FOR PROFESSIONAL ADVISERS ONLY
Baring Asset Management
Barings at
a glance
Sterling version
March 2015
Baring Asset
Management Limited
155 Bishopsgate,
London, EC2M 3XY
Tel +44 (0)20 7628 6000
Fax +44 (0)20 7638 7928
www.barings.com
Authorised and regulated by the
Financial Conduct Authority
Baring Asset Management
• An international investment management company with a history dating back to 1762
• Operating in 11 countries with professionals from 35 different nations
• Providing investment management services in emerging and inefficient markets, asset
allocation and specialist fixed income to investors worldwide
• Working in partnership with many of the world’s largest financial institutions
• Owned by Massachusetts Mutual Life Insurance Company (MassMutual)
• Current assets under management £26.9 billion
• 123 investment professionals
• Winner of the Queen’s Award for Enterprise:
International Trade 2010
London, Boston, Dubai, Frankfurt, Geneva, Hong Kong, Kaohsiung,
Paris, San Francisco, Seoul, Taipei, Tokyo, Toronto
Assets as at 28 February 2015, Investment Professionals as at 28 February 2015
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Examples of our clients and partners around the world
North America
UK
Korea
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California PERS
City of Dallas
Colorado PERA
Excel Funds Management Inc.
Houston Municipal Employees’ Pension
System
Kansas PERS
Kentucky TRS
Miami University Foundation
MassMutual
New York State Common Fund
PERSIdaho
Teacher Retirement System of Texas
Tennessee Consolidated Retirement System
Europe and Middle East
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Allfunds Bank
Allianz
BAWAG
BNP
Citi
Commerzbank
Cortal Consors
Deutsche Bank
Generali
Julius Baer
Pictet
Standard Chartered
UBS
Aberdeen City Council
Aberystwyth University
Devon County Council
Doosan Babcock Energy Pension Scheme
Dorset County Council
Friends Provident
Fuller Smith & Turner Pension Plan
Hargreaves Lansdown
Highlands & Islands Airports Pension Scheme
Sharp
Old Mutual
Wiltshire County Council
Zurich International
Asia
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Bank of China
Bank of China Investment Management (PRC)
Cathay Life
Citi
Chinatrust
First Commercial Bank
Hang Seng Bank
HSBC
National Council for Social Security Fund (PRC)
Standard Chartered Bank
Sun Life Asia
Zurich Life
Hana Financial Group
Hanwha Life
Hi Asset Management
Hyundai Securities
KB Financial Group
Korea Post
Korea Teachers Credit Union
Korea Teachers Pension
Kyobo Life
MetLife Insurance of Korea
Mirae Asset Securities
National Pension Service
Samsung Life
Samsung Securities
Shinhan Financial Group
Japan
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Bridgestone Pension Fund
Hiroshima Bank
Hitachi Pension Fund
Ichiyoshi Securities
ING Life Japan
Panasonic Pension Fund
Sanyo Rengo Pension Fund
Shinsei Bank
Sumitomo Rubber Rengo Pension Fund
Taisho Pharmaceutical Group Pension
Fund
• Tokyo Electron Pension Fund
• Toyota Motor Pension Fund
Clients named are those who consent solely to disclosure of their name for the purposes of marketing to other existing and potential institutional clients.
By disclosure of their names, such clients neither approve nor disapprove nor endorse our services, products or performance. March 2015.
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Diversity of assets under management
Total assets – £26.9 billion
Clients by Type
42%
18%
Pension Funds
Distributor Platforms & IFAs
Clients Assets by Origin
4.9
16%
Corporates & Insurance
4.4
11%
Sovereign Wealth
3.0
7%
Private Banks & Fund of Funds
1.8
4%
2%
Charities
Investment Companies
1.0
0.5
100%
Assets as at 28 February 2015
Total
35%
Asia ex Japan
9.5
11%
Europe ex UK
3.0
9%
Japan
2.4
2%
MEAC
0.5
18%
North America
4.9
25%
United Kingdom
6.6
100%
Total
11.3
26.9
26.9
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Diversity of assets under management
Total assets – £26.9 billion
Clients by Product
53%
29%
18%
Equities
Fixed Income
Multi Asset
Clients Assets Invested
42%
Equities
11.3
29%
Fixed Income
7.7
18%
Multi Asset
4.9
10%
Active Passive
Cash
2.7
14.3
7.7
4.9
1%
Assets as at 28 February 2015
0.3
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Diversity of assets under management
Specialist assets – £19.0 billion
Clients Assets Invested
Equities – £11.3 billion
Japan 6%
Clients Assets Invested
Fixed income – £7.7 billion
North
America
5%
Japan
1%
Asia 48%
North
America
30%
Asia
31%
Europe
27%
EMEA
4%
Latin
America
2%
Assets as at 28 February 2015
EMEA 12%
Europe
31%
Latin
America
3%
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Equity investment process
Sourcing ideas
• High conviction ideas generated from Barings’
diverse pool of global investors
Researching companies
• Finding unrecognised growth on a three to five year
horizon
Constructing portfolios
• Quality, Growth, Upside
• High conviction, high active share
• Integrated risk analysis
Monitoring portfolios
• Ongoing monitoring to ensure consistency with our
philosophy and process
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Fixed income investment process
Research
Scenarios
Reaction functions
and trend growth
Scenario
Forecasts
(1)
Identification of what
theme is discounted
by market
Scenario
Forecasts
(2)
Political surprises to
the discounted
economic environment
Scenario
Forecasts
(3)
Portfolio Construction
& Implementation
Fixed Income
Portfolio
We use scenarios to avoid the risks inherent in single point forecasting
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Multi Asset investment process
Identify best asset classes
10 year optimal strategy
RISK MANAGEMENT
Start with blank sheet of paper
Anticipate and respond to events: Dynamic Allocation
Choose the best investments
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Investment Management Platform
KEN LAMBDEN*
Chief Investment Officer
INVESTMENT PROCESS
James Ross*
EQUITIES
Jean-Louis Scandella*
HEAD OF IMA
(INVESTMENT MANAGER ASSISTANT)
Tony Flaherty
GLOBAL FIXED INCOME
Alan Wilde*
CIO ASIA
EQUITIES | FIXED INCOME | MULTI ASSET
Wilfred Sit*
SPECIALIST FIXED INCOME
Ece Ugurtas*
MULTI ASSET
Marino Valensise*
CIO Korea
EQUITIES | FIXED INCOME
John Park*
123 Investment Professionals**
*Members of the Investment Committee
** Investment Professionals as at 28 February 2015
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Baring Asset Management’s
Investment resources
Portfolio Construction Groups
Multi Asset &
Active/Passive
World/International
Equity
Global
Bonds
ASSET
ALLOCATION
RESEARCH
European
Equity
Small Cap
Equity
EMD & Credit
EQUITY
RESEARCH
Korea
Bonds
FIXED
INCOME &
CURRENCY
RESEARCH
Global Emerging
Market Equity
Korea
Equities
Asia & China
Equity
EMEA & Frontiers
Equity
Natural
Resources
Structured by research and portfolio construction groups
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Baring Asset Management
Group staff
Staff by role
Staff by location
Investment professionals
123
Investment
106
Operations
14
Infrastructure
3
Other professionals
456
Investment
21
Operations
106
London
372
Asia
167
Hong Kong
67
Seoul
53
Taipei
24
Kaohsiung
Tokyo
2
21
EMEA
22
Infrastructure
98
Frankfurt
IT and Change Management
89
Paris
4
Marketing & Communications
38
Dubai
2
Geneva
2
Sales/Client Service
Internal Audit
TOTAL
As at 28 February 2015
104
5
584
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North America
Boston
23
20
San Francisco
2
Toronto
1
TOTAL
58412
Recent awards
2015 Korea Fund Award by KG Zeroin
Baring Hanaro Bond Fund
(Best Fixed Income Fund)
Taipei Foundation of Finance/Bloomberg
Baring Asia Balanced Fund
(Best Fund over 10 years
Lipper Awards 2015
Baring Europe Select Trust GBP Inc
(Best Fund over 10 years, Equity Europe Small and Mid Caps)
Taiwan
2014 Korea Fund Awards
(Best Asset Management Company)
Domestic Small Cap Equity
Lipper Awards 2014
Baring European Equity Fund
(Best Fund over 5 years, Equity Europe)
2014 Best Korea equities
manager, mid-small cap
Baring Asset Management Korea
Baring Europe Select Trust GBP Inc
(Best Fund over 10 years, Equity Europe Small and Mid Caps)
Austria, Europe, France, Germany , Hong Kong, Switzerland, Taiwan, UK
Baring German Growth Trust GBP Acc
(Best Fund over 10 years, Equity Germany)
Austria, Europe, France, Germany, Switzerland
Baring German Growth Trust GBP Acc
(Best Fund over 5 years, Equity Germany)
Austria, Europe, France, Germany, Switzerland
Baring German Growth Trust GBP Acc
(Best Fund over 3 years, Equity Germany) UK
Baring Korea Trust GBP Acc
(Best Fund over 5 years, Equity Korea)
Austria, Europe, France, Germany, Switzerland, UK
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Morningstar ratings
Morningstar Rating™
MULTI ASSET PRODUCTS

Baring RP Div 40 Fdr Bd Bal (1)
EQUITY PRODUCTS


Baring Asia Balanced Fund (Class A USD)

Baring Europe Select Trust (Class A GBP)
Baring German Growth Trust (Class A GBP)
Baring Global Agriculture Fund (Class I GBP)
Baring MENA Fund (Class A USD)
Baring Value Equity (A1)
Baring Value Style Equity (C)
BOND PRODUCTS
Baring Hanaro Bond
Baring High Yield Bond Fund (Class A USD)
Baring High Yield Bond Fund (Class I USD)
Baring Strategic Bond Fund (Class I GBP)
BAM World Bond & Currency Fund (Monthly distribution)
Four Star = in top 32.5% of all UK and Offshore funds
Baring Dynamic Asset Allocation Fund (Class I GBP)
Baring Dynamic Capital Growth Fund (Class I GBP)
Baring High Dividend Bal 60 Eq Bal (A)
Baring Targeted Return Fund (Class GBP)
EQUITY PRODUCTS
Five Star = in top 10% of all UK and Offshore funds
EQUITY PRODUCTS

EQUITY PRODUCTS
Baring Europe Select Trust
Baring European Equity Fund
Baring Europe Select Trust (Class I GBP)
Baring German Growth Trust (Class I GBP)
Baring High Dividend Equity (A)
Baring Korea Trust (Class I GBP)
Baring Value Style Equity (A)
MULTI ASSET PRODUCTS
MULTI ASSET PRODUCTS
Morningstar OBSR
Analyst Rating™


Baring ASEAN Frontiers Fund (Class A USD)
Baring Asia Growth (Class A USD)
Baring Asia Manufacturing Fund
Baring China A-Share Fund Plc (Class A USD)
Baring China Select Fund (Class A USD)
Baring China Select Fund (Class I USD)
Baring Eastern Europe Fund (Class A USD)
Baring Eastern Trust (Class A GBP)
Baring Eastern Trust (Class I GBP)
Baring Educare Tuition Equity
Baring European Growth (Class A GBP)
Baring European Growth (Class I GBP)
Baring Global Growth Trust (Class A GBP)
Baring Global Growth Trust (Class I GBP)
Baring Global Resources (Class A USD)
Baring Global Select Fund (Class A USD)
Baring Hong Kong China Fund (Class A USD)
Baring Japan Growth Trust (Class A GBP)
Baring Japan Growth Trust (Class I GBP)
Baring Korea Trust (Class A GBP)
Baring Latin America Fund (Class A USD)
Baring Russia Fund (Class A USD)
Baring UK Growth Trust (Class I GBP)
BOND PRODUCTS
Baring Emerging Markets Debt Local Currency Fund (Class I USD)
Baring Global Aggregate Bond Fund (Class A USD)
Baring International Bond Fund (Class A USD)
Baring Strategic Bond Fund (Class A GBP)
BAM World Bond Active Open
EQUITY PRODUCTS
Baring Eastern Europe Fund
Baring Russia Fund

Copyright © Morningstar. All Rights Reserved.
The information contained herein: (1) is proprietary to
Morningstar; (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.
As at 28 February 2015.
Three Star = in top 67.5% of all UK and Offshore funds
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About MassMutual
An overview
• Founded in 1851
• Active commitment to the mutual ownership structure
– Advantage of a long term investment horizon
• Worldwide insurance in force of £372.7bn (US$579.0bn)
• Assets Under Management £418.8bn (US$650.6bn*)
– Includes institutional, mutual funds and alternative assets
• Large network of employees and sales representatives around the world
Source: MassMutual Financial Group as at 31 December 2014
*Assets Under Management include assets and certain external investment funds managed by MassMutual subsidiaries, including
OppenheimerFunds Inc., Babson Capital Management LLC, Baring Asset Management Limited, and Cornerstone Real Estate Advisers LLC.
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MassMutual and Baring Asset Management
Strong ownership
• Complementary product specialisation
– MassMutual strengths are in US equity, fixed income and alternatives
– Barings strengths are in emerging and inefficient markets, asset allocation & specialist fixed income
• Opportunity for enhanced distribution of products
– MassMutual offers extensive US distribution
– Baring Asset Management offers international multi channel options
• Access to product innovation
– Access to product development opportunities of the broader organisation
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250 years of open minds
and uncommon perspectives.
The global nature of today’s economy means the intelligent and active asset manager needs
to look across frontiers and make more connections than ever before.
This requires a particular type of investor and a particular corporate culture. One that places a
premium on working across borders; that values great insight and foresight; and one that
rewards innovation.
At Barings we have a 250 year history of considering complex but potentially rewarding
opportunities. We put this thoughtfulness into understanding and delivering sustainable
returns for our clients outside of the tried and tested or obvious options.
The challenge of working in markets where information is hard to find and interpretation and
forethought can add real value is one that we relish.
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Follow Barings
Twitter:
http://twitter.com/Barings
YouTube: http://www.youtube.com/user/baringAM
LinkedIn:
Emerging Markets: Investment community for global investors http://bit.ly/Barings
Internet:
www.barings.com
On our mobile App: Search “Barings”
Email:
uk.wholesale@barings.com | institutional.sales@barings.com | asia.sales@barings.com
germany.sales@barings.com | middle.east@barings.com | korea.sales@barings.com
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Important Information
For Professional Investors/Advisers only. It should not be distributed to or relied on by Retail Investors.
This document is approved and issued by Baring Asset Management Limited, authorised and regulated by the Financial
Conduct Authority. The information in this document does not constitute investment, tax, legal or other advice or
recommendation. It is not an invitation to subscribe and is for information only.
Investment involves risk. The value of any investments and any income generated may go down as well as up and is not
guaranteed. Past performance is not a guide to future performance. Changes in rates of exchange may have an
adverse effect on the value, price or income of an investment. There are additional risks associated with investments (made
directly or through investment vehicles which invest) in emerging or developing markets. Investments in higher yielding
bonds issued by borrowers with lower credit ratings may result in a greater risk of default and have a negative impact on
income and capital value. Income payments may constitute a return of capital in whole or in part. Income may be achieved
by foregoing future capital growth. We reasonably believe that the information contained herein from 3rd party sources, as
quoted, is accurate as at the date of publication. The information and any opinions expressed herein may change at any
time. Companies and employees of the Baring Asset Management group may hold positions in the investment(s)
concerned.
Lists of locations, or location indicators on maps, are non-exhaustive. They may include locations where Barings has an
office and/or where Barings has appointed a local organisation or individual to act on its behalf for certain aspects of its
business.
Version 11/SD
Complied (London) March 2015 (M0315/42)
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