OpenList — Long Only

Barings Emerging Markets Local Debt Fund

Fixed Income · EM · Local Ccy Bonds

Figures refer to the share class ISIN IE00BKZGL873, currency USD, clean share class.

Fund documents

For the share class shown above.

Factsheet: not publicly available (not found in the public sources checked).

KID (PDF, 08.07.2026)All documents on fundinfo

Key facts

Management company
Baring Intl Fund Mngrs (Ireland) Ltd
Asset class
Fixed Income
Geography
EM
Strategy
Local Ccy Bonds
Share class currency
USD
Share class inception
16.04.2014
Fund size
1586 million (as at 14.09.2026)
Management fee
0.65%
Performance fee
No
Liquidity
Daily
UCITS
Yes
Risk grade (SRRI)
3 (WSP fund database, as at 22.08.2026)
Registered in Switzerland
Yes

Price history

Fund and benchmark rebased to 100 at 30.09.2021.

809010011012020222023202420252026110.1121.3Fund (share class shown)Benchmark809010011012020222023202420252026110.1121.3Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y03.10.2025105.1102.5
3Y29.09.2023130.8123.8
5Y30.09.2021121.3110.1
Since 201731.05.2018130.4112.0

Total return: distributions reinvested.
In USD, the currency of the share class shown.
Fund history to 29.09.2026.
Benchmark history to 28.09.2026.
The table shows each series at its own ending date; the comparison periods are not identical.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.

Performance against the benchmark

-3021YTD: Fund 4.17%YTD: iShares Emerging Markets Local Government Bond ETF USD 2.23%YTD1Y: Fund 10.61%1Y: iShares Emerging Markets Local Government Bond ETF USD 6.88%1Y3Y p.a.: Fund 8.96%3Y p.a.: iShares Emerging Markets Local Government Bond ETF USD 7.05%3Y p.a.5Y p.a.: Fund 3.58%5Y p.a.: iShares Emerging Markets Local Government Bond ETF USD 1.71%5Y p.a.2025: Fund 21.92%2025: iShares Emerging Markets Local Government Bond ETF USD 18.42%20252024: Fund -3.39%2024: iShares Emerging Markets Local Government Bond ETF USD -3.11%20242023: Fund 15.04%2023: iShares Emerging Markets Local Government Bond ETF USD 12.08%2023Fund (share class shown)BenchmarkYTDYTD: Fund 4.17%4.17YTD: iShares Emerging Markets Local Government Bond ETF USD 2.23%2.231Y1Y: Fund 10.61%10.611Y: iShares Emerging Markets Local Government Bond ETF USD 6.88%6.883Y p.a.3Y p.a.: Fund 8.96%8.963Y p.a.: iShares Emerging Markets Local Government Bond ETF USD 7.05%7.055Y p.a.5Y p.a.: Fund 3.58%3.585Y p.a.: iShares Emerging Markets Local Government Bond ETF USD 1.71%1.7120252025: Fund 21.92%21.922025: iShares Emerging Markets Local Government Bond ETF USD 18.42%18.4220242024: Fund -3.39%-3.392024: iShares Emerging Markets Local Government Bond ETF USD -3.11%-3.1120232023: Fund 15.04%15.042023: iShares Emerging Markets Local Government Bond ETF USD 12.08%12.08Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN IE00BKZGL873, currency USD, clean share class1.132.06-0.374.1721.92-3.3915.0410.618.963.589.690.47-8.02
BenchmarkiShares Emerging Markets Local Government Bond ETF USD0.841.25-1.062.2318.42-3.1112.086.887.051.718.000.32-7.23
Differencefund minus benchmark, in percentage points0.280.810.691.943.50-0.282.973.741.911.87–––

Within the list: OpenList — Long Only

Compared with the fixed income funds on OpenList — Long Only (15 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.

This fundGroup medianPosition
Return 1Y10.615.182 of 15
Return 3Y p.a.8.968.497 of 15
3Y p.a. over its own benchmark1.912.099 of 15
Volatility 3Y9.694.8314 of 15
Sharpe ratio 3Y0.470.8611 of 15
Max drawdown 3Y-8.02-2.6014 of 15
Management fee0.65%0.60%11 of 15

Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.

Return against risk, 3 years

015Return 3Y p.a. (%)Volatility 3Y (%)017BNY Mellon Global Credit Fund: volatility 4.99%, return 5.71% p.a.BNY Mellon Global Short-Dated High Yield Bond Fund: volatility 2.47%, return 8.49% p.a.Barings Global High Yield Bond Fund: volatility 3.87%, return 9.06% p.a.DNCA Alpha Bonds: volatility 1.92%, return 4.53% p.a.H2O Multibonds FCP: volatility 16.10%, return 10.96% p.a.PIMCO Capital Securities Fund: volatility 4.44%, return 10.21% p.a.Robeco Corporate Hybrid bonds: volatility 3.06%, return 6.65% p.a.Robeco Global SDG Credits: volatility 5.02%, return 2.95% p.a.Solitaire Global Bond Fund: volatility 5.56%, return 13.61% p.a.TCW Global Income Fund: volatility 4.83%, return 6.20% p.a.TCW Multi-Sector Fixed Income Fund: volatility 3.61%, return 6.31% p.a.Vanguard Emerging Markets Bond Fund: volatility 6.54%, return 10.45% p.a.Vontobel Emerging Markets Debt: volatility 6.85%, return 13.94% p.a.Vontobel TwentyFour Strategic Income Fund: volatility 4.32%, return 6.30% p.a.Barings Emerging Markets Local Debt Fund: volatility 9.69%, return 8.96% p.a.This fund015Return 3Y p.a. (%)Volatility 3Y (%)017BNY Mellon Global Credit Fund: volatility 4.99%, return 5.71% p.a.BNY Mellon Global Short-Dated High Yield Bond Fund: volatility 2.47%, return 8.49% p.a.Barings Global High Yield Bond Fund: volatility 3.87%, return 9.06% p.a.DNCA Alpha Bonds: volatility 1.92%, return 4.53% p.a.H2O Multibonds FCP: volatility 16.10%, return 10.96% p.a.PIMCO Capital Securities Fund: volatility 4.44%, return 10.21% p.a.Robeco Corporate Hybrid bonds: volatility 3.06%, return 6.65% p.a.Robeco Global SDG Credits: volatility 5.02%, return 2.95% p.a.Solitaire Global Bond Fund: volatility 5.56%, return 13.61% p.a.TCW Global Income Fund: volatility 4.83%, return 6.20% p.a.TCW Multi-Sector Fixed Income Fund: volatility 3.61%, return 6.31% p.a.Vanguard Emerging Markets Bond Fund: volatility 6.54%, return 10.45% p.a.Vontobel Emerging Markets Debt: volatility 6.85%, return 13.94% p.a.Vontobel TwentyFour Strategic Income Fund: volatility 4.32%, return 6.30% p.a.Barings Emerging Markets Local Debt Fund: volatility 9.69%, return 8.96% p.a.This fund

Share classes on the OpenList

ISINCurrencyTypeMgmt fee1Y3Y
IE00BKZGL873 (shown above)USDClean share class0.65%10.618.96
IE00BKZGXZ81USDRetail share class1.20%10.008.36

WSP commentary

Draft commentary, machine-generated from the fund's key information document (PRIIPs) dated 08.07.2026, not yet reviewed by WSP.

Investment rationale

The fund is designed to seek long-term total return through investment in emerging markets local currency-denominated debt, so it can serve as a specialist fixed income allocation within a broader portfolio. It carries a summary risk indicator of 3 out of 7 and has a recommended holding period of 5 years, which aligns it with investors prepared to commit capital over the long term. The intended retail investor is described as seeking income from capital over a long-term horizon and able to bear losses up to the amount invested, with no capital protection. Its distinct role comes from its focus on emerging markets government and quasi-sovereign local currency debt, combined with opportunistic multi-currency exposure and use of derivatives.

Investment strategy

The stated objective is to seek long-term total return through investment in a diversified portfolio of emerging markets local currency-denominated debt securities. The fund invests primarily in local currency debt issued by governments and quasi-sovereign agencies and issuers in emerging markets, with up to 20% of net assets in convertible securities; it may also invest in other debt securities, other funds, cash, cash-equivalent securities and money market instruments. At the time of purchase, exposure to a single emerging market country may not exceed 20% of net asset value, and net non-USD exposure may not exceed 150% of net asset value; at least 50% of net asset value must be in assets with positive or improving environmental and/or social characteristics based on a proprietary aggregated ESG current state and outlook score. The benchmark named is the J.P. Morgan Government Bond Index - Emerging Markets Global Diversified Index, used for risk management and performance comparison rather than as a tracking target, while the fund is actively managed with complete investment discretion. The share class is unhedged, derivatives may be used for investment and hedging purposes, income is accumulated, dealing is daily, and the recommended holding period is 5 years.

Investment philosophy

• The portfolio is built primarily from a diversified set of local currency-denominated debt securities issued by governments and quasi-sovereign agencies and issuers in emerging markets.

• The fund may complement these holdings with other debt securities, convertible securities, other funds, cash, cash-equivalent securities and money market instruments, with convertible securities capped at 20% of net assets.

• Country and currency exposures are managed within stated limits: a single emerging market country cannot exceed 20% of net asset value at purchase, and net non-USD exposure cannot exceed 150% of net asset value.

• The fund must invest at least 50% of net asset value in assets showing positive or improving environmental and/or social characteristics, measured through a proprietary aggregated ESG current state and outlook score.

• The manager uses derivatives for both investment and hedging purposes, can take opportunistic currency exposure across multiple currencies for the whole portfolio, and manages overall fund exposure relative to the benchmark for risk management purposes.

The asset manager

The product manufacturer is Baring International Fund Managers (Ireland) Limited. It is authorised in Ireland and regulated by the Central Bank of Ireland. The document identifies the fund as a sub-fund of Barings Umbrella Fund plc.

Strengths

The fund offers specialised access to emerging markets local currency debt through a diversified portfolio focused on government and quasi-sovereign issuers. Its structure includes explicit portfolio controls, including a 20% cap on single-country exposure at purchase and a 150% cap on net non-USD exposure, while still allowing opportunistic currency positioning. A minimum 50% allocation to assets with positive or improving environmental and/or social characteristics is built into the strategy. The share class is available with daily dealing, no entry fee, no fund-level exit fee, and no performance fee stated in the document.

Risks

The fund has a summary risk indicator of 3 out of 7, described as a medium-low risk class, and it does not include capital protection, so investors could lose some or all of their investment. The document names market risk and also identifies counterparty risk, currency risk, interest rate risk, operational risk and liquidity risk. These risks are linked to the fund’s investment in emerging markets local currency debt, its ability to take exposure to multiple currencies, and its use of derivative instruments for investment and hedging purposes. Liquidity may also matter on early exit, as investors may have to pay significant extra costs to cash in early or may not be able to sell easily without affecting the price received. In addition, there is no compensation or guarantee scheme in place for investors.

WSP report

The WSP report on this share class, as a PDF.

Download the WSP report (PDF)

Back to the list: OpenList — Long Only

Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.

This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative