BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2023-02-13

SEC-registered investment adviser since 1940 · limited liability company

Assets managed$392.8bn
Staff1,101 · 465 in investment roles
Main clients (by assets)Insurers 73%, Private funds 19%, Pension plans 3%
Private funds91 (4 hedge) · $30.2bn gross assets
Form ADV · 2026-08-11SEC adviser record

Legal entityBARINGS LLC (US)

$2.8bn reported value +12.3% vs Q3 2022

188positions

60.4%in top 10

20 new 34 added 89 reduced 19 sold out vs Q3 2022

This report includes the holdings of 4 other managers that share the investment decisions:

BARING ASSET MANAGEMENT (ASIA) Ltd – reports through this filing
BARING ASSET MANAGEMENT Ltd – reports through this filing
Baring Asset Management Korea Ltd – reports through this filing
Baring SICE (Taiwan) LTD – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q4 2022

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ISHARES TR CORE S&P500 ETF IVV	IVV	1,625,064	$624.4m22.14%	22.14%	Reduced -103.9k	-103,919 -6.0%
2	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,390,150	$298.2m10.57%	10.57%	Added +31.6k	+31,600 2.3%
3	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	1,098,820	$292.6m10.37%	10.37%	Added +55.9k	+55,900 5.4%
4	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$111.2m3.94%	3.94%	Unchanged
5	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	583,507	$88.6m3.14%	3.14%	Added +130.2k	+130,240 28.7%
6	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	1,668,568	$84.0m2.98%	2.98%	Added +124.6k	+124,584 8.1%
7	ISHARES TR CORE HIGH DV ETF HDV	HDV	774,204	$80.7m2.86%	2.86%	Added +148.1k	+148,085 23.6%
8	ISHARES TR SHORT TREAS BD SHV	SHV	389,957	$42.9m1.52%	1.52%	Added +229.0k	+229,007 142.3%
9	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	355,958	$40.6m1.44%	1.44%	Reduced -204.7k	-204,672 -36.5%
10	SUNCOR ENERGY INC NEW COM SU	SU	1,255,346	$39.8m1.41%	1.41%	Added +427.1k	+427,144 51.6%
11	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	481,762	$39.3m1.39%	1.39%	New
12	H WORLD GROUP LTD SPONSORED ADS HTHT	HTHT	865,088	$36.7m1.30%	1.30%	New
13	NUTRIEN LTD COM NTR	NTR	499,540	$36.5m1.29%	1.29%	Added +118.6k	+118,632 31.1%
14	DISH NETWORK CORPORATION NOTE 3.375% 8/1 · principal DISH 3.375 08.15.26 · principal	DISH 3.375 08.15.26	56,889,000	$35.7m1.27%	1.27%	Reduced -222.0k	-222,000 -0.4%
15	ISHARES TR CORE US AGGBD ET AGG	AGG	343,837	$33.3m1.18%	1.18%	Reduced -4.5k	-4,474 -1.3%
16	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	1,139,657	$30.6m1.09%	1.09%	Added +96.6k	+96,554 9.3%
17	FIRST TR MORNINGSTAR DIVID L SHS FDL	FDL	728,680	$26.6m0.94%	0.94%	New
18	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	286,072	$24.7m0.87%	0.87%	Added +116.5k	+116,512 68.7%
19	YUM CHINA HLDGS INC COM YUMC	YUMC	446,503	$24.4m0.87%	0.87%	Reduced -81.8k	-81,834 -15.5%
20	EXXON MOBIL CORP COM XOM	XOM	209,588	$23.1m0.82%	0.82%	Reduced -7.0k	-7,024 -3.2%
21	ISHARES INC MSCI WORLD ETF URTH	URTH	211,004	$23.1m0.82%	0.82%	Added +77.6k	+77,590 58.2%
22	DEERE & CO COM DE	DE	53,671	$23.0m0.82%	0.82%	Reduced -2.9k	-2,869 -5.1%
23	SEA LTD SPONSORD ADS SE	SE	418,667	$21.8m0.77%	0.77%	Reduced -14.4k	-14,408 -3.3%
24	DIGITALBRIDGE GROUP INC NOTE 5.000% 4/1 · principal DBRG 5 04.15.23 · principal	DBRG 5 04.15.23	21,500,000	$21.2m0.75%	0.75%	Unchanged
25	ISHARES TR 7-10 YR TRSY BD IEF	IEF	221,183	$21.2m0.75%	0.75%	Added +4.0k	+3,976 1.8%
26	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	1,603,372	$20.7m0.74%	0.74%	Unchanged
27	GARRETT MOTION INC PFD CONV SER A GTX 11 PERP A	GTX 11 PERP A	2,356,300	$20.5m0.73%	0.73%	Unchanged
28	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	512,163	$20.0m0.71%	0.71%	New
29	ISHARES TR 1 3 YR TREAS BD SHY	SHY	238,859	$19.4m0.69%	0.69%	Reduced -798	-798 -0.3%
30	CONOCOPHILLIPS COM COP	COP	160,181	$18.9m0.67%	0.67%	Reduced -20	-20 -0.0%
31	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	231,149	$17.4m0.62%	0.62%	Added +126.7k	+126,742 121.4%
32	LINDE PLC SHS 99952EUR	99952EUR	51,552	$16.8m0.60%	0.60%	Added +200	+200 0.4%
33	ISHARES TR IBOXX INV CP ETF LQD	LQD	152,160	$16.0m0.57%	0.57%	Unchanged
34	PENNYMAC CORP NOTE 5.500%11/0 · principal PMT 5.5 11.01.24 · principal	PMT 5.5 11.01.24	17,000,000	$15.4m0.55%	0.55%	Unchanged
35	GREEN PLAINS INC COM GPRE	GPRE	487,616	$14.9m0.53%	0.53%	Unchanged
36	MFA FINL INC NOTE 6.250% 6/1 · principal MFA 6.25 06.15.24 · principal	MFA 6.25 06.15.24	15,000,000	$13.9m0.49%	0.49%	Unchanged
37	CF INDS HLDGS INC COM CF	CF	156,623	$13.3m0.47%	0.47%	Unchanged
38	DARLING INGREDIENTS INC COM DAR	DAR	212,072	$13.3m0.47%	0.47%	Added +16.1k	+16,090 8.2%
39	ISHARES TR GLOB HLTHCRE ETF IXJ	IXJ	148,956	$12.6m0.45%	0.45%	Reduced -578	-578 -0.4%
40	HESS CORP COM HES	HES	89,108	$12.6m0.45%	0.45%	Reduced -192	-192 -0.2%
41	CHEVRON CORP NEW COM CVX	CVX	69,883	$12.5m0.44%	0.44%	Reduced -4.7k	-4,684 -6.3%
42	CNH INDL N V SHS CNH	CNH	774,246	$12.4m0.44%	0.44%	Added +403.9k	+403,850 109.0%
43	EOG RES INC COM EOG	EOG	93,986	$12.2m0.43%	0.43%	Reduced -3.6k	-3,600 -3.7%
44	TRACTOR SUPPLY CO COM TSCO	TSCO	54,082	$12.2m0.43%	0.43%	Unchanged
45	WISDOMTREE TR EMER MKT HIGH FD DEM	DEM	338,189	$12.1m0.43%	0.43%	New
46	GRAB HOLDINGS LIMITED CLASS A ORD GRAB	GRAB	3,323,176	$10.7m0.38%	0.38%	Reduced -11.3k	-11,251 -0.3%
47	KE HLDGS INC SPONSORED ADS BEKE	BEKE	729,629	$10.2m0.36%	0.36%	New
48	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	3,428,338	$9.9m0.35%	0.35%	Unchanged
49	AGCO CORP COM AGCO	AGCO	69,510	$9.6m0.34%	0.34%	Added +4.1k	+4,103 6.3%
50	ISHARES TR US HLTHCARE ETF IYH	IYH	33,473	$9.5m0.34%	0.34%	Unchanged
51	VALE S A SPONSORED ADS VALE	VALE	546,831	$9.3m0.33%	0.33%	Unchanged
52	ISHARES TR GL CLEAN ENE ETF ICLN	ICLN	467,451	$9.3m0.33%	0.33%	New
53	BUNGE LIMITED COM BG	BG	92,274	$9.2m0.33%	0.33%	Reduced -4.1k	-4,112 -4.3%
54	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	100,000	$9.0m0.32%	0.32%	New
55	ISHARES INC MSCI HONG KG ETF EWH	EWH	420,026	$8.8m0.31%	0.31%	Added +90.7k	+90,712 27.6%
56	VALERO ENERGY CORP COM VLO	VLO	68,854	$8.7m0.31%	0.31%	Reduced -16	-16 -0.0%
57	MOSAIC CO NEW COM MOS	MOS	199,019	$8.7m0.31%	0.31%	Reduced -51.7k	-51,691 -20.6%
58	AIR PRODS & CHEMS INC COM APD	APD	28,079	$8.7m0.31%	0.31%	Added +7	+7 0.0%
59	INVESCO EXCH TRADED FD TR II SOLAR ETF TAN	TAN	117,099	$8.5m0.30%	0.30%	New
60	ARCHER DANIELS MIDLAND CO COM ADM	ADM	91,236	$8.5m0.30%	0.30%	Reduced -5.6k	-5,616 -5.8%
61	CORTEVA INC COM CTVA	CTVA	142,032	$8.3m0.30%	0.30%	Reduced -215.9k	-215,863 -60.3%
62	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	75,643	$8.2m0.29%	0.29%	New
63	ISHARES TR 0-5YR INVT GR CP SLQD	SLQD	157,133	$7.5m0.27%	0.27%	Added +127.1k	+127,107 423.3%
64	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,492,669	$7.0m0.25%	0.25%	Reduced -377.1k	-377,111 -20.2%
65	ANGLOGOLD ASHANTI LIMITED SPONSORED ADR AU	AU	353,478	$6.9m0.24%	0.24%	Unchanged
66	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	83,557	$6.7m0.24%	0.24%	Reduced -17.9k	-17,921 -17.7%
67	SHERWIN WILLIAMS CO COM SHW	SHW	26,771	$6.4m0.23%	0.23%	Reduced -250	-250 -0.9%
68	DOW INC COM DOW	DOW	126,051	$6.4m0.23%	0.23%	Unchanged
69	AMCOR PLC ORD AMCR	AMCR	507,256	$6.0m0.21%	0.21%	Unchanged
70	BLACKSTONE MORTGAGE TRUST IN NOTE 4.750% 3/1 · principal BXMT 4.75 03.15.23 · principal	BXMT 4.75 03.15.23	6,000,000	$6.0m0.21%	0.21%	Unchanged
71	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	15,535	$5.9m0.21%	0.21%	New
72	FIRST TR EXCHANGE-TRADED FD NAS CLNEDG GREEN QCLN	QCLN	121,158	$5.7m0.20%	0.20%	New
73	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	137,505	$5.6m0.20%	0.20%	Unchanged
74	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	315,551	$5.3m0.19%	0.19%	Added +46.5k	+46,478 17.3%
75	MICROSOFT CORP COM MSFT	MSFT	22,008	$5.3m0.19%	0.19%	Reduced -4.9k	-4,912 -18.2%
76	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	649,975	$5.2m0.18%	0.18%	Added +338.5k	+338,479 108.7%
77	LI AUTO INC SPONSORED ADS LI	LI	244,323	$5.0m0.18%	0.18%	Added +45.2k	+45,203 22.7%
78	ROYAL CARIBBEAN GROUP NOTE 4.250% 6/1 · principal RCL 4.25 06.15.23 · principal	RCL 4.25 06.15.23	4,989,000	$5.0m0.18%	0.18%	Reduced -11.0k	-11,000 -0.2%
79	BANCOLOMBIA S A SPON ADR PREF CIB	CIB	166,457	$4.8m0.17%	0.17%	Unchanged
80	TDCX INC ADS ADS		361,044	$4.5m0.16%	0.16%	Reduced -76.9k	-76,877 -17.6%
81	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	102,520	$4.4m0.16%	0.16%	Unchanged
82	ALBEMARLE CORP COM ALB	ALB	19,732	$4.3m0.15%	0.15%	Reduced -1.9k	-1,862 -8.6%
83	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	90,765	$4.2m0.15%	0.15%	Reduced -55.1k	-55,128 -37.8%
84	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	456,537	$4.2m0.15%	0.15%	Reduced -67.4k	-67,386 -12.9%
85	AON PLC SHS CL A AON	AON	13,833	$4.2m0.15%	0.15%	Reduced -990	-990 -6.7%
86	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	188,800	$4.0m0.14%	0.14%	Added +37.5k	+37,500 24.8%
87	FMC CORP COM NEW FMC	FMC	30,719	$3.8m0.14%	0.14%	Unchanged
88	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	76,800	$3.8m0.14%	0.14%	Unchanged
89	UNITEDHEALTH GROUP INC COM UNH	UNH	6,971	$3.7m0.13%	0.13%	Reduced -162	-162 -2.3%
90	ISHARES TR MSCI AC ASIA ETF AAXJ	AAXJ	53,891	$3.5m0.12%	0.12%	Added +3.0k	+3,007 5.9%
91	AMBEV SA SPONSORED ADR ABEV	ABEV	1,170,019	$3.2m0.11%	0.11%	Unchanged
92	VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS VIST	VIST	201,605	$3.2m0.11%	0.11%	Reduced -97.2k	-97,247 -32.5%
93	BARINGS CORPORATE INVS COM COM		219,664	$3.1m0.11%	0.11%	Unchanged
94	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	50,188	$2.9m0.10%	0.10%	Unchanged
95	WHEATON PRECIOUS METALS CORP COM WPM	WPM	71,758	$2.8m0.10%	0.10%	Unchanged
96	AMAZON COM INC COM AMZN	AMZN	31,503	$2.6m0.09%	0.09%	Reduced -2.8k	-2,783 -8.1%
97	ISHARES TR MSCI ACWI ETF ACWI	ACWI	30,590	$2.6m0.09%	0.09%	Added +4.1k	+4,118 15.6%
98	ZHIHU INC ADS ADS		1,888,411	$2.5m0.09%	0.09%	Unchanged
99	ISHARES TR EXPANDED TECH IGV	IGV	9,305	$2.4m0.08%	0.08%	Reduced -22.2k	-22,241 -70.5%
100	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	214,013	$2.3m0.08%	0.08%	Added +12.8k	+12,837 6.4%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
VANGUARD WORLD FD VGT	VGT	36,545	$11.2m36.5k shares
ISHARES TR IVW	IVW	149,227	$8.6m149.2k shares
AEROJET ROCKETDYNE HLDGS INC AJRD	AJRD	201,341	$8.1m201.3k shares
AVAYA HLDGS CORP AVYA 2.25 06.15.23	AVYA 2.25 06.15.23	17,192,000	$7.3m17.2m shares
FOMENTO ECONOMICO MEXICANO S FMX	FMX	113,252	$7.1m113.3k shares
ISHARES TR IYE	IYE	142,576	$5.6m142.6k shares
ARBOR REALTY TRUST INC ABR 4.75 11.01.22	ABR 4.75 11.01.22	5,000,000	$5.1m5.0m shares
TYSON FOODS INC TSN	TSN	23,528	$1.6m23.5k shares
COMPANHIA PARANAENSE DE ENER ELP	ELP	219,048	$1.3m219.0k shares
CEMEX SAB DE CV CX	CX	322,034	$1.1m322.0k shares
TESLA INC TSLA	TSLA	2,249	$597.0k2.2k shares
STANLEY BLACK & DECKER INC SWK	SWK	5,952	$448.0k6.0k shares
ABBVIE INC ABBV	ABBV	2,719	$365.0k2.7k shares
BLACKSTONE INC BX	BX	2,990	$250.0k3.0k shares
BOOKING HOLDINGS INC BKNG	BKNG	148	$243.0k148 shares
MEDTRONIC PLC MDT	MDT	2,932	$237.0k2.9k shares
NEXTERA ENERGY INC NEE	NEE	2,816	$221.0k2.8k shares
AMERICAN AIRLS GROUP INC AAL	AAL	13,310	$160.0k13.3k shares
SABRE CORP SABR	SABR	11,309	$58.0k11.3k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
FS CREDIT OPPORTUNITIES CORP FSCO · 13G · filed 2026-03-06	FSCO	32.5%	+6.2 pts	13G	2026-03-06
TORTOISE ENERGY INFRA CORP TYG · 13G · filed 2025-09-08	TYG	14.3%	new	13G	2025-09-08