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Baring UK Umbrella Fund Annual Report & Audited Financial Statements for the Year Ended 31 March 2017

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Baring UK Umbrella Fund Annual Report & Audited Financial Statements for the Year Ended 31 March 2017 Baring UK Umbrella Fund Annual Report & Audited Financial Statements for the year ended 31 March 2017 1 Table of Contents Management and professional service details* ................................................................................ 3 Constitution* ..................................................................................................................................... 4 Investment objective and policy* ...................................................................................................... 4 Regulatory disclosure* ..................................................................................................................... 5 Responsibilities of the Authorised Corporate Director .................................................................... 10 Responsibilities of the Depositary .................................................................................................. 10 Report of the Depositary to the shareholders ................................................................................. 11 Directors' statement ....................................................................................................................... 12 Independent Auditors’ report to the shareholders of Baring UK Umbrella Fund ............................. 13 Investment report* and financial statements for: Baring Emerging Markets Fund ..................................................................................................... 15 Baring Far East (ex Japan) Fund ................................................................................................... 41 * Collectively, these comprise the Authorised Corporate Director's report. 2 Management and professional service details Authorised Corporate Director Baring Fund Managers Limited Authorised and regulated by the Financial Conduct Authority (“FCA”). Investment Manager Baring Asset Management Limited 155 Bishopsgate London EC2M 3XY United Kingdom Telephone: + 44 207 628 6000 Facsimile: + 44 207 638 7928 Directors C. Biggins J. Burns*** N. Hayes** D. Stevenson J. Swayne**** A. Woolhouse* * Angus Woolhouse resigned from his position as Director of Baring Fund Managers Limited with effect from 31 August 2016. ** Nicola Hayes resigned from her position as Director of Baring Fund Managers Limited with effect from 24 November 2016. *** John Burns resigned from his position as Director of Baring Fund Managers Limited with effect from 25 November 2016. **** Julian Swayne was appointed as Director of Baring Fund Managers Limited with effect from 20 December 2016. Registered office 155 Bishopsgate London EC2M 3XY Telephone: 020 7628 6000 Depositary National Westminster Bank Plc Trustee & Depositary Services Floor 1, 280 Bishopsgate London EC2M 4RB Authorised and regulated by the FCA. Registrar Northern Trust Global Services Limited P.O. Box 55736 50 Bank Street Canary Wharf London E14 5NT Telephone: 0333 300 0372† Fax: 020 7982 3924 † Telephone calls may be recorded and monitored. Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT 3 Constitution Baring Emerging Markets Fund and Baring Far East (ex Japan) Fund (“the Funds”) are sub-funds of the Baring UK Umbrella Fund (“the Company"), an open-ended investment company (“OEIC”) which is incorporated in England and Wales and authorised and regulated by the Financial Conduct Authority (“FCA”). The overall investment objective of the Company and each of the Funds is to seek to outperform the relevant indices while undertaking a level of risk relative to those indices which is appropriate for pension funds and other investors. The Company is structured as an umbrella company. Investment objective and policy Baring Emerging Markets Fund The objective and policy of the Baring Emerging Markets Fund (“the Fund”) is to achieve long-term capital growth through investment, both direct and indirect, in a diversified portfolio of emerging market securities. How the Fund is managed Baring Asset Management Limited (“the Investment Manager”) seeks to outperform the performance comparator, MSCI Emerging Markets Index (“the Index”), by holding a relatively focused portfolio of stocks it feels offers superior growth prospects at valuations it believes are reasonable. The Investment Manager combines growth and valuation disciplines to identify Growth at a Reasonable Price (“GARP”) when investing in a dynamic asset class like emerging market equities. Through its teams of dedicated analysts, the Investment Manager conducts considerable primary research in order to identify the best GARP opportunities. The Investment Manager holds a relatively focused portfolio and seeks to align the portfolio with its highest conviction investment ideas. The Investment Manager also invests considerable resources in risk budgeting and portfolio optimisation, as it aims to have a risk efficient portfolio. Risk profile Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund are valued can have the effect of increasing or decreasing the value of the Fund and any income generated. • Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Coupled with less developed regulation, this means your money is at greater risk. • Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Fund’s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets. • Losses may occur if an organisation through which we buy an asset (such as a bank) fails to meet its obligations. Please refer to the Prospectus for the full risk profile. Baring Far East (ex Japan) Fund The objective of the Baring Far East (ex Japan) Fund (“the Fund”) was to achieve long-term capital growth predominantly through investment in Far East (ex Japan) companies. In order to achieve this objective, the investment policy of the Fund was to invest in warrants, Investment Funds, deposits, cash and near-cash, money market instruments, other transferable securities, derivatives and forward transactions, and any other investments permitted by the Financial Conduct Authority (“FCA”). The Fund ceased investment activity on 16 October 2013. The Fund held only one security as at 31 March 2017 and 31 March 2016. This comprised of the Northern Trust Sterling Fund, which is a floating rate security. How the Fund is managed The Fund ceased trading on 16 October 2013; therefore, the investment objective and policy of the Fund changed from that date forward. It is the management’s intention to liquidate the Fund subject to a group litigation order (“GLO”) action with some 20 other groups which had previously been in operation for some time seeking to recover tax from Her Majesty’s Revenue and Customs (“HMRC”). Please see the General section on page 7 for more details. 4 Regulatory disclosure This document has been issued by the Baring Fund Managers Limited, the Authorised Corporate Director (“ACD”), who is authorised and regulated by the FCA. The Company is an OEIC which is incorporated in England and Wales under the Open-Ended Investment Companies Regulations 2001 (“the Regulations”) as an Undertaking for Collective Investments in Transferable Securities Scheme (“UCITS Scheme”), which is authorised and regulated by the FCA. Past performance is no indication of current or future performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. Any references in this report to other investments held within an OEIC should not be read as a recommendation to the investor to buy and sell the same but are included as illustration only. Revenue allocations and reports The annual income allocation date in respect of each annual accounting year ending on 31 March will be paid by 31 May. For the Baring Emerging Markets Fund, there will be an interim income allocation date on 30 November in respect of the interim accounting half-year from 1 April to 30 September. The annual report and audited financial statements are forwarded to shareholders each year on 31 July and an interim report is issued each year on 30 November. Inspection of documents Copies of the Instrument of Incorporation (including details of all amendments thereto), the Prospectus, the Key Investor Information Document(s) (“KIID(s)”), and the most recent annual or interim reports of the Company may be inspected and a copy may be obtained from the registered office of the ACD during normal business hours on all business days. The ACD may charge a reasonable fee for copying documents which are not required to be available free of charge. The register of holders of the Company is kept at P.O. Box 55736, 50 Bank Street, Canary Wharf, London E14 1BT and may be inspected at that address on any business day between 9:00 a.m. and 5:00 p.m. Soft commission arrangements The ACD and its associates will not receive cash or offer rebates to brokers or dealers in respect of transactions for Baring Asset Management Limited (“the Investment Manager”). The Investment Manager uses dealing commission generated on equity transactions to purchase goods and services that relate to the execution of trades
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