Global High Yield Capabilities
Barings Global High Yield Bond Fund
Income Potential Unfolded
CAPTURING ATTRACTIVE GLOBAL INCOME OPPORTUNITIES
Overall MORNINGSTAR RATINGTM1
1. Overall Morningstar Rating as of March 31, 2026 (EAA OE Global High Yield Bond). For the Tranche F USD Acc only, other share tranches may have different performance characteristics. Not intended to be offered to the retail public. Tranche F Shares are generally only available to feeder funds or fund of funds. Annual management fee of Tranche F Shares, which is currently 0%, is significantly lower than that of Tranche G Shares. Investors should note that the performance of Tranche F Shares is for reference only and does not represent the performance of Tranche G Shares.
Higher credit quality profile relative to history
It is worth noting that high yield bond markets remain on solid footing and have one of the highest credit rating profiles today relative to history. Many issuers are BB-rated, and only 8% of the market is comprised of companies rated CCC and below, and a majority of the companies are publicly listed.
Improved Credit Quality Profile
Source: ICE BofA Non-Financial Developed Markets High Yield Constrained Index (HNDC). As of 31 March 2026.
High income may provide a cushion even if the macro environment deteriorates
When the yield level has exceeded 7.0%, as it is currently, the high yield bond market has historically delivered attractive average returns in the following 6 to 24 months.
Yields at Current Levels Have Historically Led to Compelling Forward Returns (Dec 2004 – Mar 2026)
| Yield to Worst | Average Return in the Subsequent 6 Months | Average Return in the Subsequent 12 Months | Average Return in the Subsequent 24 Months |
| >7.0% | 5.7% | 11.2% | 21.7% |
Sources: ICE BofA Developed Markets High Yield Constrained Index (HYDC). As of 31 March 2026. The reference period is from 31 December 2004 to 31 March 2026. Based on monthly observations.
High Yield Bonds typically have lower exposure to the software sector
High yield bonds are generally less exposed to software-related risks and the resultant Artificial Intelligence (AI) related disruption risks associated with this sector, relative to other key asset classes.
Estimated Exposure to Software by Asset Class
Source: ICE BofA Global Research, Bloomberg as of 11 February 2026. The chart represents U.S. market data.
Note: Effective June 30, 2022, the ICE Fixed Income Index reflects transaction costs. As a result, existing index level total return, price return and excess return fields have been adjusted to reflect the new methodology. All return information prior to June 30, 2022 has not been adjusted.
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