8/8/2019 Baring Fund Fact Sheet

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Fund Manager Roberto Lampl

Fund Type Irish Authorised UCITS

Fund Size (Mn) US$848.7

Inception Date 05.04.1993

NAV price US$54.35

Unit Types Available Income/Accumulation

Umbrella Emerging Markets

Min Investment US$5000

Min Subsequent Inv N/A

Initial 5.00%

Annual 1.25%

XD Date 01 May

Dividend Paid By 30 Jun

No. of Holdings 49

ISIN IE0000828933

Bloomberg Code BRGLAMI ID

Lipper ID 60000665

TER 1.8% as at 30.09.10

Historic Yield 0.3%

% Change Fund Index % Change Fund

2009 +100.4 +102.6 31 October 2009 - 31 October 2010 +19.0

2008 -58.1 -49.7 31 October 2008 - 31 October 2009 +74.3

UK Reporting Status Yes 2007 +46.1 +50.7 31 October 2007 - 31 October 2008 -58.1

Morningstar Rating 2006 +45.3 +43.5 31 October 2006 - 31 October 2007 +80.1

2005 +56.7 +50.4 31 October 2005 - 31 October 2006 +44.0

% Change Fund Index % Change Fund Index

1 month +3.9 +3.8 3 years annualised -4.6 +3.8

3 months +12.4 +12.4 5 years annualised +17.6 +22.5

YTD +10.6 +14.7 10 years annualised +17.5 +21.2

1 year +19.0 +27.8 SI annualised +10.7 +15.6

Index return source: MSCI #

BARING LATIN AMERICA FUNDOCTOBER 2010

SUMMARY FUND OBJECTIVE MANAGER'S COMMENTS

Latin America equity markets were up in October due to stronger data coming from US and China and

third quarter results being stronger than expected. On the negative side the possibility of Brazil increasingtaxes on equity transactions, impacted negatively on the Brazilian equity market performance. Peru,

Mexico and Colombia outperformed the index, while Brazil and Chile were the laggards. At the sector

level, consumer stocks were the best performers.

Strategy / portfolio positioning

During October, we maintained our overweight (relative to the benchmark index) in Brazil and Peru while

keeping our underweight positions in Chile, Colombia and Mexico. As per sectors, we maintain our

preference of energy, financials, health care, industrials and telecommunication services sectors.

Regarding changes to our portfolio, we bought a Brazilian fertilizer producer and an Argentine

telecommunication company. We sold four companies in Brazil: an iron ore producer, a mall

administrator, a water utility and a logistics provider. In addition, we sold a Chilean bank.

The investment objective of the Fund is to seek long-

term capital growth primarily through investment in Latin

American equity securities. Investors should be aware ofthe additional risks associated with funds which invest in

emerging and developing markets. (Please refer to the

Prospectus for the full investment objective and policy.)

Performance summary

FUND INFORMATION Market outlook

All fund information in this factsheet relates to the

US$ A Income unit type

We have a positive view regarding Latin American economies for the remainder of 2010 and for next

year. As expected, Dilma Rousseff emerged as Brazil's first female President, therefore a major overhang

was removed in Brazil. Now the focus moves to who will be part of the government and the shape of her

economic policies. The smaller economies of Chile, Peru and Colombia remain robust led by Foreign

Direct Investment and consumption. Both valuations remain attractive and growth robust resulting in a

fund positioned for domestic led growth.

Available ClassesA (US$,EUR,GBP)

I (US$,EUR,GBP)HISTORIC PERFORMANCE (CASH VALUE OF US$1000)

Management Charges

Past performance is not a guide to future performance. The chart shown above should be viewedin conjunction with the rolling 12 month performance table below.

CALENDAR YEAR PERFORMANCE (US$) ROLLING 12 MONTH PERFORMANCE (US$)

PERFORMANCE (US$) ANNUALISED PERFORMANCE (US$)

Ratings are subject to change. www.barings.com

Benchmark Index

MSCI EM Latin America

10/40 Total, Gross

Return

500

1,500

2,500

3,500

4,500

Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10

Baring Latin America Fund

Morningstar GIFS Equity Latin America

MSCI Latin America until 1/6/08 then MSCI EM Latin America 10/40 Total, Gross Return

8/8/2019 Baring Fund Fact Sheet

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*Including a cash weight of 1.0%

(%) Fund Index

Cia Vale do Rio Doce 9.3 Standard Deviation +38.8 +36.5

America Movil S.A. de C.V. 8.5 Alpha -9.0 -

Petroleo Brasil 7.6 Beta +1.0 -

Banco Bradesco S/A 6.9 Sharpe Ratio -0.1 +0.2

OGX Petroleo e Gas Particip. 5.1

Banco ITAU Holding Finance 4.2

Diagnosticos da America S/A 3.6

Comp. de Minas Buenaventura 3.2Localiza Rent A Car S/A 3.0

Comp. de Bebidas Americas 3.0 96.3

COUNTRY BREAKDOWN NOTES

Baring Asset Management Limited

155 Bishopsgate

EC2M 3XYUnited Kingdom

Authorised and regulated by the

Financial Services Authority

SECTOR BREAKDOWN

UNCOMMITTED CASH POLICY

UNCOMMITTED CASH POLICY

GLOSSARY OF INVESTMENT TERMS

CONTACT US: +44 (0) 845 082 2479Calls may be recorded and monitored

www.barings.com

Tracking Error

(Ex Post)+11.2 -

PORTFOLIO TURNOVER (%)

TOP 10 HOLDINGS PERFORMANCE CHARACTERISTICS

12 months

At the close of eachday's trading, uncommitted cash is placed overnight into

money market funds (currently funds managed by Northern Trust). These

money market funds are reviewed on an ongoing basis and the intention is

only to use funds that are rated Aaa/MR1+ by Moody's (or an equivalent ratin

by another ratings agency). The money is placed in these funds to diversify

risk on uncommitted cash. The money market funds arenot guaranteed and

their value may go down as well as up.

We produce a glossary to assist you in case you find any of the investment

terms we've used in this factsheet unfamil iar. This is available from our

website www.barings.com/uk/individualinvestors or free on request by calling

+44 (0) 845 082 2479.

The fund is managed by Baring International Fund Managers (Ireland) Limited.

This document is approved and issued by Baring Asset Management Limited

and in jurisdictions other than the UK it is provided by the appropriate Baring

Asset Management company/affiliate whose name(s) and contact details are

speci fied herein. This is not an offer to sel l or an invitat ion to apply for any

product or service of Baring Asset Management andis by way of information

only. Before investing in anyproduct, we recommend that recipients who are

not professional investors contact their financial adviser.

All relevant documents relating to the product, such as reports and accounts

and prospectus (which specify the particular risks associated with a product,

togetherwith anyspecific restrictions applying andthe basis of dealing) should

be read. The information in this document doesnot constitute investment, tax,

legal or other advice or recommendation or, an offer to sell or an invitation to

apply for any product or service of Baring Asset Management.

Investment involves risk. The value of any investments and any income

generated may go down as well as up and is not guaranteed. Past

performance is not a guide to future performance. Quoted yields are not

guaranteed. Changesin ratesof exchange may have an adverse effect on the

value, price or income of an investment. There are additional risks associated

with investments (made directly or throughinvestment vehicles which invest)in

emerging or developing markets. Investments in higher yielding bonds issuedby borrowers with lower creditratings mayresultin a greater riskof defaultand

have a negative impact on income and capital value. Income payments may

constitute a return of capital in whole or in part. Income may be achieved by

foregoing future capital growth. We reasonably believe that the information

contained herein from 3rd partysources, as quoted, is accurate as at thedate

of publication. Theinformation and anyopinions expressed herein maychange

at any t ime. This document may inc lude interna l por tfol io const ruct ion

guidelines. As guidelines the fund is not required to and may not always be

within these limits. These guidelinesare subject to change without prior notice

and are provided for information purposes only.

Compensation arrangements under the Financial Services and Markets Act

2000 of the United Kingdom wil l not be available in respect of any offshore

fund. Shares in the Fund are not available in any jurisdiction in which the offer

or sale would be prohibited; in particular theFund may not be sold directly or

indirectly in the US or to a US person. Subscriptions will onlybe received and

shares issued on the basis of the current Prospectus.

Version 05/SD#

The MSCI data is compr ised of a custom index calculated by MSCI for , and as

requested by, Baring Investment Services Limited.The MSCI data is for internal use

only and may not be redistributed or used in connectionwith creating or offering any

securities,financialproducts or indices. NeitherMSCI norany other third party involved

in or related to compiling,computing or creating the MSCI data (the "MSCI Parties")makes any expressor impliedwarrantiesor representationswith respect to such data

(orthe resultstobe obtainedby theuse thereof),and theMSCI Partiesherebyexpressly

disclaim all warranties of originality,accuracy, completeness,merchantability or fitness

for a particularpurpose with respectto suchdata.Without limiting anyof theforegoing,

in no event shall any of the MSCI Parties have any l iabi li ty for any direct, indirect,

special, punitive, consequential or any other damages (including lost profits) even if

notified of the possibility of such damages.

S&P FundManagement Rating representsan opiniononly and shouldnot be reliedon

whenmaking an investmentdecision.S&Pand Standard & Poorsare trademarksof

The McGraw-Hill Companies, Inc. Copyright 2010 Standard & Poors Financial

Services LLC.

26.3%

24.5%14.9%

10.7%

10.2%

4.8%

4.5% 4.1% Financials = 26.3%

Materials = 24.5%

Energy = 14.9%

Telecommunication Services = 10.7%

Consumer Staples = 10.2%

Health Care = 4.8%

Others* = 4.5%

Industrials = 4.1%

67.5%

17.1%

8.9%

6.5% Brazil = 67.5%

Mexico = 17.1%

Others* = 8.9%

Peru = 6.5%

Unless otherwise stated,all fund portfolio figureswithin this factsheetare as

at the end of the month shown at the top of page one. Performance

characteristics are based on US$ returns over a 3 year period. Portfol io

Turnover is the lesser of purchases or sales divided by the average market

value over the previous 12 months.SectorBreakdown - Mutual Funds. Many

Funds are not sec tor speci fi c and are therefore shown as a separate

sector/category. Source: Barings.

Performance figures are shown in US Dol lars on a NAV per share basis,

with gross income reinvested. Current Index effective from 1st May 2008.

Prior to this date thefund was shown against the MSCI Latin America Index.

Source: Morningstar. Morningstar, Inc. all rights reserved. The information

contained herein: (1) is proprietary to Morningstar and/or its content providers

(2) may not be copied or distributed; and (3) is not warranted to be accurate,

complete or t imely. Nei ther Morn ings tar nor i ts content providers are

responsib le for any damages or losses ar ising f rom any use of this

information.

Thehistoricyieldreflects distributionsdeclared over thepast 12 months as a

percentage of the mid-market unit price. It does not include any preliminarycharge and investors may be subject to tax on their distributions. Yields are

not guaranteed.4 The NAV price is a s ingle pri ce for dealing which is a mid-pri ce. For

purchases, an initial charge is added to the NAV price.