The equity investment team focus on building high conviction, research driven equity portfolios. Their research platform is pivotal to their proposition of identifying mispriced companies with unrecognised growth potential andsubsequently delivering differentiated equity performance to that of the market. Key aspects of the approach taken are as follows:

• We are active managers who aim to capitalize on opportunities that arise when securities are mispriced.

• We identify investment opportunities through a differentiated and innovative investment process where fundamental, bottom-up analysis is key.

• We favor unrecognized growth companies with well-established or improving business franchises, balance sheets and management.

• Our proprietary research process integrates macro and dynamic Environmental, Social and Governance (ESG) perspectives in company analysis and valuations.

• Our five-year research horizon allows our deep pool of investment professionals to take a strategic view on a company’s growth outlook.

• Our experienced team of portfolio managers builds high conviction portfolios, tailored to client specifications targeting superior risk-adjusted returns over the long term where stock selection is the main driver of returns

Please refer to the Emerging Markets and Private Equity sections for more information on additional equity capabilities offered at Barings.

Our expertise across the fixed income spectrum – from investment grade to high yield and across various structured products – helps our clients achieve their investment goals.

High Yield

Philosophy

We believe attractive, long-term, risk-adjusted returns can best be achieved through a combination of:

• Strong fundamental credit underwriting, with the primary focus on principal preservation

• Active portfolio management to capture the best relative value and identify opportunities for capital appreciation

Our Value Add

One of the industry’s largest global high yield teams

• 69 dedicated high yield investment professionals allow our team to analyze more opportunities

• Experienced in-house investment professionals in both U.S. and European markets

• Long-term track records in managing both U.S. and European credit

• Portfolio managers and analysts provide an on-the-ground, rigorous approach to managing credit by conducting company visits and regularly participating on management calls

In-depth, bottom-up credit analysis provides unparalleled coverage up and down the capital structure, across industries and geographies

• Integrated loan and bond high yield research and portfolio management

• On-the-ground resources provide local access and insight into the markets where we’re investing

• Active portfolio management capturing our best ideas while managing risk and optimizing relative value

Investment Grade

Philosophy

Constructing a diversified portfoliocontaining multiple targeted overweights and underweights across sectors, issuers and credit curves is the most effective method to consistently deliver outperformance while minimizing risk.

A firm-wide commitment to robust fundamental credit across asset classes is paramount. A disciplined, repeatable process focused on specific aspects of risk management has the ability to limit the potential for downside losses.

Our Value Add

• Repeatable Process: Our well-established risk management culture and framework has allowed us to outperform during challenging markets and has contributed to our established track record of delivering strong, risk-adjusted returns across a variety of market conditions.

• Idea Generation: Fueled by our firm-wide commitment to robust fundamental credit analysis across asset classes, which is delivered by our well-resourced global investment teams with a track record of generating alpha.

• Execution: Our execution strength lies in our flat organizational structure, which facilitates efficient communication of investment ideas, and our cohesive investment process, led by a senior portfolio management team that averages more than 26 years of investment experience, 20 years of which are at Barings.

Structured Credit

Philosophy

Our structured credit investment philosophy focuses on a detailed understanding of a CLO’s underlying collateral pool and structure, as well as an emphasis on the collateral manager’s impact on performance through the investment process.

Our Value Add

As an active investor in CLOs and CDOs since the early 1990s, we have developed one of the deepest and most experienced teams in the market.

• Broad Market Perspective: Actively investing in all parts of the CLO capital structure.

• Manager of Choice: Manages more than $14 billion in structured credit, including more than $13 billion in cash flow CLOs. Barings was also named as a replacement manager for multiple structured credit portfolios.

• Proprietary Systems: CDO WorldSM, our proprietary database and portfolio management system, provides in-depth access to information.

Please refer to the Emerging Markets and Private Debt sections for more information on additional fixed income capabilities offered at Barings.

Barings' multi-asset strategy is determined by combining their long-term forecasts for each asset with its volatility profile, together with its correlation with all other available assets. This forms the best strategic (10 year) asset class forecast.

The' central belief is that long-term returns from all assets are primarily driven by slow moving macro economic variables.

We conduct an ongoing tactical review to consider shorter-term trends and take advantage of opportunities over the next 12 months.

The strategy is implemented pragmatically, finding the best solution for any chosen asset class preference via direct holdings, in house active pooled funds and third party active and passive vehicles.

Our value Add

Tried and tested over multiple market conditions

• Our robust and repeatable multi asset investment process can deliver equity-like returns with lower than equity volatility

• Our approach aims to deliver portfolios that capture upside in rising markets and offer downside protection in falling markets

Rigorous research

• Our investment strategy is underpinned by a detailed 10-year forecast that examines underlying macroeconomic trends to identify long-term value

• We recognize that long-term returns are delivered unevenly and as such we aim to dynamically allocate to take advantage of short-term opportunities

Client-focused solutions

• While we follow the same proven investment process across our Multi Asset Targeted Return strategy, individual portfolios are designed with our clients’ needs in mind

• Whether in consideration of the location and base currency of our investors or their income, growth and capital preservation requirements, our suite of multi asset products is designed to provide effective solutions
  

Barings is one of the world’s largest diversified real estate investment managers, managing or servicing assets for more than 200 real estate clients worldwide. We offer a broad spectrum of real estate investment solutions spanning private and public real estate debt and equity.

Our distinctive investment style and relative value approach is designed to allow us to deliver compelling returns to investors around the globe. Our expertise spans all major property sectors as well as operational risk profiles ranging from developed to operating stable properties globally.

Our Value Add

• Global Platform, Local Execution: We are one of the largest global real estate platforms with local, experienced real estate investment professionals in core, value-add and opportunistic strategies across property sectors and structures

• Four Quadrant Investor: As an active investor in private and public equity and debt, we gain comprehensive investment insights into pricing and trend visibility

• Trusted Partner: Our business model embodies a fiduciary culture, alignment of interests, transparency and a history of delivering on client investment objectives

• Disciplined Risk Manager: We avoid style drift and target risk-priced investing, and focus on seeking to provide clients with compelling risk-adjusted returns

• Sponsor Commitment: We exemplify stable ownership with our long-term and cycle-tested investment perspective as well as our ongoing commitment and focus on global asset management
  

Our infrastructure debt investment philosophy is based upon the financing of critical, long-lived, capital intensive assets with competitive barriers that meet key social and/or economic needs. We view investment grade quality infrastructure debt as a complimentary addition to core fixed income allocations and therefore are focused on investments with meaningful downside protections (seniority, covenants, security) and incremental relative value versus comparable quality investments. We believe disciplined origination and credit underwriting can deliver portfolio diversity, reduced correlation to economic cycles, and attractive, risk-adjusted returns.

Our primary strategy consists of lending to essential infrastructure projects and assets in the following regions and sectors:

• Regions: Americas, EMEA, Australia/NZ

• Core Infrastructure: Toll roads, ports, airports and rail lines

• Power and Energy: Conventional and renewable power generation, transmission & distribution, and midstream

• Public Private Partnerships: Government payments for availability-based assets (roads, hospitals, educational, and government facilities, etc.)

Our Value Add

• Proven Track Record: Longstanding track record with no credit or default losses.* Consistent incremental spread pick up versus comparable rated investments

• Differentiated Global Origination: As a reliable and flexible capital provider to the global private debt markets, Barings has developed valuable relationships with banks, sponsors and issuers that drive consistent and diversified deal flow. More than 300 investment opportunities screened within the last two years

• Globally Diversified Portfolio: Approximately 50% of portfolio consists of non-U.S. issuers, representing investments domiciled in 20 countries

• Alignment of Interests: Proprietary capital is typically invested alongside that of third-party accounts

• Scale: Over $3.6 billion of global infrastructure debt investments originated since 2015

• Dedicated Investment Team: Comprised of 10 dedicated investment professionals

*Identifiable track record begins in 2004.

Our private credit expertise includes middle market corporate credit, corporate private placement debt and infrastructure debt. With more than 50 years of credit experience, our team understands how to most effectively invest in private debt instruments to evaluate and capture the additional yield potential of illiquid and less liquid credit-based investments.

Our Value Add

• Direct Origination: We source global investment opportunities across a spectrum of risk/return profiles. We directly originate and underwrite every deal we invest in and have the ability to create highly customized portfolios to meet various investor needs.

• Scale and Expertise: Large, global team and 20+ years of experience as a consistent leader in the market all supported by Barings’ global enterprise and corporate infrastructure.

• Alignment of Interest: We typically invest our own capital alongside our clients.

• Local Teams with Global Perspective: Global deal flow sourced through local relationships allows us to access opportunities with attractive risk-adjusted return and relative value

• Partnership-based Investment Approach: Long relationships include L.P. commitments to buyout funds and recurring deals with sources.

• Proven track record across regions, asset classes and credit cycles.
  

Our investment philosophy focuses on tangible and intangible Real Assets and Asset-Based Private Equity businesses across four distinct asset types. We employ a top-down macro approach to identify themes across sectors and express these views through assets that exhibit a common set of desired characteristics. Specifically, we target assets that are integral to the real economy and possess predictable cash flows that help reduce the dependence of exit events. In addition, our investment professionals possess extensive sector and industry experience and partner with best-in-class operators to actively manage the assets. We believe that the combination of active management, access to specialist markets and a focus on under-invested sectors allows us to build diversified portfolios that are designed to exploit market inefficiencies. Lastly, years of deep industry relationships and partnering with our operators often grants us access to opportunities unavailable to the broader market.

Our Value Add

• Seek control of operating / portfolio companies

• Partner with operating / portfolio companies to implement institutional quality controls and Baring Alternative Investments (BAI) business plan on their platforms

• Build the expertise to operate assets efficiently, capture optionality and maximize asset cash flow

• Build scale and generate enterprise value where there is the opportunity

• Opportunity to capture multiple premiums including illiquidity, complexity and active versus passive

• Serve as partners to our clients, providing transparency into our investment process and delivering reporting at the most granular level
  

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