Title: Barings Factsheet URL Source: https://is.gd/RoFXS0 Published Time: Mon, 16 Jun 2025 13:46:54 GMT Markdown Content: For retail investor use 24/4088729 1 # Barings Emerging EMEA Opportunities PLC PERFORMANCE (%) Ordinary Shares (Gross of Fees) Ordinary Shares (Net of Fees) Benchmark 4 Year to Date 5.71 5.00 3.40 1 Year 17.00 15.12 12.25 3 Years 8.41 6.68 2.11 5 Years 5.35 3.70 1.47 10 Years 6.74 5.11 3.34 Since Inception 10.14 8.51 7.62 MAY 2 0 2 5 / F AC T S H E E T OBJECT IVE Barings Emerging EMEA Opportunities PLC is an actively managed equity strategy. 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. ST RAT EGY The Company aims to harness the long-term growth and income potential of Emerging EMEA. It is managed by one of the region's most experienced and best-resourced investment teams, using fundamental, bottom-up analysis. MARKET OPPORT UNIT Y • Income diversifier: the Company aims to deliver both income and long-term growth potential, accessing markets with compelling dividend prospects. • Undiscovered growth: the broad investment focus provides exposure to a large opportunity set in high growth areas underrepresented in global portfolios. • High conviction: concentrated exposure to 30 - 60 of the very best ideas we can find across the Emerging EMEA region - with a strong focus on environmental, social and governance (ESG) factors. ROLLING 12 MONT H PERFORMANCE (%) Ordinary Shares (Gross of Fees) Ordinary Shares (Net of Fees) Benchmark 4 31/03/2024 - 31/03/2025 16.96 15.09 10.51 31/03/2023 - 31/03/2024 17.14 15.27 6.39 31/03/2022 - 31/03/2023 -10.03 -11.47 -12.52 31/03/2021 - 31/03/2022 -12.24 -13.63 -1.20 31/03/2020 - 31/03/2021 39.41 37.41 25.90 PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. An investment entails a risk of loss. Returns for periods greater than one year are annualized. 1. Net Asset Value is Shareholders’ funds expressed as an amount per individual Ordinary Share. Shareholders’ funds are the total value of all the Company’s assets, at current market value, having deducted all liabilities and prior charges at their fair value. 2. Share price is the mid-market price at market close and is determined by stock market supply and demand. 3. Dividend Yield is calculated using the Company’s latest full year dividend expressed as a percentage of the share price. 4. The benchmark is the MSCI EM EMEA Index. Prior to the 16 November 2020, the benchmark was the MSCI EM Europe 10/40 Index. Baring Emerging Europe PLC was launched on the 18 December 2002. As of 16 November 2020, the Company changed its investment policy and objective and was renamed Barings Emerging EMEA Opportunities PLC. For further details please visit www.bemoplc.com F U N D F AC T S Net Assets 1 £89.8m Share Price 2 637.50p NAV per Share 1 763.59p Discount to NAV 16.51% Dividend Yield 3 2.90% Structure Closed Ended Investment Trust Company Inception Date 18 December 2002 ISIN GB0032273343 Bloomberg Ticker BEMO LN Base Currency GBP Benchmark 4 MSCI EM EMEA Management Fee (p.a.) 0.75% Ongoing Charges (p.a.) 1.59% P O R T F O L IO MAN AG E R S Matthias Siller, CFA 27 years of experience Adnan El-Araby, CFA 15 years of experience Alay Patel, CFA 13 years of experience For retail investor use 24/4088729 2 # Barings Emerging EMEA Opportunities PLC 1. Barings assets as of March 31, 2025. 2. Risk statistics based on gross performance. 3. As of 31 May 2025. 4. Refer to glossary on our website for definitions of terms. Characteristics are subject to change. C H AR AC T E R IS T IC S 2 , 3 , 4 B AR IN G S E ME R G IN G E ME A O P P O R T U N IT IE S P L C Number Of Holdings 54 Active Share (%) 43.85 Off Benchmark (%) 1.93 Tracking Error (%) (3Y Ann) 3.24 Information Ratio (3Y Ann) 1.87 Standard Deviation (3Y Ann) 10.88 Alpha (3Y Ann) 6.24 Beta (3Y Ann) 1.00 Av. Market Cap (USDb) 62.13 T O P H O L D IN G S ( % O F MV ) 3 AL RAJHI BANK 6.17 NASPERS LTD 5.85 CAPITEC BANK HOLDINGS LTD 3.88 FIRSTRAND LTD 3.77 SAUDI NATIONAL BANK 3.58 ALPHA SERVICES AND HOLDINGS 3.52 GOLD FIELDS LTD 3.26 ANGLOGOLD ASHANTI LTD 3.20 NATIONAL BANK OF KUWAIT 3.17 SAUDI TELECOM CO 3.06 3.6 3.0 3.6 4.8 5.1 6.8 8.2 12.5 24.2 25.3 0 10 20 30 Cash Qatar Kuwait Hungary Turkey Greece Poland United Arab… South Africa Saudi Arabia 3.6 3.1 3.4 3.6 4.9 5.6 6.1 9.3 13.2 47.2 0 5 10 15 20 25 30 35 40 45 50 Cash Industrials Health Care Real Estate Energy Consumer Staples Communication Consumer Discretionary Materials Financials T O P C O U N T R Y W E IG H T IN G ( % O F MV ) 3 T O P S E C T O R W E IG H T IN G S ( % O F MV ) 3 E Q U IT Y P L AT F O R M 1 Barings manages $442+ billion of equities, fixed income, real estate and alternative assets globally We focus on building high-conviction, research-driven equity solutions for our clients. We have a long history of being early investors in new and established markets • Global Equities • Emerging Markets Equities • Small-Cap Equities Equities investor base includes financial institutions, pensions, foundations and endowments and wholesale distributors For retail investor use 24/4088729 3 # Barings Emerging EMEA Opportunities PLC MAN AG E R ’ S C O MME N T S MAY 2 0 2 5 PERFORMANCE SUMMARY May was a strong month for most financial assets, as better economic data and lower US-China tariffs led investors to price out the likelihood of a global downturn. EMEA equities were up 1.3% in May and against this backdrop the portfolio outperformed the benchmark by 0.9% (in USD). Greece was the standout market in both absolute return (+12.4% in USD) as well as contribution to relative returns led by the financials sector. Saudi Arabia (-4.8% in USD) was the worst performer as investor sentiment remained weak amid low oil prices (and OPEC’s planned output increase) and scepticism over the government’s ability to fund its large scale giga projects, with all sectors posting negative returns. The consumer sector was the best performing sector with Naspers (+8.8% in USD) and select Polish names contributing to this performance whilst utilities fared poorly led by Saudi utility ACWA Power, down almost 20% on the government’s fiscal constraints coupled with lofty valuation multiples. Relative return for the portfolio was positive. On a country and sector basis, positive relative returns were driven through stock selection. Greek banks accounted for the lion’s share of relative returns. Buoyed by Italian Unicredito’s decision to increase its stake in the Greek lender, our overweight position in Alpha Bank (+34.3% in USD) was the largest contributor to the portfolio’s outperformance. Piraeus (+19.5% in USD) also added significant relative performance as the Greek banks remain well positioned under a strong macroeconomic backdrop to improve return on equity whilst offering very compelling valuation multiples. In South Africa, financials also helped performance with latest industry data highlighting Capitec (+4.2% in USD) grabbing market share with investors still enthused over the bank’s ability to grow its capital light revenue streams, whilst FirstRand (+5.7% in USD) also performed well leading the pack in overall loan growth. In the UAE, ADNOC Drilling (+8.2% in USD) added to outperformance as the company highlighted the potential for special dividends having reported in line results and maintaining full year and medium-term guidance. ADNOC Drilling remains one of the more defensive plays within the MENA energy universe with room to optimize the balance sheet. Elsewhere in the UAE, toll operator Salik (+13.1% in USD), recently included in the index, was a notable contributor as the shares performed well on strong first quarter results reflecting new toll gates, dynamic pricing, and general Dubai momentum and the company providing more detailed guidance on the potential of its ancillary revenue stream. Our underweight positioning in Saudi Arabia utility company, ACWA Power (-19.6% in USD) also helped relative performance as the stock, trading at elevated multiples, sold off more aggressively than the benchmark with investors still digesting the implications of its newly approved rights issue. Our Saudi Arabian holdings were the largest detractors in the month, although the portfolio maintained overall relative positive return. Weakness was broad-based across sector. Telecoms stocks, Saudi Telecom (-6.9% in USD) and Etihad Etisalat (-5.1% in USD) took away from performance as did hospital operator Sulaiman Al Habib (-8.2% in USD). In the financials space, Al Rajhi (-6.5% in USD), Tadawul (-2.8% in USD) and Saudi Awwal (-0.7% in USD) all lost relative returns, although once again the portfolio’s underweight positioning in financials, helped overall relative performance. ST RAT EGY We remain focused on unrecognised growth, and we continue to seek out bottom-up investment opportunities where the future earnings potential is not fully reflected in the current share price. In the short term, the EMEA region will remain connected to shifts in global sentiment regarding the direction of interest rates, the fight against inflation and global growth prospects, nevertheless, the portfolio is centred around idiosyncratic investments ideas that can mitigate some of the top-down volatility. OUT LOOK The resurgence of US isolationism under President Trump is expected to hurt the United States' long-term economic prospects and provoke imminent global asset rotation. Unsurprisingly, US assets have experienced substantial institutional outflows this year. In our view, Emerging EMEA equity markets stand to benefit from this development. These markets offer well-managed, attractively valued companies with a track record of creating shareholder value. From a European perspective, nations such as Poland, Greece, and Turkey display favourable growth potential, robust public finances, and a steadfast commitment to defence expenditures and military capability. These countries often benefit from a more stable political climate, that could be helped further with a Ukraine-Russia ceasefire, and an independent monetary policy framework. For retail investor use 24/4088729 4 # Barings Emerging EMEA Opportunities PLC MAN AG E R ’ S C O MME N T S MAY 2 0 2 5 OUT LOOK (CONT ’D) The pace at which Turkey’s rate of inflation declines will dictate the Central bank’s interest rate policy which creates uncertainty over the outlook for the economy and Turkey’s equity market, but recent political events are likely to be the more significant driver of sentiment. The outlook for the GCC region continues to be clouded by the geopolitics and the volatility in the price of crude creating uncertainty around the pace of capital investments. Our focus will continue to be on researching and investing in companies with a compelling earnings profile that have a consistent track record in creating shareholder value regardless of the macroeconomic backdrop. Finally, South Africa risk premium may no longer fall after the GNU coalition, lead by the ANC and the DA parties, agreed and passed a budget reigniting the hope that the GNU can deliver a sustainable economic recovery. For retail investor use 24/4088729 5 # Barings Emerging EMEA Opportunities PLC Key Risks: • Regional Funds have a narrower focus than those which invest broadly across markets and are therefore considered to be more risky. • Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Coupled with less developed regulation, this means your money is at greater risk • Russia and the region pose special risks such as, economic and political unrest, lack of a transparent and reliable legal system, lower standards of corporate governance and an under developed process for enforcing legal ownership of investments • Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Fund’s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets • Debt securities are subject to risks that the issuer will not meet its payment obligations (ie, default). Low rated (high yield) or equivalent unrated debt securities of the type in which the fund will invest generally offer a higher return than higher rated debt securities, but also are subject to greater risks that the issuer will default. • Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued can have the effect of increasing or decreasing the value of the Fund and any income generated Baring Asset Management Limited - 20 Old Bailey, London, EC4M 7BF, United Kingdom Authorized and regulated by the Financial Conduct Authority CONTACT US: +44 (0) 333 300 0372 (This is a low cost number) Telephone calls may be recorded and monitored www.barings.com For investment professionals only # Important Information Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings 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 some others and may be paid a fee for doing so. NO OFFER: The document is for informational purposes only and is not an offer or solicitation for the purchase 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, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy, and must not be construed as a projections 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 no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information. Target and projected returns are derived from Barings’ proprietary model, which contain a number of assumptions and judgements about (including future projections of one month term SOFR rates as projected by forward curves at time of preparation, prepayment of a certain percentage of the overall model portfolio, and market interest rate for the loans that 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 to be 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 the underlying 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 your request. OTHER RESTICTIONS: 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 all applicable 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 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. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS . 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However, U.K. investors will not have a right to access a compensation scheme in Ireland if either the Sub-Fund’s management company or the depositary should become unable to meet its liabilities to investors. Investors should consider obtaining financial advice and review the Prospectus and Supplement before investing