation. The Investment Manager discusses and agrees with the Board prior to making any buybacks of the Company’s shares within the agreed parameters. The Investment Manager and Corporate Broker are in regular contact with major institutional investors and report their views to the Board on a regular basis. Share price volatility and liquidity/marketability risk The shares of the Company are traded freely and are therefore subject to the influences of supply and demand and investors’ perception to the markets the Company invests in. The share price is therefore subject to fluctuations and like all investment trusts may trade at a discount to the NAV. Market shocks, such as those related to COVID-19, could continue to have a negative impact on the share price. The Board seeks to narrow the discount by undertaking measured buybacks of the Company’s shares. The Company and Investment Manager work with the Corporate Broker to seek to increase demand for the Company’s shares. The Board remains committed to an increased focus on dividend yield to further enhance the appeal of investing in the Company and increase demand for its shares. The Board has also put in place a comprehensive range of promotional plans to support existing shareholders and attract new investors. In addition, as set out above, the Company has performance triggers in place, which may provide Shareholders with the opportunity to realise their investment in the Company at NAV less costs, should the Company not meet targets relating to average discount or performance over a five year period. Loss of assets The portfolio includes investments held in a number of jurisdictions and there is a risk of a loss of assets. The Investment Manager and Administrator have systems in place for executing and settling transactions and for ensuring assets are safe. In addition, the Company uses an internationally recognised Custodian and sub Custodians and receives regular reports of assets held, which the Administrator reconciles. The operation of the Custodian is overseen and reviewed by the Depositary which reports regularly to the Board. Engagement of third-party service providers The Company outsources all of its operations to third parties and is therefore reliant on those third parties maintaining robust controls to prevent the Company suffering financial loss or reputation as damage. Further, the emergence of health pandemics, such as COVID-19, may have an impact on the operational robustness of third party service providers and their ability to conduct business as usual. The Company operates through a series of contractual relationships with its service providers. In the instance an epidemic and or pandemic develops internationally, the Investment Manager is able to take proactive steps to address the potential impacts on their people, clients, communities and any other stakeholders they come in contact with, directly or through their premises. This includes suspending all international business and domestic travel. Further, the Investment Manager has performed stress-testing on systems and processes, and is able to operate under a 100% remote working model globally without a degradation in their responsibilities. The Board reviews the performance of all service providers both in Board meetings and in the Management Engagement Committee meeting, where the terms on which the service providers are engaged are also reviewed. The Audit Committee also receives internal controls reports from key service providers. The Board assesses whether relevant controls have been operating effectively throughout the period. In addition to the principal risks outlined above, the Board has considered a number of issues that it views as emerging risks. This included a discussion around the continued impact of COVID-19 and the ongoing implications of the United Kingdom’s withdrawal from the European Union. The COVID-19 pandemic has given rise to unprecedented challenges for businesses and economies across the globe and the Board has taken into consideration the risks posed to the Company by the crisis and incorporated these into the Company’s risk matrix. The Board also considered the impact of climate change, which remains a critical issue as the world seeks to reduce greenhouse gas emissions and help combat global warming. However, a global transition towards a lower carbon world may also provide attractive investment opportunities. Management of the portfolio, including the integration of ESG considerations into portfolio construction, is delegated to the Investment Manager. The Board spent time over the year discussing with the Investment Manager its ESG framework, including how ESG considerations are integrated into the investment decision-making process. Further detail on the Investment Manager’s ESG process and approach to active engagement can be found in the Investment Manger’s Report. The Audit Committee routinely reviews the principal risks and makes the required updates to the Company’s risk matrix as required. This approach allows the effect of any mitigating factors to be reflected in the assessment of the risk. The risk register and the operation of the key controls of the Company’s third-party service providers’ systems of internal control are reviewed regularly by the Audit Committee. Emerging risks are considered by the Board as they come into view, the immediate significance will be evaluated and the potential implications integrated into the existing review of the Company’s risk matrix. Investment Manager Management Arrangements and Fees Baring Fund Managers Limited acts as the AIFM of the Company under an agreement terminable by either party giving not less than six months written notice. During the year under review, and under this agreement, the AIFM received a fee calculated monthly and payable at an annual rate of 0.80% of the NAV of the Company, together with any applicable VAT thereon and any out of pocket expenses incurred by the AIFM. With effect from 13 November 2020, this fee was reduced to 0.75% of the NAV of the Company. There is no performance fee for the AIFM. The AIFM has delegated the investment management of the portfolio to Baring Asset Management Limited (the “Investment Manager”). Details of the Investment Manager The Investment Manager has a team of fund managers who are responsible for the management of the investment portfolio. Matthias Siller, Head of Europe, Middle East and Africa (“EMEA”) at the Investment Manager, is the lead manager with Maria Szczesna and Adnan El-Araby as supporting managers. Matthias is supported by the wider EMEA Equity Team, which comprises seven experienced investment professionals all of whom have research responsibilities as well as the broader team of emerging equity professionals based in London, Hong Kong and Taiwan, utilising their diverse local knowledge and experience. The team also draws further support from the rest of the broader equity platform at the Investment Manager, especially the knowledge, expertise and coverage of our three global sector teams: Healthcare, Resources and Technology. Matthias joined the Investment Manager in 2006 and was appointed Head of EMEA Equities Team in 2016. He began his career in fund management at Raiffeisen Zentralbank Austria in 1997 as a Market Maker/Proprietary Trader in Central & Eastern European Equities and Derivatives. He joined Bawag – PSK Invest as an EMEA equity portfolio manager in 2001 and moved to Raiffeisen Capital Management in 2003, where he was a portfolio manager for Central & Eastern European Equities. Matthias has a Masters degree from Vienna University in Economics & Business Administration. Matthias was awarded the CFA designation in 2006 and speaks fluent German. Maria is an Investment Manager in the EMEA Equity Team. She is responsible for Financials and Consumer Staples in the region. Maria joined Barings in 2006 from the Polish Embassy in London, where she worked for three years as an economist. Prior to this, Maria worked in corporate finance at Ernst & Young and BRE Corporate Finance (part of Commerzbank Group) in Warsaw. She holds an MA in Economics from the Warsaw School of Economics and was awarded the CFA designation in 2008. Maria is fluent in Polish. Adnan is an Investment Manager in the EMEA Equity Team. He is responsible for the entire Resource Space, Healthcare & Pharmaceuticals, Tech & Media and Autos within the EMEA region. Adnan joined Barings in 2010 from Legg Mason Capital Management, where he was also an investment analyst. He holds a Bachelor of Commerce degree from St. Mary’s University, Canada and was awarded the CFA designation in 2006. Adnan is fluent in Arabic. Report of the Investment Manager Our strategy seeks to diversify your portfolio by harnessing the long-term growth and income potential of Emerging EMEA. The portfolio is managed by our team of experienced investment professionals, with a repeatable process that also integrates Environmental, Social and Governance (“ESG”) criteria. Our strategy The investment team conducts hundreds of company meetings per year, building long-term relationships and insight. Extensive primary research and proprietary fundamental analysis, evaluating companies over a 5-year research horizon with macro considerations incorporated through our Cost of Equity approach. Fully integrated dynamic ESG assessment combined with active engagement to positively influence ESG practices. A detailed description of the investment process, particularly the ESG approach can be found below. Market Summary  Global markets rallied significantly over the period, driven by the approval of a number of COVID-19 vaccines. This led to an improving picture for the global economic outlook and the hope for a return to economic normality, supported further by unprecedented stimulus from both the US government and European Union (“EU”). Against this backdrop, Emerging European, Middle Eastern, and African equities performed strongly. This reflected the continued economic recovery from the lows of 2020, as well as a supportive commodity price backdrop, particularly within the energy sector, where oil and gas prices rose significantly in response to strong demand and tightening global supply. The region comfortably outperformed both broader developed and emerging equity markets, alongside regional peers, which were increasingly unpredictable in the face of rising inflation, monetary policy tightening and weakness in China. Sterling has been notably strong over the period, drawing support from the last-minute agreement of a post-Brexit trade deal with the EU, and the rapid rollout of COVID-19 vaccines, which buoyed expectations of a swifter economic rebound. This is especially important given the company derives its returns from foreign assets, denominated in a range of currencies, and any material strength in the pound weakens the value of these repatriated investments. Despite these headwinds, over the period the Company achieved a NAV total return of 36.6% (including dividends), whilst the Benchmark returned 33.3% (both in GBP). 12M – Market Performance (%, GBP) Income The Company’s key objective is to deliver capital growth from a carefully selected portfolio of emerging EMEA companies. However, we are also focused on generating an attractive level of income for investors, from the companies in the portfolio. In these times of ultra-low interest rates and equity dividend reductions, Emerging EMEA offers UK-based income seekers an attractive and differentiated income opportunity. A combination of the recovery in economic growth, greater capital efficiency and improved regulation is helping to drive dividend growth opportunities across a number of sectors, enabling companies to pay out more of their earnings to shareholders. In addition, many EMEA countries and their local exchanges have adopted accountancy and transparency standards that go beyond minimum requirements and rival their Western counterparts, which in turn, is helping to attract international investors and improve market liquidity. Likewise, many EMEA companies themselves are striving to be more transparent, more shareholder-focused and generally better run. Russian fintech company TCS is a good example. The company recently cancelled its voting system that gave founder Oleg Tinkoff effective control over the company. In response, the share price rallied significantly upon the announcement as investors applauded this major advance in corporate governance. TCS is not alone, with examples of emerging EMEA companies choosing to return more cash to shareholders ranging from Turkcell – Turkey’s leading mobile company, to PZU – Poland’s largest and oldest insurer, to X5 – Russia’s biggest supermarket chain. As further improvements in corporate governance lead to greater capital efficiency, we believe dividend payout ratios in these markets can continue to rise. Interestingly, this shift isn’t just happening in companies primarily owned by private investors. The Emerging EMEA region has a sizeable number of state-owned entities that are also looking to improve corporate culture, reign in corruption and incentivise long-term value generation. For example Sberbank, Russia’s largest lender and majority state-controlled, which is successfully transforming into a modern financial platform and e-commerce ecosystem, driving long-term growth and increasing dividend payout ratios. Sberbank is now among the top three banks in Europe by market capitalisation, and continued to pay out 50% of its profits during the pandemic-stricken year 2020. Furthermore, we are also recognising new income opportunities away from Emerging Europe. In South Africa, First Rand declared an interim dividend, after withholding its final payout last year while the country battled the worst of the COVID-19 pandemic, delivering a sign of confidence in anticipation of the expected rebound in the economy. In the UAE, our investment in First Abu Dhabi Bank (FAB) delivered a resilient and stable 5% yield despite short-term headwinds, which we believe is a strong commitment to minority shareholders. Monthly Yield (%) Macro Themes In line with our bottom-up approach, our primary focus is to identify attractive investment opportunities at the company level for our shareholders. Nevertheless, we remain vigilant and mindful of broader macro effects within the region. By utilising the breadth of the region, we believe we are able to diversify the company’s portfolio by reducing concentration risk and lowering political and country-based risk. This in turn helps to support the contribution to performance from our company selection, accessing long-term growth opportunities, while dampening the negative effects  from major macro dislocations. While the impressive overall performance of emerging EMEA owes much to the region’s economic resilience, the market backdrop remained, at times, unpredictable, reflecting worries about inflation, fluctuations in the price of oil and gas, and in Turkey, disruption at the central bank. Energy Costs and the Great Transition Oil and gas prices rose significantly over the year, driven by a recovery in demand from the extreme lows of the pandemic as economies reopened, whilst supply failed to recover at an adequate pace. This drove the performance of the region’s bigger energy exporters higher. In the longer term, the dominance of Russia and the Middle East in fossil fuel production may seem to put them at a disadvantage in a world looking to wean itself off carbon. However, a global transition away from oil and coal towards cleaner ‘bridging’ energy sources such as natural gas, would likely benefit Russia and Qatar—two of the world’s top four gas producers. Recent months have seen historic spikes in global natural gas prices, and could see further price rises as winter approaches. This volatility owes much to rising demand globally as economies looks to decarbonise. It is especially prevalent in the context of the current energy transition sought by the European Commission and China, in which natural gas represents a readily accessible alternative to reduce greenhouse gas emissions and help combat global warming. Against this backdrop, whilst your Company does continue to selectively invest in the Energy sector, in companies such as Gazprom and Novatek. What are the Benefits of Natural Gas? Natural gas is a naturally occurring mixture of gases that can be used across a variety of sectors across the global economy to generate electricity, heat homes and fuel the transport of people and goods. In a world rapidly evolving to meet growing global energy demand and limit CO2 emissions, natural gas is the cleanest-burning hydrocarbon, emitting between 45% and 55% lower greenhouse gas emissions than coal when used to generate electricity, according to data from the International Energy Agency (“IEA”). Supplying the Green Revolution Climate change and the need to move towards a world less dependent on fossil fuels remains one of the most critical issues globally. While we see an increased demand for electric vehicles as the most common instance of shifting consumption patterns, what is perhaps more pertinent for investors looking ahead is the access to commodities that will support the move to a greener society. This growing focus on the green energy transition has created new investment opportunities across different industries and sectors, For example, the amount of steel required for an offshore wind farm is roughly four to five times greater than that required by an onshore facility with the same gigawatt generation capacity. Electric vehicles are another example, requiring significantly more copper relative to a standard internal combustion engine vehicle. Given the wealth of minerals and commodities produced in emerging EMEA, we believe your company is in a strong position to be able to invest in businesses positively exposed to the energy transition and renewables themes. Currently, we are invested in Norilsk Nickel in Russia and Anglo American in South Africa—both of which are industry champions in the production of nickel, a key input in the production of electric vehicles (EVs), as well as other energy transition metals. We also hold a position in Koc, a Turkish conglomerate that owns a significant stake in Ford Otosan, a company that runs one of the most efficient car production sites globally, and as a contract manufacturer, can focus investment primarily into EVs. Evolving Consumption Emerging EMEA also offers exposure to companies that are riding the wave of innovation or benefiting from major structural shifts in consumer needs and behaviour. These opportunities are particularly exciting as companies across the region are at a much earlier stage of growth than in developed markets, and e-commerce penetration rates are generally lower. Right now, across emerging EMEA, from Russia, the Middle East and down to South Africa, we are seeing seismic shifts in behaviour as consumers pivot from offline to online living, including online banking, food delivery, transport services and gaming. Another compelling aspect to this story is that the companies benefitting from this growth are not necessarily the ones you might expect, and instead of turning to established global brands, ‘local champions’ are often the preferred providers. This often reflects the understanding that domestic players have of the local market and infrastructure around them. For example, in Poland, local e-commerce platform Allegro has flourished by being better able to serve the country’s largely apartment-living population, via their pick-up boxes/locker delivery system. Elsewhere, Russia’s most popular internet search engine Yandex accounts for 60% of the digital advertising market and, using its dominant position, management has successfully built an offline to online “ecosystem” that offers the Russian consumers a wide selection of choices with unmatched convenience. This allows a user to order a taxi, buy goods online, search the news, or access video on demand without leaving the app, a unique experience they cannot replicate through international competitors. e-Commerce in ascendancy: In Poland, the proportion of total retail sales accounted for by e-commerce leapt from 5.6% in January 2020 to almost 10% in 2021. Russia’s online penetration rates as a percentage of retail sales has also accelerated after years of meagre growth caused by low consumer awareness and inefficient logistics – and is on course to grow from 10% in 2021 to 16% in 2025. Turkey – and central bank independence Elsewhere in the region, the surprising dismissal of Turkey’s central bank Governor Naci Agbal by President Erdogan in March sparked a correction, with the Turkish Lira depreciating and bond and equity markets declining sharply. Frustratingly for investors, the central bank’s interest rate hike earlier in the year preceding this dismissal, was a clear sign of how determined the Governor and his team were in pursuing orthodox policies, communicating transparently with market participants and, crucially, controlling inflationary pressures. The change at the helm of the Turkish central bank represents, in our view, a sharp deterioration of the country’s monetary policy framework and risks the loss of hard-earned credibility in the eyes of international investors. Due to these events, our Turkish investments have detracted from relative performance. However, because of the broadly diversified nature of your portfolio, the effects have not been overly detrimental. In addition, considering the economic implications of this development, we took the decision to reduce our exposure. We continue to hold select exposure, focusing our investments in well-capitalised, high quality companies with tangible growth prospects, such as BIM, a food retailer and pioneer of this discount store model in Turkey, and Koc, a local conglomerate group of companies. Portfolio Country Weight (%) Company Selection Our team regularly engage with management teams and analyse industry competitors to gain an insight into a company’s business model and sustainable competitive advantages. Based on this analysis, we seek to take advantage of these inefficiencies through our in-depth fundamental research, which includes an integrated Environmental, Social and Governance (ESG) assessment, and active engagement, to identify and unlock mispriced growth opportunities for our shareholders. Russia’s Gazprom was the strongest contributor to relative returns over the period, as natural gas prices have rallied to multi-year highs caused by a prolonged winter season and strong demand from Asia. Similarly, our positions in Novatek and Lukoil also outperformed in light of the improving prospects for the global economy and tight supply of oil and gas. Russian fintech disruptor TCS was another significant contributor to relative returns, with the shares rallying in response to the company’s positive corporate governance developments that are noted above. We believe the positive market reaction to be testament to the vast shareholder value potential inherent in the company, which we have championed, and recognised through their improving ESG profile. Elsewhere in Russia, our holding in Russia’s Sberbank was another notable contributor. Stock selection in the Middle East added to relative performance over the period. Saudi-based Al Rajhi Bank performed well, helped by solid results for 2020 and a positive outlook for this year, as the company experienced a rebound in mortgage growth. Qatar National Bank (QNB) was another strong contributor to relative returns supported by deposit growth and expenditure control in its operations. QNB also has a strong ESG profile, provided by impressive talent retention programmes, robust data privacy and investment in cyber security. In the Materials sector, metals and mining stocks were generally weaker as markets softened in response to expectations of lower GDP growth in China and reduced global auto production. This negatively impacted our holdings in KGHM, Polyus, and Anglo American Platinum. Despite the weaker performance, we believe the Company’s exposure to these precious metals companies will benefit from the close alignment with the global green energy transition and imposition of stricter emissions standards, particularly in the automotive sector. Elsewhere, against a backdrop of a strong technology sector in 2020, Sistema outperformed, supported by a consistent track record of asset monetisation. Most recently, this included the successful IPO of Ozon, a company that has compelling exposure to the structural growth of internet shopping, as consumers transition from offline to online. More broadly, performance within the Communications Services sector was mixed, with Russia’s most popular internet search engine, Yandex, outperforming, whilst its peer, Mail.Ru, detracted. This differential was largely a reflection of the execution of Yandex’s business strategy, utilising the recovery in the profitability of business units such as Advertising and Taxi, and reinvesting excess revenues into its e-commerce platform, which has delivered growth in excess of larger peers. Despite the underperformance of Mail.Ru, we continue to see an investment opportunity over the medium term, as the rising penetration of e-commerce helps to accelerate the shift from offline to online and the digitalisation of the economy continues to create new ways to consume. In Poland, game developer CD Projekt was one of our weaker performing investments over the period. The company has been dealt successive blows from delays in the release of its next major franchise, Cyberpunk 2077, before the eventual release led to a number of complaints from users regarding glitches. Following these announcements, we decided to exit the company until a time that we could see greater visibility on the company’s earning trajectory. Engagement Case Study: Mail.Ru Mail.Ru is one of the many companies we have actively engaged with over the period, please see below for a short case study of our interaction: Overview We engaged with Mail.Ru, an internet company that operates a widely utilised social media and games platform in Russia, following a request from the company for our assessment of their efforts surrounding ESG. Objective Our aim was to influence the company’s upcoming ESG strategy, and to ensure the company has clear and transparent guidelines, to demonstrate initiative, ownership and a roadmap for improvement. Outcome Following our feedback, we recommended that for an ESG strategy to be meaningful the company needed to publicise tangible targets, benchmarked historically, to ensure that outcomes are quantifiable, and that investors can clearly ascertain the roadmap of improvement. In addition, as part of this strategic review, we have evaluated the company’s ESG reporting and transparency, highlighting key areas of focus, which include but are not limited to, shareholder structures, data security, customer privacy, staff turnover and diversity and inclusion. Following the release of the company’s second ESG report, we noted that while the level of disclosures had been enhanced, there is still room for improvement, particularly as it relates to objectives and actionable targets. This is especially prevalent in light of the company’s expansion into ecommerce and delivery, and the implications for staff, which operate within the gig economy. Outlook In the short term, markets are likely to remain volatile as investors closely monitor progress on containing COVID-19 outbreaks across many EM countries. However, the ongoing trend of improving economic and earnings momentum is encouraging, while the rolling out of vaccination programs gives grounds for optimism. Supply-side bottlenecks and the reopening of economies have led to higher near-term inflationary pressures that have been exacerbated by the recent significant rise in oil and gas prices. This poses an additional challenge for investors. However, these pressures should start to ease by year-end. In response, the EMEA region has been on the front foot with its approach to monetary tightening, with Russia, Hungary and the Czech Republic all raising interest rates over recent months. In addition, political risk and the potential for periods of instability remains a risk for our region, as it does across many markets. This is one of the key reasons why we continue to ensure that our portfolio is well diversified across many countries and sectors. Despite these short-term headwinds, we see reasons to be optimistic across the region’s larger markets. South Africa’s commitment to fiscal prudence increases the country’s long-term growth potential, whilst early stage results of efforts to combat corruption are welcomed. In addition, the country’s access to a broad range of metals of strategic importance to the energy transition has only become more evident in recent years. In Russia, we see opportunities away from the country’s traditionally dominant Energy sector, in areas such as e-commerce, consumption and technology. The country’s natural gas producers also have an important role to play in the green energy transition. We continue to believe Saudi Arabia’s petro-economy will adapt, diversify and grow its share in global hydrocarbon production. Whilst in central Europe, we see opportunities for economies to benefit from the EU’s Recovery Fund and Green New Deal initiatives. A weaker USD would provide an additional welcome boost. Furthermore, the relative valuation of the EMEA region versus developed equities remains attractive, suggesting investor expectations for the asset class remain overly depressed. This combination of steadily improving earnings, receding COVID-19 risk and attractive valuations should create a positive backdrop for equity markets as we look to 2022 and beyond. Investment Process Highlights We believe that equity markets are inefficient and that consistently applied fundamental bottom-up company analysis can identify mispriced opportunities. To unearth these opportunities, we follow a Growth At a Reasonable Price (“GARP”) approach, and apply this to all companies across our region. GARP investing is focused on identifying companies that are positioned to grow sustainably over the medium to long term, but where growth is not necessarily recognised by the market. We therefore seek to select companies that have the potential to thrive, but also offer good value. We believe that this approach is the most effective way to invest over longer periods as it focuses on company fundamentals, with a focus on sustainable business franchises, strong balance sheets and improving ESG characteristics. Research For company research, we use a consistent, analytical and qualitative framework applied through our proprietary Company Scorecard (see Chart A). This focuses on three pillars consistent with our GARP methodology: Growth, Valuation and Quality. By applying a consistent research approach, we can evaluate each company on a like-for-like basis and determine relative attractiveness across countries and sectors within the region. Portfolio construction We take the ideas generated through our research process and construct a portfolio that targets sustainable investment returns. Risk management is central to this process, and we employ a range of approaches to fully identify all risks within your portfolio. The ultimate aim of this process is to ensure the businesses in which we invest drive portfolio performance, rather than broader macroeconomic events. Once invested, our experienced investment team continue to monitor each company to ensure that our conviction remains intact and that an investment remains attractive relative to other opportunities available in the market. A Focus On ESG Our proprietary ESG assessment forms a core component of our fundamental bottom-up research. It is guided by our in-depth knowledge and regular interactions with company management teams. Integrating ESG As an integral step of our research, our ESG assessment affects both our view of a company’s quality and its valuation. This assessment is dynamic rather than static; we closely monitor the companies we invest in for improvements or deteriorations in their attitudes to ESG and reflect this in our scoring of both the quality of the business and its valuation. For each company under our coverage we complete an ESG scorecard that focuses on three categories as a foundation of our assessment: Sustainability of the Business Model (Franchise) Corporate Governance Credibility (Management) Hidden Risks on the Balance Sheet (Balance Sheet) Within each of these categories, we identify three further subcategories, which are relevant areas of potential risk or opportunity (see Figure B below). ESG and its impact on a company’s Quality Score We conduct a qualitative assessment of the company in order to assess how strong the company’s franchise, management and balance sheet are, and assign a quality score of 1 to 5 (1 strong, 5 weak). If we consider the franchise or balance sheet of the company are under threat due to an ESG issue, or that the company has weak governance structures, the score we assign to the company could deteriorate to a level where the investment becomes unattractive from a quality perspective. ESG and its impact on the company valuation Each of the nine subcategories of our ESG assessment as set out below will be rated from Unfavorable to Exemplary: UNFAVORABLE -1% to COE The individual scoring of each of the nine subcategories will translate into a premium or a discount that is added to the company’s Barings Cost of Equity (“COE”), which is used to discount our earnings forecasts. A low ESG score would translate into an addition to the discount rate of up to 2 percent, thus penalising the stock and reducing its attractiveness by decreasing its current valuation. The rationale is that a company associated with poor ESG is likely to have higher risks that should be reflected in the discount rate. Conversely, a high ESG score can indicate a company that is lower risk, resulting in a reduction to the COE of up to 1 percent. Active Engagements with Investee Companies We undertake engagements to positively influence ESG practices and improve ESG disclosure. Our approach is based on clear objective setting, which strengthens our ability to monitor and steer company progress. We also collaborate with peers and industry groups to enhance and share best practices. We believe that by engaging with companies in this way, rather than blanket exclusions of entire sectors, we have a greater chance of successfully effecting change. This can also result in value creation for our Shareholders. Voting We undertake to exercise our voting rights whenever possible, and have engaged a dedicated third-party proxy-voting provider. In instances where we disagree with the provider’s recommendations, we have the ability to cast our votes differently. Figure  A – Fundamental Research: Consistent Company Scorecard Fundamental Research Corporate Review The Strategic Report above and the Audited Financial Statements has been prepared in accordance with the requirements of Section 414 of the Companies Act 2006 and best practice. Its purpose is to provide information to the Shareholders of the Company and help them to assess how the Directors have performed their duty to promote the success of the Company, in accordance with Section 172 of the Companies Act 2006. Company Status The principal activity of the Company is to carry on business as an investment trust. The Company intends at all times to conduct its affairs so as to enable it to qualify as an investment trust for the purposes of Sections 1158/1159 of the Corporation Tax Act 2010 (“S1158/1159”). The Directors do not envisage any change in this activity in the foreseeable future. The Company is quoted on the London Stock Exchange under the ticker code BEMO. As an investment trust, the Company has appointed an Alternative Investment Fund Manager, Baring Fund Managers Limited (the “AIFM”), to manage its investments. It has also appointed third-party service providers to manage the day-to-day operations of the Company, whose performance is monitored and challenged by a Board of independent Non-Executive Directors. The Directors are of the opinion that the Company continues to conduct its affairs so as to be able to continue to qualify as an investment trust. Key Performance Indicators 1APMs. Definitions can be found in the Glossary below Dividend Policy The Company seeks to generate an attractive level of income for Shareholders, and will pay income from capital of up to 1% per annum of NAV when considered appropriate by the Board. The Board believes this is a sustainable policy that should improve the Company’s appeal amongst investors. Dividends An interim dividend of 15 pence per Ordinary Share was declared on 18 May 2021 and paid on 28 June 2021. The Board recommends a final dividend of 11 pence per Ordinary Share. Subject to

Baring Asset Management Investments

1 Investments

Baring Asset Management has made 1 investments. Their latest investment was in BrightSign as part of their Private Equity - II on January 1, 2022.

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Baring Asset Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/7/2022

Private Equity - II

BrightSign

Yes

1

Date

1/7/2022

Round

Private Equity - II

Company

BrightSign

Amount

New?

Yes

Co-Investors

Sources

1

Baring Asset Management Team

5 Team Members

Baring Asset Management has 5 team members, including current Chief Executive Officer, David J Brennan.

Name

Work History

Title

Status

David J Brennan

Chief Executive Officer

Current

Julian T Swayne

Chief Financial Officer

Current

John Dominic Burns

Chief Operating Officer

Current

Jonathan Beatson-Hird

Managing Director

Former

Oliver Morath

Managing Director

Former

Name

David J Brennan

Julian T Swayne

John Dominic Burns

Jonathan Beatson-Hird

Oliver Morath

Work History

Title

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Managing Director

Managing Director

Status

Current

Current

Current

Former

Former

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