Half-year Report

Barings Emerging EMEA Opportunities PLC

Half Year Report

for the six months ended 31 March 2024

The Directors present the Half-Year Financial Report of the Company for the period to 31 March 2024.

Barings Emerging EMEA Opportunities PLC (LSE: BEMO) is pleased to declare an interim dividend in respect of the financial period ending 31 March 2024 of 6 pence per Ordinary Share, payable on 26 July 2024 to ordinary shareholders on the register as at 21 June 2024. The ex-dividend date will be 20 June 2024 and the DRIP election date will be 21 June 2024.  Further information on the Company’s dividend can be found in the Chairman’s Statement set out below.

Financial Highlights

for the six-month period to 31 March 2024

KEY PERFORMANCE INDICATORS

NAV total return1#	Share price total return1#	Dividend per Ordinary Share1#
13.2%	12.8%	6.0p
(31 March 2023: -2.1%)	(31 March 2023: -5.0%)	(31 March 2023: 6.0p)

	31 March 2024	31 March 2023	30 September 2023
NAV per Ordinary Share1	682.1p	607.8p	617.6p
Share price	532.5p	509.0p	483.0p
Share price total return1,*,#	12.8%	-5.0%	-8.8%
Discount to NAV per Ordinary Share1	21.9%	16.3%	21.8%
Benchmark1,*	5.8%	-5.5%	-3.4%
Dividend yield1,2,3	3.2%	3.3%	3.5%
Ongoing charges1	1.8%	1.6%	1.6%

 RETURN PER ORDINARY SHARE

	31 March 2024			31 March 2023			30 September 2023
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
Return per Ordinary Share	5.54p	69.89p	75.43p	6.71p	(20.78)p	(14.07)p	14.59p	(13.16)p	1.43p

Revenue return (earnings) per Ordinary Share is based on the revenue return of £653,000 (31 March 2023: £805,000; and the full year to 30 September 2023: £1,726,000). Capital return per Ordinary Share for the half year is based on net capital gain of £8,245,000 (31 March 2023: net capital loss of £2,492,000; and full year to 30 September 2023: net capital loss of £1,557,000). These calculations are based on the weighted average of 11,796,902 (31 March 2023: 11,991,821; and 30 September 2023: 11,829,676) Ordinary Shares in issue during the period/year.

As at 31 March 2024, there were 11,796,902 Ordinary Shares of 10 pence each in issue (31 March 2023: 11,807,563; and 30 September 2023: 11,796,902) which excludes 3,318,207 Ordinary Shares held in treasury (31 March 2023: 3,318,207; and 30 September 2023: 3,318,207 shares held in treasury). The shares held in treasury are treated as not being in issue when calculating the weighted average of Ordinary Shares in issue during the period/year. Since the period end and up to 31 May 2024, the Company has bought back nil shares for cancellation.

1 Alternative Performance Measures (“APMs”) definitions can be found in the Glossary as set out in the full report.

2  The yield as of 31 March 2024 is comprised of the 2023 final dividend of 11 pence per share and the interim dividend for the six months to 31 March 2024 of 6 pence per share, based on the share price as at 31 March 2024.

3 The yield as of 31 March 2023 is comprised of the 2022 final dividend of 11 pence per share and the interim dividend for the six months to 31 March 2023 of 6 pence per share, based on the share price as at 31 March 2023.

* Movement to 31 March relates to the preceding six months and movement to 30 September relates to the preceding twelve months.

# Key Performance Indicator.

Chairman’s Statement

Performance

After the turmoil of the past two years, it is a pleasure to be able to report positive results for the six months to 31 March 2024, both in absolute terms and relative to the benchmark. The EMEA equity markets (“EM EMEA”) in which BEMO invests registered a gain of 5.8% over the period, following markets globally, which were led higher in anticipation of a peak in interest rates combined with continued economic growth.

Against this backdrop, we are pleased to report a significant gain in the Company’s Net Asset Value (“NAV”), which registered a total return of 13.2%, outperforming the benchmark, and broader emerging markets.

The Board are encouraged that performance continues to improve post the write-down of Russian assets, with the portfolio ahead of the benchmark over six months, one year and two years. Regrettably, performance over three and five years continues to be impacted by the negative relative performance in the 2022 financial year, with the Company lagging the benchmark across both periods. However, the returns remained ahead of the benchmark over seven and ten years.

Investment Portfolio

The strong performance within the portfolio serves to highlight the distinctive opportunities which the universe of EM EMEA has to offer.

Emerging Europe continued to reflect the continent’s improving economic prospects against an environment of falling energy prices and growing disposable income. Poland and Greece returned 38% and 16.3% respectively, lifting returns in BEMO’s European region to 5.8%. The Company’s holdings in Emerging Europe were the strongest drivers of both absolute and relative returns, reflecting the importance of our holdings in the financial sector that serves as a good proxy for our markets and offers exposure to growing consumer demand.

Turkey offered a tale of two halves over the period. During the fourth quarter of 2023, the market declined before rapidly rebounding in 2024 as market participants’ risk perceptions eased with the country’s return to orthodox economic policies. This is a view shared by the Investment Manager and, as a result, the portfolio delivered a positive absolute return in a market which registered a small absolute decline.

The performance of markets in the Middle East was more mixed. The region’s largest market, Saudi Arabia, outperformed the broader region, with BEMO’s portfolio benefitting from its investments in companies that are actively contributing to the diversification of the Saudi economy away from hydrocarbons. In contrast, Qatar and the UAE posted negative returns, reflecting the lower levels of market liquidity and depth of available investment opportunities.

Whilst absolute returns in South Africa lagged broader EM EMEA returns, the Investment Manager‘s stock selections generated relative outperformance in this market. This result was achieved by avoiding companies vulnerable to the ongoing disruption to energy supply locally, and focusing investments in quality companies better equipped to navigate the uncertain environment.

Russian assets in the portfolio continue to be valued at zero whilst extensive sanctions and restrictions on the sale of securities remain in place. The Board, however, remains focused on how shareholder value can be best preserved, created and realised in relation to the holdings of Russian assets. A welcome development over the period was the ability of the Investment Manager to take advantage of opportunities to exit three companies, namely Magnit, X5 and TCS, thereby releasing approximately £2.3m of value back into the Company. While these are positive developments, the Board will continue to value the remaining assets at zero until circumstances permit otherwise. Consequently, there is no exposure to Russia in the Company’s NAV, and management fees are not being charged on these assets.

Discount Management

The discount at 31 March 2024 was 21.9% and the average discount during the period was 21.8%. This compares with a discount of 16.3% at the 31 March 2023.

The Board remains focused on discount management, with the aim of containing the discount. However, whilst share buybacks continue to be an option available to the Company to help manage the discount, they are significantly less effective during periods of elevated market volatility, as has been the case recently. As a result, the Company has not bought back any shares during this financial period.

Gearing

There were no borrowings during the period. At 31 March 2024, there was net cash of £1.9 million (30 September 2023: £3.9 million). The Company does not currently use a loan facility but keeps its gearing policy under review.

Interim Dividend

In the first half of the financial year, the portfolio generated an income return of 5.5 pence per Ordinary Share, compared with 6.7 pence for the same period last year. The Directors are proposing an interim dividend of 6 pence per share, which maintains the dividend at the same level as last year by utilising revenue reserves.

Based on dividends paid over the prior 12 months and the share price as at 31 March 2024, the Company’s shares yielded 3.2%. The Board believes that this remains an attractive yield. The Investment Manager continues to believe the income potential of the portfolio will grow over the medium term and that this growth will be sustainable. The Board retains the flexibility to pay out up to 1% per annum of NAV from capital as income to Shareholders.

Outlook

Looking ahead, global equity markets are likely to continue to be driven by news flows surrounding the potential decline of inflation and a loosening of monetary policy by US and western central banks. Although the oil price rebound in recent months may limit central banks' scope to reduce interest rates, equity markets should continue to benefit from broadly robust and uninterrupted growth, allaying widespread concern that monetary policy designed to bring down inflation might also lead to stagnation or even recession.

While the global outlook remains uncertain, we are beginning to see an increasingly constructive view within emerging markets, as the monetary policy tightening cycle turns ahead of developed markets. Meanwhile the absolute valuation of EM equities, and the relative valuation versus developed equities, appears attractive, suggesting investor expectations for the asset class remain overly depressed. This creates the potential for increasing interest in the asset class in general and EMEA markets in particular.

In this connection, we already see an improving economic picture across a number of countries in the portfolio. Within Emerging Europe, financials continue to represent a significant portion of the portfolio, and the Investment Manager is positive on the prospects for the sector. In addition, Emerging Europe is also buoyed by strong growth in real household income, which has reached its highest level relative to developed Europe. Against this backdrop, the Investment Manager sees opportunities in residential real estate and broadening discretionary consumption as consumers benefit from this stronger buying power.

Turning to the Middle East, economies continue to benefit from low inflation, healthy consumption growth and high capital investment. A particularly strong performer as regards investment is Saudi Arabia, which is channelling the revenue derived from its oil sector back into other areas of its economy, spurring domestic demand and increasing the relative contribution of non-oil sectors to the economy’s overall performance. On this basis, the Investment Manager continues to identify exciting opportunities for medium term growth across a number of sectors.

South Africa, by contrast, has continued to face more challenging economic conditions with the problems of the country’s electricity supply persisting amid a rising political risk in the run-up to the imminent national elections. While remaining on the alert for positive opportunities post-elections, the Investment Manager continues to remain selective, focusing on companies with business models and high quality management that mitigate risks posed by economic uncertainties.

Director appointment
The Board was delighted to welcome Alastair Bruce as a Non-Executive Director of the Company and Chair of the Audit Committee on 1 February 2024. Alastair has substantial Board experience of investment trusts and is already proving to be a valuable member of the Board.

Promotional activity and keeping shareholders informed

The Board and Investment Manager have in place an ongoing communications programme that seeks to maintain the Company’s profile and its investment remit, particularly amongst retail investors. Over the review period we have continued to distribute our monthly BEMO News which is emailed to engaged supporters, including many hundreds of the Company’s shareholders. These emails provide relevant news and views plus performance updates and links to topical content. If you have not already done so, I encourage you to sign up for these targeted communications by visiting the Company’s web page at www.bemoplc.com and clicking on ‘Register for email updates’.

Frances Daley

Chairman

6 June 2024

Report of the Investment Manager

Our strategy seeks to diversify your portfolio by harnessing the long-term growth and income potential of Emerging EMEA. The portfolio is managed by our team of experienced investment professionals, with a repeatable process that also integrates Environmental, Social and Governance (“ESG”) criteria.

Our strategy
Access Experienced investment team helps to foster strong relationships with the companies in which we invest.	First-hand Expertise The investment team conducts hundreds of company meetings per year, building long term relationships and insight.	Process Extensive primary research and proprietary fundamental analysis, evaluating companies over a 5-year research horizon with macro considerations incorporated through our Cost of Equity approach.	ESG Integration Fully integrated dynamic ESG assessment combined with active engagement to positively influence ESG practices.

A detailed description of the investment process, particularly the ESG approach can be found on pages 18 to 19 of the Annual Report and Accounts for the year ended 30 September 2023.

Market Summary (All numbers quoted in GBP)

Over the period EMEA equities were stronger, along with most equity markets globally. Markets rose in anticipation that the US Federal Reserve would cut interest rates in 2024, earlier than previously expected. A combination of falling inflation and weaker economic data reinforced the belief that policymakers had passed the peak of the tightening cycle, prompting a rally in risk assets, notably in the latter stages of Q4 2023. Against this backdrop, the Company’s NAV increased by 13.2%, significantly outperforming the MSCI EM EMEA benchmark which rose by 5.8%.

Emerging Europe

Markets within Emerging Europe were some of the best performers over the period, continuing the trend of outperformance during 2023. Poland returned 38.0%, as equity markets responded positively to Donald Tusk’s Civic Platform-led government, with its more constructive approach towards both internal and external affairs. Elsewhere in the region, Greece returned 16.3%, supported by news that its sovereign risk rating had been upgraded to investment grade status. The Turkey story was mixed. The market’s negative return of -2.9% reflected the Lira’s weakness, but there was an upturn in Q1 2024 amid improved risk perceptions on the back of the country’s return to orthodox economic policies. This gave support to the Lira, and boosted the performance of the banking sector.

South Africa

South African equities ended the period largely flat, returning 1.4%, reflecting the ongoing electricity supply crisis which plagued the economy in 2023. We are, however, seeing tentative signs of improvements, allowing for a more constructive outlook for domestic consumption to rebound and support the economy.

Middle East

The performance of markets in the Middle East was mixed. The region’s largest market, Saudi Arabia, returned 10.1%, whilst Qatar and the UAE posted negative returns of -2.5% and -6.1% respectively. Egypt was the weakest market in the region, down -16.8%, reflecting a devaluation in the currency that was required as part of a deal with the International Monetary Fund (“IMF”). The region’s major markets are strongly influenced by the oil price, which drifted lower in Q4 2023 in response to concerns of a slowing global economy before rebounding, as such concerns eased, despite fears of wider conflicts in the Middle East which have the potential to disrupt oil supply.

EMEA Market Performance (in GBP, based on MSCI indices)

Currency Returns (local currency returns vs. GBP)

Country Returns			Currency Returns
Poland	38.0%		Poland	5.9%
Greece	16.3%		Greece	-1.4%
Hungary	13.5%		Hungary	-2.5%
Saudi Arabia	10.1%		Saudi Arabia	-3.4%
Kuwait	4.4%		Kuwait	-2.9%
South Africa	1.4%		South Africa	-3.4%
Qatar	-2.5%		Qatar	-3.4%
Turkey	-2.9%		Turkey	-18.1%
U.A.E	-6.1%		U.A.E	-3.3%
Czechia	-6.8%		Czechia	-4.9%
Egypt	-16.8%		Egypt	-37.0%

Source: Barings, Factset, MSCI, March 2024                          Source: Barings, Factset, MSCI, March 2024

Eastern European markets were some of the strongest performers in absolute terms, whilst markets such as Turkey and Egypt were impacted by depreciation.

Income

The Company’s key objective is to deliver capital growth from a carefully selected portfolio of emerging EMEA companies. However, we are also focused on generating an attractive level of income for investors from the companies in the portfolio.

Whilst dividend inflows to the portfolio remain below historical averages, due to the exclusion of Russia from the investment universe, rising pay-out ratios, and an encouraging economic environment, most notably in the Middle East and Emerging Europe, should contribute positively to revenue growth for the portfolio over the medium term. Importantly, we believe that revenue growth will be sustainable.

Macro Themes

In line with our bottom-up approach, our primary focus is to identify attractive investment opportunities at the company level for our Shareholders. Nevertheless, we remain vigilant and mindful of broader macro effects within the region. This in turn helps to support the contribution to performance from our company selection, accessing long-term growth opportunities, while reducing the effects of declines in performance from major macro dislocations.

Middle East: Rising Tensions

The ongoing violence in the Middle East is an obvious risk factor. Tensions remain high which has increased volatility in the price of crude oil and is a clear barometer of risk sentiment. The impact of the continuing violence and elevated tensions in the Middle East since October 2023 has had a relatively limited impact on the region’s markets, in part owing to the effect of the conflict in supporting the oil price. We remain extremely selective in our investment approach putting greater focus on companies’ medium-term earnings profile, and how markets currently value that prospective earnings growth. Despite the difficulty in forecasting the magnitude and duration of the current hostilities, our outlook for the region continues to be supported by a healthy level of domestic investments in support of companies that keep pace with the development of economic and social reform agendas.

Turkey: Economic Renewal

One of the standout performers of Q1 2024 was Istanbul’s stock market, boosted by Turkey’s efforts to anchor inflation expectations and build trust among market participants. A significant increase in international investment inflows followed confirmation from the new governor of the Central Bank of Turkey of his commitment to taming inflation, by increasing benchmark interest rates by 5% to 50%. This bold move was seen as a sign that clearer and more consistent economic policies are set to continue, and by doing so laid the foundations for greater trust from the international investment community. This was noticeable in the outperformance of the economically sensitive banking sector, which delivered a substantial return in response to Turkey’s declining risk premium.

Following the period end, Turkey’s nationwide municipal elections resulted in a resounding opposition gain against President Erdoğan’s AKP party, with voters focusing on inflation as a critical issue. We believe this result is a positive development for the market, with voters sending a clear message to Erdoğan that the key focus should be to support Turkey’s finance team, led by Mehmet Simsek, to continue the path of orthodox economic policies and Central Bank independence. Accordingly, we consider the Istanbul stock market’s combination of deep liquidity, attractive valuations and a substantial number of high-quality management teams as unique. We remain overweight Turkish equities relative to the portfolio’s comparator benchmark with a focus on domestically exposed sectors such as financials and retailers.

The benefits of bottom-up stock selection continued to pay dividends in Turkey as our top selection picks, which were concentrated in domestic retailer, BIM and an industrial conglomerate, KOC, helped deliver a positive absolute return in a market which declined.

South Africa: Elections

2023 saw South Africa contend with significant “Load Shedding”. This refers to strategic blackouts, where households and businesses are left without power for between six to twelve hours a day to ease pressure on the grid, thus allowing electricity to be provided for critical services. The impact of this program has been significant, acting as an economic drag, particularly for industries where re-scheduling operations is unfeasible – such as retailers and telecommunications services. Lower footfall in shops and loss of service on phone networks has reduced profit margins.

The problems have, however, begun to show signs of easing and served to focus attention on the failings of the ruling African National Congress (ANC) party, which has been governing South Africa uninterrupted since 1994. Interestingly, this comes at a crucial time given the parliamentary elections took place on 29 May, as a result of which the ANC lost its majority for the first time in recent history. Whatever the ultimate outcome of the election in light of ongoing coalition deliberations, the weakened support could force the ANC into conducting the much-needed reforms required to stimulate essential increases in capital investments.  We continue to be selective in our equity holdings within South Africa and remain focused on well managed companies which can capitalise on the improving macro picture.

Central Europe: Household income growth

With inflationary effects abating over the course of 2023, Central European real household income growth started to gather momentum, driven by a powerful mix of foreign direct investment, tight labour markets, productivity gains and a strong export sector. This has left the region’s household income growth rates at an unparalleled level in a European context. Against this backdrop, we see discretionary consumption and residential real estate as key areas which stand to benefit from the resurgent buying power of Central European consumers.

Greece: Manufacturing Renaissance

Whilst historically Greece has been associated with its pleasant beaches, impressive landscapes and ancient culture, under the radar Greece is quietly undergoing a manufacturing renaissance which has added to its already impressive position as a tourist destination. This is best exemplified by Greece’s Manufacturing Industrial Production Index reaching a 15-year high, and a significant rise in job creation and GDP growth.

Russia

While the Company has taken the decision to value its Russian assets to zero following the invasion of Ukraine in 2022, it remains focused on how shareholder value can best be preserved, created, and realised in relation to the holdings of Russian assets. Given the nature of enforced regulatory restrictions, our approach has been to look at each security in isolation and ensure any potential action taken complies with all necessary sanctions. Following this analysis, opportunities have arisen over the period to exit three companies, namely Magnit, X5 and TCS. We welcome this positive development and continue to remain vigilant for any future opportunities.

Portfolio Country Weight			Portfolio Sector Weight
Saudi Arabia	31%		Financials	48%
South Africa	26%		Materials	15%
U.A.E.	10%		Communication Services	10%
Qatar	6%		Consumer Discretionary	11%
Poland	8%		Real Estate	4%
Hungary	4%		Industrials	5%
Turkey	4%		Consumer Staples	3%
Kuwait	5%		Energy	3%
Greece	4%		Information Technology	1%
Czechia	2%

Source: Barings, Factset, MSCI, March 2024                          Source: Barings, Factset, MSCI, March 2024

Company Selection

Our team regularly engages with management teams and analyses industry competitors to gain an insight into a company’s business model and sustainable competitive advantages. Based on this analysis, we seek to take advantage of these perceived inefficiencies through our in-depth fundamental research, which includes an integrated Environmental, Social and Governance (ESG) assessment, and active engagement, to identify and unlock mispriced growth opportunities for

our Shareholders.

Stock selection significantly improved the portfolio’s relative return over the period, whilst sector asset allocation had a small negative impact.

The contribution from financials was the largest contributor from a sector perspective and was supported from a number of different regions within EM EMEA. We are pleased to report that our top five investments in this sector contributed 75% of the portfolio’s outperformance relative to the comparator benchmark over the last six months. This reflects our focus on stock selection from a broad universe of 57 financial companies.

In Emerging Europe, PKO Bank Polski, Poland’s largest bank, was the standout performer, as the bank benefited from the improving political landscape following the results of the country’s general election. In Greece, the financial sector benefited from an improving economic picture as tourist levels continued to grow and the country’s debt rating was upgraded to investment grade by all major rating agencies. In South Africa, Capitec also outperformed, benefiting from its strong brand loyalty to cross-sell insurance and investment products to its customers whilst increasing its digital presence through its on-line app. Lastly, in the Middle East, Tadawul and Al Rajhi rallied in response to perceptions that inflation has peaked, opening the way to US Fed interest rate cuts. This would support the earnings of both companies with lower funding costs, against a backdrop of higher investor activity within Saudi Arabia.

Our underweight position in resources, materials and energy, also contributed positively, as a number of unowned companies across the region saw a deteriorating earnings outlook. In South Africa, chemicals and energy company Sasol declined in response to ongoing operational issues and a persistent downturn in chemicals pricing, which continued unabated. Aramco, our largest underweight within energy, was also weak, as Saudi Arabia chose to shoulder the largest portion of the OPEC+ supply cuts, lowering the national champion’s production volumes.

Despite reducing our underweight in health care, the sector had a negative impact on relative performance following the strong performance of a small number of benchmark holdings. To date, we have invested in the Saudi private hospital operator Dr Sulaiman Al-Habib Medical Services Group Co., which we believe over time will be supported by the ongoing regulation and reforms enacted by the Saudi government, and the company’s track record of generating shareholder value. In the UAE, real estate developer Aldar underperformed as investors questioned the company’s capital allocation strategy in light of its investment in several assets outside of the UAE.

In light of the strong market rally, the portfolio’s small allocation to cash ended the period as the largest detractor to relative performance.

Engagement Case Study

Impala Platinum

We regularly engage with companies with the aim of improving corporate behaviour or enhancing disclosure levels.

Overview:	We engaged with Impala Platinum, a South African mining company, to understand its response to an elevator accident which led to fatalities in one of its mine shafts.
Objective:	Our aim was to understand the safety response of Impala Platinum, including the immediate impact on families, the breadth of its investigations and plans for improvement.
Outcome:	Following reports of the accident, we contacted the company to request they answer a range of questions. The company was prompt to respond, confirming that the impacted shaft remains closed, subject to required repairs and securing approval from the regulator to re-open. In addition, the remaining shafts were all proactively stopped by the company and subsequently re-opened with full support from the regulator.
	A formal investigation by the regulator followed by an inquiry into the incident/findings has commenced (normal time to conclusion 6-24 months). This will be accompanied by multiple independent and coordinated investigations – a formal investigation and inquiry process overseen by the regulator – internal and independent expert investigations commissioned by the company and overseen by the board.
	Based on this response, we believe the company has evidenced a robust response, and we have encouraged the company to make this information public and will continue to monitor for improvement

Outlook

The diversity of the three dominant regions within Emerging Europe, Middle East and Africa continues to provide a unique opportunity set that has a low correlation to other EM regions. In addition there is support from favourable macro dynamics, such as reforms, wage growth in real terms, and capital flows.

Whilst the political landscape in the Middle East remains uncertain, we retain conviction that the favourable economic backdrop of low inflation, growing labour participation, and substantial capital investment, should support the long-term positive outlook for the region. Given the richer valuations on offer, we remain selective, focusing on areas of the market where we believe there remains support from structural growth opportunities, and remaining disciplined when determining the value of our investments. As Middle Eastern markets remain underrepresented within investor portfolios, interest in the region’s economic and structural tailwinds should help increase demand for the region’s equity markets.

Within emerging Europe, the full potential of Turkey’s pivot to an orthodox monetary policy has yet to be realised and is unlikely to be fully discounted by market participants for several years. The benefits of the economic reforms will certainly not be linear, and the risk of a U-turn by President Erdoğan will likely be tested as Turkey’s economy begins to slow, digesting the central bank’s deposit rate, which stands at 50%. Longer term however, Turkey’s unique geographical location which straddles both the Middle East and Europe, combined with favourable demographics and high productivity growth rates, could propel Turkey onto the radar of the wider investment community.

South Africa has faced its fair share of economic and structural challenges. However, we believe we are at, or near to a trough. Whilst the economic recovery will be gradual, we hope that the government that emerges from the recent elections will have the political capacity to enact a much-needed reform agenda. We continue to be extremely selective in our positioning within domestically focused SA companies, with our largest remaining exposure being the regional bank Capitec.

Baring Asset Management Limited

Investment Manager

6 June 2024

Detailed Information

Barings Emerging EMEA Opportunities PLC's Half Year Report for the period ended 31 March 2024 is available at https://www.barings.com/en-gb/investment-trust/the-trust/financial-statements 

It has also been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and is available for inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For any enquiries please contact: 

Quill PR [phone]

Nick Croysdill, Sarah Gibbons-Cook

About Barings Emerging EMEA Opportunities PLC

"Finding quality companies from Emerging Europe, the Middle East and Africa."

Barings Emerging EMEA Opportunities PLC (the "Company") is a UK based investment trust that was launched on 18 December 2002 and is managed by Baring Fund Managers Limited.

In November 2020, the Company broadened its investment policy to focus on growth and income from quality companies in the Emerging Europe, Middle East and Africa ("EMEA") region. It also changed its name from Baring Emerging Europe PLC to Barings Emerging EMEA Opportunities PLC at the same time.

For more information, and to sign up for regular updates, please visit the Company’s website: www.bemoplc.com

LEI: 213800HLE2UOSVAP2Y69

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