EN United States Individual

Barings Global High Yield Fund

CUSIP:06759W869

Symbol:BXGYX

NAV
as of 06/21/2019
USD 9.530
Diversity
as of 05/31/2019
140 issuers
Weighted Average Duration
as of 05/31/2019
3.26 yrs
Global Holdings
as of 05/31/2019
34.92% non-U.S.

Objective

The Barings Global High Yield Fund seeks to provide high current income generation and, where appropriate, capital appreciation.

Strategy

  • Invest in a broader opportunity set with at least 40% of assets in non-U.S. based issuers of high yield bonds
  • Take advantage of inefficiencies between geographies, primarily North America and European markets
  • Bottom-up, fundamental approach to credit analysis with a focus on free cash flow generation, favorable capital structure, strong business position and respected management teams or equity sponsors
  • Targeted approach to high conviction ideas with an active portfolio management style to manage risk while optimizing relative value
  • Substantially all of its currency exposure will be hedged back to the U.S. dollar (USD)

Who Should Invest

Investors seeking to benefit from a strategy that aims to produce a superior total rate of return through global high yield bonds.

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 1.87% 8.99% 5.51% 7.75% N/A 7.48%

Performance less than one year is cumulative; all other performance is annualized. Class A performance with sales charge includes the maximum 4.00%.
Since inception date: 10/30/2015

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 -1.83% 7.00% 4.27% 7.09% N/A 7.07%
Bank of America Merrill Non-Financial Developed Markets High Yield Constrained Index - Hedged to USD -1.26% 7.24% 5.26% 7.00% N/A 6.79%

The BofA Merrill Lynch Non-Financial Developed Markets High Yield Constrained Index contains all securities in the BofA Merrill Lynch Global High Yield Index that are non-financials and from developed markets countries, but caps issuer exposure at 2%. Developed markets is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. Indices are unmanaged. It is not possible to invest directly in an index.
Since inception date: 10/30/2015

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 6.80% 6.80% 4.63% 8.58% N/A 7.38%
Bank of America Merrill Non-Financial Developed Markets High Yield Constrained Index - Hedged to USD N/A 7.07% 5.71% 8.49% N/A 7.08%

The BofA Merrill Lynch Non-Financial Developed Markets High Yield Constrained Index contains all securities in the BofA Merrill Lynch Global High Yield Index that are non-financials and from developed markets countries, but caps issuer exposure at 2%. Developed markets is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. Indices are unmanaged. It is not possible to invest directly in an index.
Since inception date: 10/30/2015

Fund Yield

as of 05/31/2019
Sub. SEC 30-day Yield 6.44%
Unsub. SEC 30-day Yield 5.50%
Distribution Yield (at NAV) 6.09%
Distribution Yield (at Offer) 6.09%

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.

Expense Ratios

A-Class C-Class I-Class Y-Class
Expense Ratio (Gross) 6.55% 4.80% 1.53% 1.53%
Expense Ratio (Net) 1.05% 1.80% 0.80% 0.80%

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. For current month-end performance information, call 1.855.439.5459. Performance includes the reinvestment of dividends and capital gains. Performance less than one year is cumulative; all other performance is annualized.

Distributions

Distribution History

Ex Date Record Date Payable Date Amount
Daily Daily 06/03/2019 $0.0503
Daily Daily 05/01/2019 $0.0493
Daily Daily 04/01/2019 $0.0487
Daily Daily 03/01/2019 $0.0506
Daily Daily 02/01/2019 $0.0506
Daily Daily 01/02/2019 $0.0512
12/12/2018 12/11/2018 12/13/2018 $0.2110
Daily Daily 12/03/2018 $0.0502
Daily Daily 11/01/2018 $0.0537
Daily Daily 10/01/2018 $0.0538
Daily Daily 09/04/2018 $0.0532
Daily Daily 08/01/2018 $0.0540
Daily Daily 07/02/2018 $0.0490

Download Distribution History

Pricing

52 Week High/Low

Date Price
High 10/03/2018 $9.94
Low 12/26/2018 $8.99

YTD High/Low

Date Price
High 04/30/2019 $9.62
Low 01/03/2019 $9.00

Portfolio as of 05/31/2019

Weighted Average Duration

3.26 yrs

Number of Issuers

140 issuers

Download Portfolio Holdings (xls)

Portfolio Assets Composition

Top 5 Countries

Country % of Assets
UNITED STATES 64.83%
UNITED KINGDOM 14.62%
GERMANY 4.88%
FRANCE 2.12%
CANADA 2.00%
Total 88.45%

Top 10 Holdings

Holding % of Assets
JBS USA, LLC 2.52%
NEXSTAR BROADCAST 2.00%
ACRISURE 1.77%
MAUSER PACKAGING SOLUTIONS (FKA BWAY) 1.70%
KENAN ADVANTAGE 1.55%
CITGO HOLDING, INC. 1.43%
INTELSAT 1.42%
LOWELL (FKA GFKL) 1.32%
VERITAS 1.32%
CONSOLIDATED ENERGY FINANCE LLC (PARENT OF TL METHANOL HOLDINGS, AKA MTHL) 1.30%
Total 16.33%

Holdings are subject to change

Top 10 Moody's Industries

Industry % of Assets
OIL AND GAS 11.58%
HEALTHCARE, EDUCATION AND CHILDCARE 9.54%
BROADCASTING AND ENTERTAINMENT 7.62%
TELECOMMUNICATIONS 8.28%
MINING, STEEL, IRON AND NON PRECIOUS METALS 6.55%
FINANCE 5.36%
DIVERSIFIED / CONGLOMERATE SERVICE 5.41%
LEISURE, AMUSEMENT, ENTERTAINMENT 4.85%
BEVERAGE, FOOD AND TOBACCO 4.84%
CHEMICALS, PLASTICS AND RUBBER 4.28%
Total 68.31%

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. Duration measures the price sensitivity of a bond or a portfolio to changes in interest rates. 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 mortgage and asset-backed securities which may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market's perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. 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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