Barings Emerging EMEA Opportunities' latest portfolio update, published on 6 October 2026, shows South Africa and Saudi Arabia making up nearly half of net assets. There has been no results or strategic news in the announcements retrieved, which since then consist of daily net asset value notices.

What happened

The update gives holdings at the close of Business on 30 September. South Africa was the largest country exposure, at 27.05% of net assets, followed by Saudi Arabia at 21.93%. The United Arab Emirates stood at 14.17% and Poland at 10.35%.

Smaller positions were Greece at 5.77%, Turkey at 4.70%, Hungary at 4.03%, Kazakhstan at 1.95%, Kuwait at 1.78% and Qatar at 1.57%. Portugal, the Netherlands, the Czech Republic and the United States each accounted for 1.30% or less. Cash and other net Assets were 2.84%, and Russia was carried at 0.00%.

The company's page shows a sequence of NAV notices up to 20 October, the most recent item in the list retrieved, and an earlier portfolio update on 4 September. It lists no results or strategic announcements in that window, although only the first page of the list was reviewed.

Why it matters for investors

BEMO (LSE:BEMO) is the ticker of an emerging markets Investment trust, a FTSE All-Share constituent on the Hargreaves Lansdown list used for this report. It launched on 18 December 2002 and is managed by Baring Fund Managers Limited. It was called Baring Emerging Europe until November 2020, when its policy widened to take in the Middle East and Africa.

The update shows how far that shift has gone. Saudi Arabia, the UAE, South Africa, Kuwait and Qatar together exceed 66% of net assets, by this report's addition, while the Russian line is valued at zero. A trust that was once a European emerging markets vehicle is now mainly a Gulf and South African one. (LSE:BEMO)

What the holdings show

Banks dominate the top of the list. Al Rajhi Bank is the largest position at 5.59%, and The Saudi National Bank is third at 4.33%. Hungary's OTP Bank is at 4.03%, South Africa's FirstRand at 3.30%, Capitec at 3.03%, and Greece's Alpha Bank at 2.77%. That is six of the ten largest holdings.

Gold is the other clear theme. AngloGold Ashanti is the second-largest holding, at 4.65%, and Gold Fields is at 3.10%. Naspers, at 4.16%, and Etihad Etisalat, at 3.13%, complete the top ten, which together made up 38.09% of net assets.

Analysis: the mix leaves the trust exposed to a small number of distinct drivers. Bank Earnings depend on local interest rates and Credit conditions; gold miners on the metal's price; and Gulf exposures on oil-linked regional economies. Investors looking at this trust as broad emerging markets exposure should note how concentrated it is by region, though a top-ten weight below 40% is not extreme for a specialist fund.

How the shares have performed

The update does not give NAV, share price, performance, gearing or absolute net assets. Those data were not retrieved from other sources for this report, and the daily NAV notices were not opened, so no price or return figure is quoted here. Readers should treat this as a portfolio picture only.

What to watch next

The next monthly portfolio update, which on recent timing could appear in early November, will show whether country and bank weights have moved. Earlier updates came on 4 September and 6 October.

Investors will also watch how far the company's holdings in gold miners, a sizeable share of the top ten, have shifted, and whether any change has followed in the Saudi and South African positions.