FUND INFORMATION Fund Manager Matthias Siller Fund Ty PDF document

FUND INFORMATION  Fund Manager Matthias Siller Fund Ty PDF document

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2 Fund launch date January 1994 NAV price 60 MidPrice 54 Discount to NAV 1040 Listing London SE Min Investment NA Min Subsequent Inv NA Management Charges Annual 08 Performance Fee Year end 30th September ISIN GB0032273343 Bloomberg Code BEE LN Lipp ID: 60111

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FUND INFORMATION Fund Manager Matthias Siller Fund Type Closed-Ended Investment Trust Company Total Fund Size (Mn) 111.2 Fund launch date January 1994 NAV price 6.0 Mid-Price 5.4 Discount to NAV 10.40% Listing London SE Min Investment N/A Min Subsequent Inv N/A Management Charges Annual 0.8% Performance Fee Year end 30th September ISIN GB0032273343 Bloomberg Code BEE LN Lipper ID 71000959 Historic Yield 3.50% Morningstar Rating % Change Performance Comparison % Change Fund 2014 -25.1 31 March 2014 - 31 March 2015 -12.6 2013 -6.1 31 March 2013 - 31 March 2014 -16.7 2012 +21.8 31 March 2012 - 31 March 2013 +12.8 2011 -23.9 31 March 2011 - 31 March 2012 -22.6 2010 +21.7 31 March 2010 - 31 March 2011 +9.9 % Change Performance Comparison % Change Fund Performance Comparison 1 month +0.4 3 years annualised -6.4 -7.7 3 months +6.9 5 years annualised -6.9 -5.8 YTD +6.9 10 years annualised +5.6 +6.2 1 year -14.0 SI annualised +12.6 +5.3 Performance Comparison Source: MSCI/Barings BARING EMERGING EUROPE PLC MARCH 2015 SUMMARY FUND OBJECTIVE AND INVESTMENT POLICY MANAGER'S COMMENTS Performance summary Market outlook HISTORIC PERFORMANCE (CASH VALUE OF 1000) MSCI Emerging Europe 10/40 Total, Net Return Strategy / portfolio positioning The investment objective of the Fund is to achieve long- term capital growth, principally through investment in Emerging European securities. (Please refer to the Prospectus for the full investment objective and policy.) 10% of the amount by which the change in the company's NAV exceeds change in Performance Comparator. We believe Emerging European equities offer compelling combination of deeply discounted share price valuations, healthy long-term growth prospects and attractive companies to invest in. Together, we think this should attract growing interest in the asset class over time. It is encouraging to see that the corporate governance keeps improving in the region, and remains focus for shareholders and management alike, with number of companies positively surprising in terms of operational performance and dividend distribution. Currency moves dominated Emerging European Equity markets in March, with the US dollar appreciating between 3% and 5% against most Emerging European currencies over the course of the month, in-line with global trends. The notable exception was the Russian rouble, which gained more than 5% against the US dollar during the month. The rouble is one of the few currencies to appreciate against the US dollar so far this year. Against this backdrop, the SRUWIROLRV performance was slightly behind the performance comparator in March. The continued strength of the rouble has prompted us to review our positions in Russia and reduce number of Energy companies, where profit margins are coming under pressure, and to re-invest in more domestically oriented businesses, where profitability is being supported. We continue to have more than the performance comparator weight in Russia and remain positive on the long-term prospects for the market. In Turkey, we participated in the secondary offering of &LWLJURXSV stake in Akbank, one of the FRXQWU\V largest lenders. $NEDQNV attractions lie in its strong capitalisation and liquidity, and with an increase in the proportion of shares which are publicly traded, we believe the FRPSDQ\V attractive fundamentals will come to the fore. While increasing our weighting in Turkish banks we decided to sell the state-controlled real estate developer Emlak after outperformance pushed it close to fair value. After participating in the capital increase of Bank of Georgia in December, we used weakness in its share price to increase our holdings as long term growth drivers remain intact. In contrarian move, we also added to National Bank of Greece. More than half of the FRPSDQ\V value is UHSUHVHQWHGE\WKHEDQNV7XUNLVKVXEVLGLDU\)LQDQVEDQNDQGZHWKLQNWKLVLVQRW\HWDGHTXDWHO\SULFHGE\WKHPDUNHW Performance Comparison CALENDAR YEAR PERFORMANCE () ROLLING 12 MONTH PERFORMANCE () Fund -30.1 +1.7 Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units. Please note, changes in the rates of exchange may have an adverse effect on the value, price or income of an investment. The chart shown above should be viewed in conjunction with the rolling 12 month performance table below. +0.3 -12.6 +24.6 -30.7 +18.0 PERFORMANCE () ANNUALISED PERFORMANCE () Fund +9.4 +9.4 www.bee-plc.com Ratings are subject to change. 400 600 800 1,000 1,200 1,400 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Baring Emerging Europe Plc MSCI Emerging Europe 10/40 Total, Net Return
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SECTOR BREAKDOWN (%) TOP 10 HOLDINGS Sberbank Lukoil Norilsk Nickel NovaTek OAO Akbank TAS Magnit Luxoft Holding Class A Haci Omer Sabanci Holding A.S. O A O Tatneft Turkiye Halk Bankasi GLOSSARY OF INVESTMENT TERMS UNCOMMITTED CASH POLICY NOTES IMPORTANT INFORMATION COUNTRY BREAKDOWN (%) 1 *Including a cash weight of 1.2% 3.5 3.9 CONTACT US: Fund Services Centre: +44 (0) 208 639 3399 Telephone calls may be recorded and monitored www.bee-plc.com 3.4 3.3 Baring Asset Management Limited 155 Bishopsgate EC2M 3XY United Kingdom Authorised and regulated by the Financial Conduct Authority We produce a glossary to assist you in case you find any of the investment terms we've used in this factsheet unfamiliar. This is available from our website www.barings.com/uk/individualinvestors or free on request by calling +44 (0) 845 082 2479. On a daily basis and subject to Fund restrictions / Investment Manager discretion, uncommitted cash may be 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 rating by another ratings agency). The money is placed in these funds to diversify risk on uncommitted cash. The money market funds are not guaranteed and their value may go down as well as up. 4.4 3.9 (%) 7.8 7.6 4.9 4.5 51.0 23.2 9.8 8.7 3.9 3.4 Russia Turkey Others* Poland Eastern European Institutions Greece Emerging Unless otherwise stated, all Fund portfolio figures within this factsheet are as at the end of the month shown at the top of page one Source Barings/Northern Trust The &DVK weight, where applicable, may include cash on deposit, holdings in cash funds, short dated Bills (or equivalent), forward FX, income receivable, futures, initial margin and cash backing deposits The valuation data used to calculate asset allocation and top 10 holdings is based on the last published closing price or last traded price where available, and is without any adjustment for swing pricing considerations Where the portfolio contains illiquid/unquoted securities these have been valued in accordance with the Barings Pricing Policy Performance figures are shown net of fees and charges, in Sterling on NAV basis, with net income reinvested Source Morningstar/Barings For data and ratings sourced from Morningstar Morningstar, Inc All Rights Reserved The information contained herein is proprietary to Morningstar and/or its content providers may not be copied or distributed and is not warranted to be accurate, complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Baring Emerging Europe Plc (BEEP) was launched on 17 12 2002 The past performance figures are that of Baring Emerging Europe Trust (BEET), undiluted NAV, up to 16 12 2002 From this point onwards the track record reflects the performance of BEEP In effect the performance is an aggregate of the two funds Source Barings Current performance comparator effective from st April 2007 Prior to this date the fund was shown against customised FTSE benchmark with Turkey restricted to 30 of market capitalisation Performance Fee 10 of the amount by which the change in the company's net asset value exceeds the change in the benchmark The performance fee payable in respect of any performance period will be capped at of the NAV of the company on the first day of the relevant performance period The NAV price is single price for dealing which is mid price For purchases, an initial charge is added to the NAV price The Historic yield reflects distributions declared over the past 12 months as percentage of the current mid price Investors may be subject to tax on their distributions Yields are not guaranteed Source MSCI The MSCI data is for Barings use only and may not be redistributed or used in connection with creating or offering any securities, financial products or indices Baring Emerging Europe Plc (BEEP) was launched on 17 12 2002 BEEP was launched in connection with the scheme of reconstruction of the Baring Emerging Europe Trust (BEET) Baring Asset Management Limited (Authorised and regulated by the Financial Conduct Authority) is the investment manager of BEEP and was the investment manager of BEET for the entire period of past performance stated BEEP was launched with the same Investment Objective as BEET Under the terms of the reconstruction of BEET, the initial portfolio composition of BEEP initially replicated that of BEET BEEP is now denominated in Sterling, whereas BEET was denominated in US The Global Industry Classification Standard *,&6 was developed by and is the exclusive property and service mark of MSCI Inc 06&, and Standard 3RRUV division of The McGraw Hill Companies, Inc 63 and is licensed for use by [Licensee] Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for particular purpose with respect to any of such standard or classification Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages This document is approved and issued by Baring Asset Management Limited, authorised and regulated by the Financial Conduct Authority 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 specified herein This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product, we recommend that recipients who are not professional investors contact their financial adviser All relevant documents relating to the product, such as Report and Accounts and Prospectus should be read The information in this document does not 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 guide to future performance Where yields have been quoted they are not guaranteed Changes in rates of 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 through investment vehicles which invest) in emerging or developing markets Investments in higher yielding bonds issued by borrowers with lower credit ratings may result in greater risk of default and have negative impact on income and capital value Income payments may constitute 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 rd party sources, as quoted, is accurate as at the date of publication The information and any opinions expressed herein may change at any time This document may include internal portfolio construction guidelines As guidelines the fund is not required to and may not always be within these limits These guidelines are subject to change without prior notice and are provided for information purposes only This document may include forward looking statements which are based on our current opinions, expectations and projections We undertake no obligation to update or revise any forward looking statements Actual results could differ materially from those anticipated in the forward looking statements Compensation arrangements under the Financial Services and Markets Act 2000 of the United Kingdom will 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 the Fund may not be sold directly or indirectly in the US or to US person Subscriptions will only be received and shares issued on the basis of the current prospectus Version 11 /SD For data sourced from Morningstar Morningstar, Inc All Rights Reserved The information contained herein is proprietary to Morningstar and/or its content providers may not be copied or distributed and is not warranted to be accurate, complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information 35.4 19.5 9.0 7.4 6.8 6.6 6.5 4.5 4.3 Financials Energy Consumer Staples Materials Information Technology Consumer Discretionary Others* Utilities Telecom Services

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