Barings Global High Yield Bond Fund
Fixed Income · Global · High Yield Bonds
Figures refer to the share class ISIN IE00B7PD0D50, currency USD.
Recent performance
The USD class returned +2.63% over one year to 2026-09-30. The WSP comparator (Global high yield (tracker proxy) USD) returned -1.43%, a difference of +4.06 percentage points. Over the final three months, the fund returned -1.37%.
Key facts
- Associated firm
- Baring Intl Fund Mngrs (Ireland) Ltd
- Asset class
- Fixed Income
- Geography
- Global
- Strategy
- High Yield Bonds
- Share class currency
- USD
- Share class inception
- 01.09.2015
- Fund size
- 5585 million (as at 14.09.2026)
- Management fee
- 0.60%
- Performance fee
- No
- Liquidity
- Daily
- UCITS
- Yes
- Risk grade (SRRI)
- 3 (as at 22.08.2026)
- Registered in Switzerland
- Yes
Performance in context
Growth from the same starting value
Fund · WSP comparator: Global high yield (tracker proxy) USD
Exact chart values
| Month | Fund | WSP comparator: Global high yield (tracker proxy) USD |
|---|---|---|
| 2023-09 | 100.00 | 100.00 |
| 2023-10 | 98.73 | 98.93 |
| 2023-11 | 102.88 | 107.28 |
| 2023-12 | 106.33 | 111.14 |
| 2024-01 | 107.16 | 110.60 |
| 2024-02 | 107.79 | 110.44 |
| 2024-03 | 108.98 | 110.86 |
| 2024-04 | 108.44 | 109.23 |
| 2024-05 | 109.86 | 112.56 |
| 2024-06 | 110.70 | 112.20 |
| 2024-07 | 112.61 | 115.59 |
| 2024-08 | 114.04 | 120.08 |
| 2024-09 | 115.65 | 123.80 |
| 2024-10 | 115.42 | 119.30 |
| 2024-11 | 116.77 | 118.43 |
| 2024-12 | 116.48 | 117.14 |
| 2025-01 | 117.88 | 117.42 |
| 2025-02 | 118.92 | 119.85 |
| 2025-03 | 117.69 | 121.65 |
| 2025-04 | 117.42 | 126.29 |
| 2025-05 | 119.59 | 129.54 |
| 2025-06 | 121.50 | 132.95 |
| 2025-07 | 122.52 | 129.26 |
| 2025-08 | 123.79 | 133.01 |
| 2025-09 | 124.71 | 133.35 |
| 2025-10 | 125.00 | 131.27 |
| 2025-11 | 125.42 | 132.14 |
| 2025-12 | 126.43 | 135.45 |
| 2026-01 | 127.62 | 137.60 |
| 2026-02 | 127.98 | 134.87 |
| 2026-03 | 126.40 | 129.06 |
| 2026-04 | 128.46 | 135.57 |
| 2026-05 | 129.35 | 135.30 |
| 2026-06 | 129.77 | 133.33 |
| 2026-07 | 129.52 | 135.53 |
| 2026-08 | 130.73 | 137.96 |
| 2026-09 | 127.99 | 131.44 |
Growth of 100 · USD total returns. Monthly observations, income reinvested.
Fund valuations: 2023-09-29 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE00B7PD0D50, currency USD | -2.09 | -1.37 | 1.26 | 1.23 | 8.54 | 9.55 | 13.63 | 2.63 | 8.57 | 4.11 | 4.12 | 0.94 | -2.09 |
| BenchmarkGlobal high yield (tracker proxy) USD | -4.72 | -1.42 | 1.85 | -2.96 | 15.62 | 5.40 | 17.87 | -1.43 | 9.54 | 2.46 | 9.51 | 0.54 | -6.21 |
| Differencefund minus benchmark, in percentage points | 2.63 | 0.04 | -0.59 | 4.19 | -7.08 | 4.14 | -4.24 | 4.06 | -0.97 | 1.65 | – | – | – |
Reporting dates by figure
- IE00B7PD0D50 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 12 of 25 overlapping one-year windows ending 2024-09 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2024-09 | -6.59 |
| 2024-10 | -3.05 |
| 2024-11 | 2.81 |
| 2024-12 | 3.93 |
| 2025-01 | 3.63 |
| 2025-02 | 1.67 |
| 2025-03 | -1.59 |
| 2025-04 | -6.35 |
| 2025-05 | -5.41 |
| 2025-06 | -7.38 |
| 2025-07 | -2.71 |
| 2025-08 | -2.00 |
| 2025-09 | 0.11 |
| 2025-10 | -1.58 |
| 2025-11 | -3.74 |
| 2025-12 | -6.12 |
| 2026-01 | -7.61 |
| 2026-02 | -4.36 |
| 2026-03 | 1.23 |
| 2026-04 | 1.92 |
| 2026-05 | 3.56 |
| 2026-06 | 6.51 |
| 2026-07 | 0.82 |
| 2026-08 | 1.82 |
| 2026-09 | 4.12 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 45.5% across 21 rising benchmark months; down-market capture was -0.3% across 15 falling months. Window: 2023-09-29 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · WSP comparator: Global high yield (tracker proxy) USD
Exact chart values
| Month | Fund | WSP comparator: Global high yield (tracker proxy) USD |
|---|---|---|
| 2023-09 | 0.00 | 0.00 |
| 2023-10 | -1.27 | -1.07 |
| 2023-11 | 0.00 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | 0.00 | -0.48 |
| 2024-02 | 0.00 | -0.63 |
| 2024-03 | 0.00 | -0.25 |
| 2024-04 | -0.50 | -1.72 |
| 2024-05 | 0.00 | 0.00 |
| 2024-06 | 0.00 | -0.32 |
| 2024-07 | 0.00 | 0.00 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | -0.20 | -3.64 |
| 2024-11 | 0.00 | -4.34 |
| 2024-12 | -0.25 | -5.38 |
| 2025-01 | 0.00 | -5.16 |
| 2025-02 | 0.00 | -3.19 |
| 2025-03 | -1.04 | -1.74 |
| 2025-04 | -1.27 | 0.00 |
| 2025-05 | 0.00 | 0.00 |
| 2025-06 | 0.00 | 0.00 |
| 2025-07 | 0.00 | -2.77 |
| 2025-08 | 0.00 | 0.00 |
| 2025-09 | 0.00 | 0.00 |
| 2025-10 | 0.00 | -1.57 |
| 2025-11 | 0.00 | -0.91 |
| 2025-12 | 0.00 | 0.00 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | -1.99 |
| 2026-03 | -1.24 | -6.21 |
| 2026-04 | 0.00 | -1.47 |
| 2026-05 | 0.00 | -1.67 |
| 2026-06 | 0.00 | -3.10 |
| 2026-07 | -0.20 | -1.51 |
| 2026-08 | 0.00 | 0.00 |
| 2026-09 | -2.09 | -4.72 |
Deepest month-end decline for this class: -2.09%.
2023-09-29 to 2026-09-30 · USD total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -1.27 | +4.21 | +3.35 |
| 2024 | +0.77 | +0.59 | +1.11 | -0.50 | +1.31 | +0.77 | +1.72 | +1.27 | +1.41 | -0.20 | +1.17 | -0.25 |
| 2025 | +1.20 | +0.88 | -1.04 | -0.23 | +1.85 | +1.60 | +0.85 | +1.04 | +0.74 | +0.23 | +0.34 | +0.81 |
| 2026 | +0.94 | +0.28 | -1.24 | +1.63 | +0.69 | +0.33 | -0.20 | +0.93 | -2.09 | — | — | — |
Benchmark return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -1.07 | +8.44 | +3.60 |
| 2024 | -0.48 | -0.15 | +0.38 | -1.47 | +3.05 | -0.32 | +3.02 | +3.89 | +3.10 | -3.64 | -0.73 | -1.09 |
| 2025 | +0.23 | +2.07 | +1.50 | +3.82 | +2.57 | +2.63 | -2.77 | +2.90 | +0.26 | -1.57 | +0.67 | +2.50 |
| 2026 | +1.59 | -1.99 | -4.30 | +5.04 | -0.20 | -1.45 | +1.65 | +1.79 | -4.72 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -0.20 | -4.23 | -0.25 |
| 2024 | +1.26 | +0.74 | +0.73 | +0.97 | -1.75 | +1.09 | -1.29 | -2.62 | -1.69 | +3.44 | +1.90 | +0.84 |
| 2025 | +0.97 | -1.19 | -2.54 | -4.05 | -0.72 | -1.04 | +3.62 | -1.87 | +0.48 | +1.80 | -0.33 | -1.69 |
| 2026 | -0.65 | +2.27 | +3.07 | -3.41 | +0.89 | +1.78 | -1.85 | -0.86 | +2.63 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-09-29 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
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.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 2.63 | 2.08 | 6 of 15 |
| Return 3Y p.a. | 8.57 | 8.05 | 7 of 15 |
| 3Y p.a. over its own benchmark | -0.97 | 1.83 | 15 of 15 |
| Volatility 3Y | 4.12 | 4.94 | 5 of 15 |
| Sharpe ratio 3Y | 0.94 | 0.77 | 5 of 15 |
| Max drawdown 3Y | -2.09 | -2.75 | 4 of 15 |
| Management fee | 0.60% | 0.60% | 8 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. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund and benchmark rebased to 100 at 29.10.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 28.10.2025 | 102.5 | 31.10.2025 | 101.0 |
| 3Y | 31.10.2023 | 130.0 | 31.10.2023 | 134.0 |
| 5Y | 29.10.2021 | 123.2 | 29.10.2021 | 111.4 |
| Since 2016 | 31.10.2016 | 166.1 | 31.10.2016 | 151.7 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Comparison: Global high yield (tracker proxy) USD.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Share classes on the OpenList
Returns as of 30.09.2026.
Scroll horizontally to see all share-class columns →
| ISIN | Currency | Mgmt fee | 1Y | 3Y |
|---|---|---|---|---|
| IE00B7PD0D50 (shown above) | USD | 0.60% | 2.63 | 8.57 |
| IE00BC1J1W89 | USD | 1.00% | 2.22 | 8.14 |
Reporting dates by figure
- IE00B7PD0D50 — 30.09.2026: 1Y, 3Y
- IE00BC1J1W89 — 30.09.2026: 1Y, 3Y
Fund documents
Check the share class and reporting date in each document.
KID (PDF, 08.07.2026)All documents on fundinfoChart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
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.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
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
How this fund works
Investment rationale
The fund is designed to provide high current income generation and, where appropriate, capital appreciation through global high yield corporate debt. It has a recommended holding period of 5 years and is intended for investors seeking income from their capital over a long-term investment horizon. The Tranche I USD Accumulation share class (IE00B7PD0D50) had a summary risk indicator of 2 out of 7 on 8 July 2026, and investors must be able to bear losses up to the amount invested because the fund does not offer capital protection. Its focus on worldwide high yield corporate debt, particularly in North America and Europe, makes it a distinct fixed income allocation rather than a broad multi-asset holding.
2026-07-08
How the strategy works
The objective is to provide high current income generation and, where appropriate, capital appreciation. The fund invests principally in a worldwide portfolio of high yield corporate debt instruments, including bonds and notes, with a focus on North American and European high yield instruments; it may also invest to a lesser extent in other high yield corporate debt instruments, investment grade bonds, other funds, cash, cash-equivalent securities and money market instruments. At least 50% of net asset value will be invested in assets exhibiting positive or improving environmental and/or social characteristics. The benchmark is the ICE BofA Non-Financial Developed Markets High Yield Constrained Index, used only for risk management and performance comparison, while the investment manager has complete discretion and is not constrained by it. The share class is unhedged, derivatives may be used for investment and hedging purposes, income is accumulated, and the recommended holding period is 5 years.
2026-07-08
Investment philosophy
• The portfolio is built principally from high yield corporate debt instruments worldwide, including bonds and notes, with a stated focus on North American and European high yield markets.
• The fund can also allocate, to a lesser extent, to other high yield corporate debt instruments, investment grade bonds, other funds, cash, cash-equivalent securities and money market instruments.
• At least 50% of net asset value is invested in assets that exhibit positive or improving environmental and/or social characteristics.
• The fund is actively managed against the ICE BofA Non-Financial Developed Markets High Yield Constrained Index, but the investment manager has complete discretion and may invest significantly in instruments outside the benchmark.
• Portfolio risk and positioning may be considered relative to the benchmark through factors such as issuer exposures, duration, sector weights, country weights, credit ratings and tracking error, while derivatives may be used for both investment and hedging purposes.
2026-07-08
Distinctive features
The fund offers a clearly defined specialism in global high yield corporate debt, with emphasis on North American and European issuers. It combines this income-oriented remit with a stated requirement to invest at least 50% of net asset value in assets showing positive or improving environmental and/or social characteristics. The fund is actively managed with broad discretion and is not limited to benchmark constituents, which allows flexibility across issuers and instruments. It is also available with daily dealing, no entry fee charged by the product, no exit fee charged by the product, and an accumulating share class structure.
2026-07-08
Risks
The Tranche I USD Accumulation share class (IE00B7PD0D50) had a summary risk indicator of 2 out of 7 on 8 July 2026, and the fund does not include any protection from future market performance, so investors could lose some or all of their investment. Key risks include market risk, counterparty risk, currency risk, interest rate risk, operational risk and liquidity risk. These risks are linked to the fund’s investment in sub-investment-grade corporate debt instruments worldwide, which carry a higher rate of interest because investors accept a higher degree of risk, and to its use of derivatives for investment and hedging purposes. The share class is not hedged, which leaves investors exposed to currency movements, and early sale may involve significant extra costs or difficulty selling at a price that affects proceeds.
2026-07-08
Asset manager
The manufacturer is Baring International Fund Managers (Ireland) Limited. It is authorised in Ireland and regulated by the Central Bank of Ireland. The fund is a sub-fund of Barings Umbrella Fund plc, an investment company with variable capital under Irish law.
2026-07-08