BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2023-08-08

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)

$3.0bn reported value +1.6% vs Q1 2023

167positions

69.3%in top 10

18 new 51 added 43 reduced 12 sold out vs Q1 2023

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, Q2 2023

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	1,835,422	$818.1m27.64%	27.64%	Added +45.0k	+45,018 2.5%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	1,035,131	$382.4m12.92%	12.92%	Reduced -80.5k	-80,498 -7.2%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,412,950	$342.9m11.59%	11.59%	Added +50.1k	+50,100 3.7%
4	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$106.9m3.61%	3.61%	Unchanged
5	ISHARES TR IBOXX INV CP ETF LQD	LQD	799,592	$86.5m2.92%	2.92%	Unchanged
6	ISHARES TR CORE US AGGBD ET AGG	AGG	796,596	$78.0m2.64%	2.64%	Added +34.5k	+34,473 4.5%
7	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	744,315	$72.2m2.44%	2.44%	Added +56.7k	+56,667 8.2%
8	ISHARES TR 7-10 YR TRSY BD IEF	IEF	611,380	$59.1m2.00%	2.00%	Added +92.1k	+92,145 17.8%
9	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	1,031,000	$52.4m1.77%	1.77%	Reduced -155.1k	-155,140 -13.1%
10	SUNCOR ENERGY INC NEW COM SU	SU	1,735,649	$50.9m1.72%	1.72%	Added +434.8k	+434,755 33.4%
11	H WORLD GROUP LTD SPONSORED ADS HTHT	HTHT	1,071,681	$41.6m1.40%	1.40%	Reduced -171.2k	-171,207 -13.8%
12	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	517,941	$35.8m1.21%	1.21%	Reduced -146.3k	-146,325 -22.0%
13	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	753,688	$32.7m1.10%	1.10%	Added +219.9k	+219,911 41.2%
14	LINDE PLC SHS LIN	LIN	78,688	$30.0m1.01%	1.01%	Reduced -7.6k	-7,579 -8.8%
15	YUM CHINA HLDGS INC COM YUMC	YUMC	457,024	$25.8m0.87%	0.87%	Added +4.4k	+4,352 1.0%
16	SEA LTD SPONSORD ADS SE	SE	427,056	$24.8m0.84%	0.84%	Added +34.0k	+33,996 8.7%
17	NUTRIEN LTD COM NTR	NTR	402,938	$23.8m0.80%	0.80%	Reduced -106.9k	-106,868 -21.0%
18	CORTEVA INC COM CTVA	CTVA	372,893	$21.4m0.72%	0.72%	Added +230.9k	+230,861 162.5%
19	EXXON MOBIL CORP COM XOM	XOM	195,640	$21.0m0.71%	0.71%	Reduced -1.8k	-1,821 -0.9%
20	ISHARES INC MSCI WORLD ETF URTH	URTH	160,000	$19.9m0.67%	0.67%	Reduced -7.7k	-7,692 -4.6%
21	FIRST TR EXCHANGE-TRADED FD NASDQ CLN EDGE GRID	GRID	189,040	$19.9m0.67%	0.67%	Added +87.4k	+87,357 85.9%
22	WISDOMTREE TR EMER MKT HIGH FD DEM	DEM	518,204	$19.8m0.67%	0.67%	Unchanged
23	GARRETT MOTION INC COM GTX	GTX	2,602,247	$19.7m0.67%	0.67%	New
24	ISHARES TR S&P 500 GRWT ETF IVW	IVW	251,496	$17.7m0.60%	0.60%	New
25	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	1,603,372	$17.5m0.59%	0.59%	Unchanged
26	PENNYMAC CORP NOTE 5.500%11/0 · principal PMT 5.5 11.01.24 · principal	PMT 5.5 11.01.24	17,000,000	$16.5m0.56%	0.56%	Unchanged
27	ISHARES TR EUROPE ETF IEV	IEV	321,656	$16.3m0.55%	0.55%	Reduced -57.1k	-57,149 -15.1%
28	ISHARES TR SHORT TREAS BD SHV	SHV	142,354	$15.7m0.53%	0.53%	Added +61.6k	+61,553 76.2%
29	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	190,989	$15.0m0.51%	0.51%	New
30	CONOCOPHILLIPS COM COP	COP	144,311	$15.0m0.51%	0.51%	Unchanged
31	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	$14.8m0.50%	0.50%	Unchanged
32	DEERE & CO COM DE	DE	34,561	$14.0m0.47%	0.47%	Reduced -6.4k	-6,388 -15.6%
33	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	276,077	$13.0m0.44%	0.44%	Added +11.0k	+10,970 4.1%
34	DARLING INGREDIENTS INC COM DAR	DAR	201,635	$12.9m0.43%	0.43%	Added +20.8k	+20,798 11.5%
35	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	28,221	$12.5m0.42%	0.42%	New
36	INVESCO EXCHANGE TRADED FD T S&P 500 GARP ETF SPGP	SPGP	133,744	$12.1m0.41%	0.41%	Unchanged
37	TRACTOR SUPPLY CO COM TSCO	TSCO	54,315	$12.0m0.41%	0.41%	Unchanged
38	GREEN PLAINS INC COM GPRE	GPRE	352,630	$11.4m0.38%	0.38%	Unchanged
39	CHEVRON CORP NEW COM CVX	CVX	69,616	$11.0m0.37%	0.37%	Reduced -267	-267 -0.4%
40	EOG RES INC COM EOG	EOG	94,388	$10.8m0.37%	0.37%	Unchanged
41	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	838,739	$10.4m0.35%	0.35%	Unchanged
42	BUNGE LIMITED COM BG	BG	108,297	$10.2m0.35%	0.35%	Added +16.0k	+16,023 17.4%
43	ISHARES INC MSCI EURZONE ETF EZU	EZU	217,834	$10.0m0.34%	0.34%	Unchanged
44	HESS CORP COM HES	HES	71,550	$9.7m0.33%	0.33%	Reduced -10.8k	-10,778 -13.1%
45	CF INDS HLDGS INC COM CF	CF	138,783	$9.6m0.33%	0.33%	Reduced -39.6k	-39,633 -22.2%
46	AGCO CORP COM AGCO	AGCO	68,430	$9.0m0.30%	0.30%	Unchanged
47	FMC CORP COM NEW FMC	FMC	83,403	$8.7m0.29%	0.29%	Added +52.7k	+52,684 171.5%
48	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$8.1m0.27%	0.27%	Unchanged
49	SHERWIN WILLIAMS CO COM SHW	SHW	30,198	$8.0m0.27%	0.27%	Unchanged
50	MICROSOFT CORP COM MSFT	MSFT	22,492	$7.7m0.26%	0.26%	Added +479	+479 2.2%
51	CNH INDL N V SHS CNH	CNH	516,025	$7.4m0.25%	0.25%	Reduced -60.0k	-60,010 -10.4%
52	LI AUTO INC SPONSORED ADS LI	LI	201,709	$7.1m0.24%	0.24%	Reduced -42.6k	-42,614 -17.4%
53	ARCHER DANIELS MIDLAND CO COM ADM	ADM	91,642	$6.9m0.23%	0.23%	Unchanged
54	VANGUARD WORLD FD INF TECH ETF VGT	VGT	15,511	$6.9m0.23%	0.23%	Added +1.3k	+1,254 8.8%
55	DBX ETF TR XTRACK HRVST CSI ASHR	ASHR	256,113	$6.9m0.23%	0.23%	Reduced -56.9k	-56,920 -18.2%
56	ISHARES INC MSCI HONG KG ETF EWH	EWH	352,374	$6.8m0.23%	0.23%	Added +73.7k	+73,740 26.5%
57	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	306,800	$6.7m0.23%	0.23%	Reduced -14.0k	-14,000 -4.4%
58	VALE S A SPONSORED ADS VALE	VALE	483,225	$6.5m0.22%	0.22%	Unchanged
59	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,850,828	$6.4m0.22%	0.22%	Reduced -842.8k	-842,846 -31.3%
60	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	87,628	$6.4m0.22%	0.22%	Added +30.7k	+30,742 54.0%
61	ALBEMARLE CORP COM ALB	ALB	27,645	$6.2m0.21%	0.21%	New
62	DISH NETWORK CORPORATION NOTE 3.375% 8/1 · principal DISH 3.375 08.15.26 · principal	DISH 3.375 08.15.26	11,517,000	$5.9m0.20%	0.20%	Reduced -45.4m	-45,372,000 -79.8%
63	NUCOR CORP COM NUE	NUE	35,525	$5.8m0.20%	0.20%	New
64	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	219,334	$5.5m0.19%	0.19%	Unchanged
65	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	40,251	$5.4m0.18%	0.18%	Unchanged
66	DOW INC COM DOW	DOW	98,560	$5.2m0.18%	0.18%	Reduced -27.5k	-27,491 -21.8%
67	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,204,430	$5.2m0.18%	0.18%	Unchanged
68	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	53,702	$4.9m0.17%	0.17%	Added +440	+440 0.8%
69	AMAZON COM INC COM AMZN	AMZN	36,226	$4.7m0.16%	0.16%	Added +4.9k	+4,937 15.8%
70	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	62,366	$4.7m0.16%	0.16%	Reduced -59.0k	-59,009 -48.6%
71	BANCOLOMBIA S A SPON ADR PREF CIB	CIB	166,457	$4.4m0.15%	0.15%	Unchanged
72	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	252,741	$4.0m0.14%	0.14%	Reduced -152.8k	-152,782 -37.7%
73	AON PLC SHS CL A AON	AON	11,463	$4.0m0.13%	0.13%	Reduced -240	-240 -2.0%
74	ISHARES TR MSCI ACWI ETF ACWI	ACWI	40,234	$3.9m0.13%	0.13%	Added +4.0k	+3,987 11.0%
75	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	76,800	$3.9m0.13%	0.13%	Unchanged
76	SENDAS DISTRIBUIDORA S A SPON ADS ASAIY	ASAIY	265,941	$3.8m0.13%	0.13%	Added +191.8k	+191,831 258.9%
77	ISHARES TR MSCI AC ASIA ETF AAXJ	AAXJ	54,303	$3.6m0.12%	0.12%	Added +14.2k	+14,157 35.3%
78	UNITEDHEALTH GROUP INC COM UNH	UNH	7,360	$3.5m0.12%	0.12%	Unchanged
79	TDCX INC ADS ADS		433,217	$3.4m0.12%	0.12%	Unchanged
80	ANGLOGOLD ASHANTI LIMITED SPONSORED ADR AU	AU	162,252	$3.4m0.12%	0.12%	Reduced -191.2k	-191,226 -54.1%
81	BARINGS CORPORATE INVS COM COM		219,664	$3.3m0.11%	0.11%	Unchanged
82	AMBEV SA SPONSORED ADR ABEV	ABEV	1,006,832	$3.2m0.11%	0.11%	Unchanged
83	APPLE INC COM AAPL	AAPL	15,776	$3.1m0.10%	0.10%	Added +3.0k	+3,047 23.9%
84	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	214,013	$3.0m0.10%	0.10%	Unchanged
85	SPDR SER TR BBG CONV SEC ETF CWB	CWB	41,112	$2.9m0.10%	0.10%	Added +29.0k	+28,951 238.1%
86	ITRON INC NOTE 3/1 · principal ITRI 0 03.15.26 · principal	ITRI 0 03.15.26	3,000,000	$2.7m0.09%	0.09%	New
87	ISHARES TR CONV BD ETF ICVT	ICVT	33,764	$2.6m0.09%	0.09%	Unchanged
88	VANGUARD SCOTTSDALE FDS INTER TERM TREAS VGIT	VGIT	42,826	$2.5m0.08%	0.08%	Reduced -7.4k	-7,362 -14.7%
89	ISHARES TR CORE MSCI EURO IEUR	IEUR	46,871	$2.5m0.08%	0.08%	Reduced -14.8k	-14,836 -24.0%
90	MCDONALDS CORP COM MCD	MCD	8,183	$2.4m0.08%	0.08%	Reduced -362	-362 -4.2%
91	GLOBANT S A COM GLOB	GLOB	11,806	$2.1m0.07%	0.07%	New
92	BIOLIFE SOLUTIONS INC COM NEW BLFS	BLFS	91,316	$2.0m0.07%	0.07%	Unchanged
93	2U INC NOTE 2.250% 5/0 · principal TWOU 2.25 05.01.25 · principal	TWOU 2.25 05.01.25	3,000,000	$2.0m0.07%	0.07%	New
94	COMPANHIA DE SANEAMENTO BASI SPONSORED ADR SBS	SBS	161,760	$1.9m0.06%	0.06%	Unchanged
95	BARINGS PARTN INVS TRUST COM COM		143,404	$1.9m0.06%	0.06%	Unchanged
96	FABRINET SHS FN	FN	13,893	$1.8m0.06%	0.06%	New
97	WEATHERFORD INTL PLC ORD SHS WFRD	WFRD	26,861	$1.8m0.06%	0.06%	Unchanged
98	NVIDIA CORPORATION COM NVDA	NVDA	3,921	$1.7m0.06%	0.06%	Added +413	+413 11.8%
99	TJX COS INC NEW COM TJX	TJX	18,862	$1.6m0.05%	0.05%	Reduced -412	-412 -2.1%
100	META PLATFORMS INC CL A META	META	5,110	$1.5m0.05%	0.05%	Added +819	+819 19.1%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
TRIP COM GROUP LTD TCOM	TCOM	792,130	$29.8m792.1k shares
DIGITALBRIDGE GROUP INC DBRG 5 04.15.23	DBRG 5 04.15.23	21,500,000	$21.5m21.5m shares
GARRETT MOTION INC GTX 11 PERP A	GTX 11 PERP A	2,356,300	$20.9m2.4m shares
GRAB HOLDINGS LIMITED GRAB	GRAB	3,323,176	$9.5m3.3m shares
MOSAIC CO NEW MOS	MOS	202,994	$9.3m203.0k shares
VALERO ENERGY CORP VLO	VLO	62,105	$8.7m62.1k shares
INVESCO EXCH TRADED FD TR II TAN	TAN	75,348	$5.8m75.3k shares
VISTA ENERGY S.A.B. DE C.V. VIST	VIST	80,828	$1.6m80.8k shares
DISNEY WALT CO DIS	DIS	10,822	$1.1m10.8k shares
ORBITAL INFRASTRUCTURE GRP I		4,199,992	$612.8k4.2m shares
INFOSYS LTD INFY	INFY	12,702	$221.5k12.7k shares
S&P GLOBAL INC SPGI	SPGI	602	$207.6k602 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