EN United States Individual

Barings Global Credit Income Opportunities Fund

CUSIP:06759W836

Symbol:BXITX

NAV
as of 06/25/2019
USD 8.930
Diversity
as of 05/31/2019
220 issuers
Weighted Average Duration
as of 05/31/2019
1.47 yrs
Global Holdings
as of 05/31/2019
37.79% non-U.S.

Objective

The Barings Global Credit Income Opportunities Fund seeks an absolute return, primarily through current income and secondarily through capital appreciation.  The fund invests in a diversified portfolio of global high yield securities primarily issued by U.S. and European companies and including but not limited to loans, bonds and structured credit products.

Strategy

  • Fund seeks to generate positive returns during the course of a full market cycle while managing volatility including interest rate risk
  • Take advantage of a broader opportunity set by investing at least 40% of assets in non-U.S. based issuers of senior secured loans and high yield bonds
  • Take advantage of inefficiencies between geographies, primarily North America and European markets
  • Targeted approach to high-conviction ideas
  • The Fund’s currency exposure will be hedged back to the U.S. dollar (USD)

Who Should Invest

Investors seeking to benefit from an unconstrained absolute return strategy that offers access to compelling high yield investment opportunities worldwide.

Performance

Average Annual Returns %

June YTD 1 Year 3 Years 5 Years Since Inception
With Sales Charge N/A N/A N/A N/A N/A N/A
Without Sales Charge 0.41% 5.88% 2.31% 7.02% 3.95% 4.73%

Performance less than one year is cumulative; all other performance is annualized. Class I and Y Shares are sold at the net asset value per share without a sales charge.
Since inception date: 09/16/2013

May YTD 1 Year 3 Years 5 Years Since Inception
With Sales Charge N/A N/A N/A N/A N/A N/A
Without Sales Charge -0.92% 5.45% 2.34% 6.75% 3.98% 4.71%
USD 3 MONTH LIBOR + 500bps 0.63% 3.16% 7.69% 6.83% 6.29% 6.17%

Performance less than one year is cumulative; all other performance is annualized. Class I and Y Shares are sold at the net asset value per share without a sales charge.
The 3 Month USD LIBOR (London Interbank Offered Rate) is an average interest rate, determined by the Intercontinental Exchange, that banks charge one another for the use of short-term money (3 months) in England's Euro dollar market. The return shown includes 3 Month USD LIBOR plus 500 bps, or 5% per annum. LIBOR is unmanaged. It is not possible to invest directly in LIBOR. No assurance can be given that the Fund's performance will exceed that of LIBOR by any given increment, or at all.
Since inception date: 09/16/2013

QTR YTD 1 Year 3 Years 5 Years Since Inception
With Sales Charge N/A N/A N/A N/A N/A N/A
Without Sales Charge 4.77% 4.77% 2.31% 8.01% 4.08% 4.74%
USD 3 MONTH LIBOR + 500bps N/A 1.84% 7.63% 6.71% 6.20% 6.11%

Performance less than one year is cumulative; all other performance is annualized. Class I and Y Shares are sold at the net asset value per share without a sales charge.
The 3 Month USD LIBOR (London Interbank Offered Rate) is an average interest rate, determined by the Intercontinental Exchange, that banks charge one another for the use of short-term money (3 months) in England's Euro dollar market. The return shown includes 3 Month USD LIBOR plus 500 bps, or 5% per annum. LIBOR is unmanaged. It is not possible to invest directly in LIBOR. No assurance can be given that the Fund's performance will exceed that of LIBOR by any given increment, or at all.
Since inception date: 09/16/2013

Fund Yield

as of 05/31/2019
Sub. SEC 30-day Yield 5.61%
Unsub. SEC 30-day Yield 5.38%
Distribution Yield (at NAV) 5.34%
Distribution Yield (at Offer) 5.34%

The Securities and Exchange Commission 30-day Yield is calculated under an SEC standardized formula and is based on the maximum offer price per share. Subsidized (Sub.) yields reflect fee waivers in effect. Without such waivers, yields would be reduced. Unsubsidized (Unsub.) yields do not reflect fee waivers in effect. Distribution Yield at Offer includes maximum sales charges applied. The distribution yield is based on the fund's most recent monthly distribution per share (annualized) divided by the fund's NAV at the end of the period. Please click on the following links for additional information as well as access to the Fund's Prospectus and SAI.

Calendar Year End Returns

Year Price Type A-Class C-Class Y-Class I-Class
2017 NAV 6.49% 5.70% 6.76% 6.76%
2017 Offer 2.23% 4.70% N/A N/A
2016 NAV 14.59% 13.73% 14.87% 14.87%
2016 Offer 10.01% 12.73% N/A N/A
2015 NAV -1.26% -2.00% -1.03% -1.02%
2015 Offer -4.96% -2.92% N/A N/A
2014 NAV -3.94% -1.81% 0.08% 0.08%
2014 Offer -0.23% -0.90% N/A N/A
2013 NAV 3.30% 3.00% 3.30% 3.30%
2013 Offer -0.45% 2.00% N/A N/A

Expense Ratios

A-Class C-Class I-Class Y-Class
Expense Ratio (Gross) 1.38% 2.21% 1.13% 1.14%
Expense Ratio (Net) 1.20% 1.95% 0.95% 0.95%

The net expense ratio reflects a contractual commitment by the Fund's investment adviser to waive fees and reimburse expenses through November 1, 2019. Absent the waiver and reimbursement, expenses would be higher and total returns would be less. The gross expense ratio reflects the total annual fund operating expense as of the most recent prospectus.

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because share price, principal value, and return will vary, you may have a gain or loss when you sell Fund shares. Performance includes the reinvestment of dividends and capital gains. Calendar year returns at offer include maximum sales charges applied.

Distributions

Distribution History

Ex Date Record Date Payable Date Amount
Daily Daily 06/03/2019 $0.0408
Daily Daily 05/01/2019 $0.0439
Daily Daily 04/01/2019 $0.0503
Daily Daily 03/01/2019 $0.0416
Daily Daily 02/01/2019 $0.0437
Daily Daily 01/02/2019 $0.0440
12/12/2018 12/11/2018 12/13/2018 $0.1044
Daily Daily 12/03/2018 $0.0413
Daily Daily 11/01/2018 $0.0455
Daily Daily 10/01/2018 $0.0394
Daily Daily 09/04/2018 $0.0445
Daily Daily 08/01/2018 $0.0406
Daily Daily 07/02/2018 $0.0418

Download Distribution History

Pricing

52 Week High/Low

Date Price
High 10/03/2018 $9.35
Low 01/03/2019 $8.67

YTD High/Low

Date Price
High 05/02/2019 $9.05
Low 01/03/2019 $8.67

Portfolio as of 05/31/2019

Weighted Average Duration

1.47 yrs

Number of Issuers

220 issuers

Download Portfolio Holdings (xls)

Portfolio Assets Composition

Quality Distribution

Ratings % of Assets
BAA 1.87%
BA 31.93%
B 45.37%
CCC AND BELOW 10.32%
NOT RATED 3.88%
CASH AND ACCRUED 6.63%
Total 100.00%

Percentages of assets are expressed by market value including cash, short-term instruments and accrued income, and will vary over time. Ratings shown are the highest rating given by one of the following national rating agencies: S&P or Moody's. Additional information about ratings can be found at www.moodys.com and www.standardandpoors.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

Top 5 Countries

Country % of Assets
UNITED STATES 57.57%
UNITED KINGDOM 11.72%
GERMANY 6.21%
NETHERLANDS 3.86%
IRELAND 2.49%
Total 81.85%

Top 10 Holdings

Holding % of Assets
VERISURE (FKA SECURITAS DIRECT) 1.61%
MAUSER PACKAGING SOLUTIONS (FKA BWAY) 1.29%
BAUSCH HEALTH COMPANIES (F.K.A. VALEANT PHARMACEUTICALS) 1.16%
AMERICAN AIRLINES GROUP INC. 1.15%
VERITAS 1.15%
FIRST QUANTUM MINERALS LTD 1.15%
CITGO HOLDING, INC. 1.14%
DOMESTIC & GENERAL 1.11%
ENDEMOL 1.10%
VERTAFORE 1.08%
Total 11.94%

Holdings are subject to change. 

Top 10 Moody's Industries

Industry % of Assets
HEALTHCARE, EDUCATION AND CHILDCARE 9.39%
DIVERSIFIED / CONGLOMERATE SERVICE 8.93%
FINANCE 5.53%
BROADCASTING AND ENTERTAINMENT 5.17%
OIL AND GAS 5.00%
ELECTRONICS 4.36%
LEISURE, AMUSEMENT, ENTERTAINMENT 3.65%
TELECOMMUNICATIONS 4.20%
CHEMICALS, PLASTICS AND RUBBER 3.13%
RETAIL STORES 2.99%
Total 52.35%

Percentage of assets are expressed by market value including cash and accrued income, and will vary over time.

 

RISKS
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Fixed Income investing is subject to interest rate risks. Bond prices and other fixed income product prices generally fall when interest rates rise. The Fund invests in high yield loans and bonds, commonly referred to as “junk bonds,” including distressed securities, which are subject to greater credit risk (the risk that an issuer won’t make timely payments of principal and interest) and market risk (the risk that the value of the Fund’s investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); loans and derivative securities, which may carry market, credit and liquidity risk (the risk that the Fund’s investments may be difficult to sell at an advantageous time or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund may also invest in structured products which bear the risks of the underlying investments and are subject to counterparty risk, credit risk, liquidity risk and market risk.

Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Fund’s share price will decline.

We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Past performance is no guarantee of future results.

Diversification does not ensure profit, nor does it eliminate the risk of experiencing investment losses.

 

Documents

Before investing you should consider carefully the Fund’s investment objectives, risks, charges and expenses. A prospectus, which contains this and other information, can be obtained by calling 1.855.439.5459. Read the prospectus carefully before investing: BFT Prospectus

ALPS Distributors, Inc. is the distributor for the Barings mutual funds. ALPS and Barings are separate and unaffiliated. 

© 2018 Barings LLC. All rights reserved.

Click here to report Complaints or Concerns Regarding Accounting or Auditing Matters via the service provider’s website. Additional reporting options can be found under Fund Documents.
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