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IE00BKBMHV44
Barings Emerging Markets Sovereign Debt Fund HKD-Hedged

Fixed income
Government bond
Emerging markets
HKD Cash
Accumulating

Invest with

HKD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to provide maximum total return consisting of both income and capital appreciation. (Hard Currency) The Fund invests principally in fixed income instruments that are issued by sovereign and/or quasi-sovereign issuers of EM countries ...

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

This fund invests primarily in emerging markets sovereign hard-currency denominated debt. It is denominated in USD and any other currency exposure is hedged back to USD. Funds that focus on hard-currency denominated debt tend to be less volatile because of the lack of emerging market currency risk. While the fund primarily invests in sovereign debt, it may also invest in corporate debt if the team thinks that is a better way to gain exposure to a country. The fund invests across the entire credit spectrum from investment grade to high yield. The fund's investment team has a structured rigorous framework for analysing the credit-worthines of a country that starts with the International Monetary Fund (IMF)'s style modelling and analysis and consists of combining both government, economic structure and government policies for a rating on the financial performance of a sovereign.

People

Cem Karacadag, Head of Emerging Markets Sovereign Debt is the lead portfolio manager and Dr. Ricardo Adrogue, Head of Global Sovereign Debt and Currencies is the back-up portfolio manager. They are both supported by the Barings EM Sovereign Debt team. Both Karacadag and Adrogue are former IMF economists and have experience with sovereign credit analysis, macroeconomic policy research and advice. The broader EM Debt team comprises experienced economists with skills encompassing regional expertise, cross country analysis, distressed debt, and quantitative modelling.

Performance

The fund has exhibited strong performance over the medium and longer-term periods. The upside capture ratio has been generally higher than the downside capture ratio.

Process

The investment process consists of both a top-down country/region analysis with bottom-up fundamental analysis.The team utilises an IMF style framework combined with peer group analysis and quantitative modelling to form the basis of their conviction on each country. Assignment of country exposures is based on conviction, the sovereign's credit regional and thematic exposures, the sovereign's credit correlation with the market and the US Treasury yields. Outperformance is expected to be sourced largely from country selection followed by security selection and spread duration.

Cost

Access to retail share class with 100% trailer fee rebates to achieve the lowest possible fee.

How it fits in a portfolio

Investors can consider using this fund as a diversifier to their core fixed income portfolio. Most core fixed income funds tend to focus more on the developed markets and adding an emerging markets debt portion could diversify the sources of return. It is important to note that the outperformance for the fund is largely sourced from country selection and that the fund's performance could diverge significantly from the benchmark and peers if the team makes the wrong country allocation decisions, in a given market.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

13.57%

YTD

15.25%

1 month

1.11%

6 month

8.82%

1 year

15.25%

3 year

34.46%

5 year

1.98%

As of Dec 2025

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Risk metrics

Max drawdown

-31.06%As of Dec 2025

Volatility

11.72%As of Dec 2025

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2025	15.3%	1.6%	0.8%	-0.9%	-1.4%	2.9%	2.9%	1.5%	1.2%	2.1%	2.0%	0.6%	1.1%
2024	4.7%	-0.9%	0.7%	1.5%	-2.5%	2.0%	0.1%	1.8%	2.1%	1.5%	-1.6%	1.1%	-1.3%
2023	11.4%	4.2%	-1.8%	0.7%	0.8%	-1.2%	2.0%	1.6%	-1.3%	-2.6%	-1.4%	5.5%	4.7%
2022	-21.3%	-3.3%	-10.8%	-1.2%	-6.0%	0.5%	-7.8%	3.5%	0.1%	-6.9%	1.6%	7.5%	0.7%
2021	-3.7%	-1.5%	-3.0%	-1.2%	2.0%	1.1%	1.0%	0.2%	1.1%	-2.3%	-0.5%	-2.4%	1.9%
Load more		5 of 7

Top Exposures

Holdings

Regions

Sectors

South Africa (Republic of) 0.073% (2052-04-20 Maturity)	3.64%
Jamaica (Government of) 0.07875% (2045-07-28 Maturity)	2.67%
Argentina (Republic Of) 0.05% (2038-01-09 Maturity)	2.60%
Gabon Blue Bond Master Trust 0.06097% (2038-08-01 Maturity)	2.53%
Turkey (Republic of) 0.09375% (2029-03-14 Maturity)	2.45%
Egypt (Arab Republic of) 0.07625% (2032-05-29 Maturity)	2.29%
Costa Rica (Republic Of) 0.07% (2044-04-04 Maturity)	2.17%
Paraguay (Republic of) 0.061% (2044-08-11 Maturity)	2.09%
Bahamas (Commonwealth of) 0.0825% (2036-06-24 Maturity)	2.01%
Albania(Republic Of) 0.0475% (2035-02-14 Maturity)	2.00%
Amazon Conservation DAC 0.06034% (2042-01-16 Maturity)	1.99%
Pakistan (Islamic Republic of) 0.08875% (2051-04-08 Maturity)	1.69%
Guatemala (Republic of) 0.06125% (2050-06-01 Maturity)	1.59%
Petroleos Mexicanos Sa De CV 0.0769% (2050-01-23 Maturity)	1.58%
Colombia (Republic Of) 0.0875% (2053-11-14 Maturity)	1.51%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

1.47%0.70% p.a.

Save 52%

Fund facts

ISIN

IE00BKBMHV44

Fund house

Barings

Fund size

HK$875.5M

As of 29 Jan 2026

Fund inception date

27 Sep 2019

Fund class currency

HKD

Fund share class

G HKD Acc

Oldest share inception date

10 Sep 2015

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

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Product Risk Rating Please note that any product risk rating (the “PRR”) provided by us is an internal rating assigned based on our product risk assessment model, and is for your reference only. The PRR is subject to change from time to time. The PRR does not take into account your individual circumstances, objectives or needs and should not be regarded as advice or recommendation to purchase, hold or sell any fund or make any other investment decisions. Accordingly, you should not solely rely on the PRR in making your investment decision in the relevant Fund.

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IE00BKBMHV44Barings Emerging Markets Sovereign Debt Fund HKD-Hedged

IE00BKBMHV44
Barings Emerging Markets Sovereign Debt Fund HKD-Hedged