BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2023-11-13

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)

$2.9bn reported value -0.9% vs Q2 2023

150positions

65.7%in top 10

18 new 35 added 59 reduced 35 sold out vs Q2 2023

This report includes the holdings of 5 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 International Investment 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, Q3 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	1,764,845	$757.9m25.85%	25.85%	Reduced -70.6k	-70,577 -3.9%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	958,045	$343.2m11.71%	11.71%	Reduced -77.1k	-77,086 -7.5%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,458,050	$326.8m11.15%	11.15%	Added +45.1k	+45,100 3.2%
4	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$121.5m4.15%	4.15%	Unchanged
5	ISHARES TR CORE US AGGBD ET AGG	AGG	825,014	$77.6m2.65%	2.65%	Added +28.4k	+28,418 3.6%
6	ISHARES TR IBOXX INV CP ETF LQD	LQD	760,323	$77.6m2.65%	2.65%	Reduced -39.3k	-39,269 -4.9%
7	SUNCOR ENERGY INC NEW COM SU	SU	1,694,078	$58.2m1.99%	1.99%	Reduced -41.6k	-41,571 -2.4%
8	ISHARES TR 7-10 YR TRSY BD IEF	IEF	616,147	$56.4m1.92%	1.92%	Added +4.8k	+4,767 0.8%
9	CRH PLC ORD CRH	CRH	984,305	$53.9m1.84%	1.84%	New
10	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	1,031,000	$52.5m1.79%	1.79%	Unchanged
11	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	517,941	$50.8m1.73%	1.73%	Unchanged
12	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	469,793	$43.8m1.49%	1.49%	Reduced -274.5k	-274,522 -36.9%
13	ISHARES TR SHORT TREAS BD SHV	SHV	387,587	$42.8m1.46%	1.46%	Added +245.2k	+245,233 172.3%
14	H WORLD GROUP LTD SPONSORED ADS HTHT	HTHT	1,004,035	$39.6m1.35%	1.35%	Reduced -67.6k	-67,646 -6.3%
15	ISHARES TR S&P 500 GRWT ETF IVW	IVW	557,119	$38.1m1.30%	1.30%	Added +305.6k	+305,623 121.5%
16	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	87,468	$37.4m1.28%	1.28%	Added +59.2k	+59,247 209.9%
17	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	753,688	$31.9m1.09%	1.09%	Unchanged
18	ISHARES TR CORE HIGH DV ETF HDV	HDV	317,248	$31.4m1.07%	1.07%	New
19	ISHARES INC MSCI WORLD ETF URTH	URTH	259,892	$31.2m1.07%	1.07%	Added +99.9k	+99,892 62.4%
20	FIRST TR EXCHANGE-TRADED FD NASDQ CLN EDGE GRID	GRID	311,246	$29.2m1.00%	1.00%	Added +122.2k	+122,206 64.7%
21	LINDE PLC SHS LIN	LIN	78,294	$29.2m0.99%	0.99%	Reduced -394	-394 -0.5%
22	NUTRIEN LTD COM NTR	NTR	438,973	$27.1m0.92%	0.92%	Added +36.0k	+36,035 8.9%
23	EXXON MOBIL CORP COM XOM	XOM	212,728	$25.0m0.85%	0.85%	Added +17.1k	+17,088 8.7%
24	YUM CHINA HLDGS INC COM YUMC	YUMC	427,513	$23.8m0.81%	0.81%	Reduced -29.5k	-29,511 -6.5%
25	SEA LTD SPONSORD ADS SE	SE	440,683	$19.4m0.66%	0.66%	Added +13.6k	+13,627 3.2%
26	CORTEVA INC COM CTVA	CTVA	372,893	$19.1m0.65%	0.65%	Unchanged
27	CF INDS HLDGS INC COM CF	CF	206,966	$17.7m0.61%	0.61%	Added +68.2k	+68,183 49.1%
28	CONOCOPHILLIPS COM COP	COP	131,533	$15.8m0.54%	0.54%	Reduced -12.8k	-12,778 -8.8%
29	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	$14.7m0.50%	0.50%	Unchanged
30	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	196,996	$14.1m0.48%	0.48%	Added +6.0k	+6,007 3.1%
31	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	276,077	$12.5m0.43%	0.43%	Unchanged
32	CHEVRON CORP NEW COM CVX	CVX	69,754	$11.8m0.40%	0.40%	Added +138	+138 0.2%
33	BUNGE LIMITED COM BG	BG	100,610	$10.9m0.37%	0.37%	Reduced -7.7k	-7,687 -7.1%
34	EOG RES INC COM EOG	EOG	81,842	$10.4m0.35%	0.35%	Reduced -12.5k	-12,546 -13.3%
35	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	92,806	$10.1m0.35%	0.35%	New
36	HESS CORP COM HES	HES	63,021	$9.6m0.33%	0.33%	Reduced -8.5k	-8,529 -11.9%
37	MOSAIC CO NEW COM MOS	MOS	260,964	$9.3m0.32%	0.32%	New
38	SPDR SER TR BBG CONV SEC ETF CWB	CWB	136,798	$9.3m0.32%	0.32%	Added +95.7k	+95,686 232.7%
39	ISHARES INC MSCI EURZONE ETF EZU	EZU	217,834	$9.2m0.31%	0.31%	Unchanged
40	DARLING INGREDIENTS INC COM DAR	DAR	174,278	$9.1m0.31%	0.31%	Reduced -27.4k	-27,357 -13.6%
41	INVESCO EXCHANGE TRADED FD T S&P 500 GARP ETF SPGP	SPGP	98,363	$9.0m0.31%	0.31%	Reduced -35.4k	-35,381 -26.4%
42	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	648,301	$8.9m0.30%	0.30%	Reduced -190.4k	-190,438 -22.7%
43	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	143,399	$8.6m0.29%	0.29%	Added +55.8k	+55,771 63.6%
44	DEERE & CO COM DE	DE	21,758	$8.2m0.28%	0.28%	Reduced -12.8k	-12,803 -37.0%
45	ISHARES TR CUR HD EURZN ETF HEZU	HEZU	257,688	$7.9m0.27%	0.27%	New
46	ISHARES TR GLOBAL ENERG ETF IXC	IXC	189,971	$7.8m0.27%	0.27%	New
47	SHERWIN WILLIAMS CO COM SHW	SHW	30,198	$7.7m0.26%	0.26%	Unchanged
48	VALE S A SPONSORED ADS VALE	VALE	567,687	$7.6m0.26%	0.26%	Added +84.5k	+84,462 17.5%
49	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$7.4m0.25%	0.25%	Unchanged
50	AGCO CORP COM AGCO	AGCO	59,728	$7.1m0.24%	0.24%	Reduced -8.7k	-8,702 -12.7%
51	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	$7.0m0.24%	0.24%	Unchanged
52	GARRETT MOTION INC COM GTX	GTX	881,522	$6.9m0.24%	0.24%	Reduced -1.7m	-1,720,725 -66.1%
53	ARCHER DANIELS MIDLAND CO COM ADM	ADM	90,132	$6.8m0.23%	0.23%	Reduced -1.5k	-1,510 -1.6%
54	VALERO ENERGY CORP COM VLO	VLO	47,967	$6.8m0.23%	0.23%	New
55	NUCOR CORP COM NUE	NUE	40,686	$6.4m0.22%	0.22%	Added +5.2k	+5,161 14.5%
56	MICROSOFT CORP COM MSFT	MSFT	19,793	$6.2m0.21%	0.21%	Reduced -2.7k	-2,699 -12.0%
57	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	289,300	$6.0m0.21%	0.21%	Reduced -17.5k	-17,500 -5.7%
58	LI AUTO INC SPONSORED ADS LI	LI	167,386	$6.0m0.20%	0.20%	Reduced -34.3k	-34,323 -17.0%
59	ISHARES INC MSCI HONG KG ETF EWH	EWH	325,197	$5.6m0.19%	0.19%	Reduced -27.2k	-27,177 -7.7%
60	TRACTOR SUPPLY CO COM TSCO	TSCO	27,306	$5.5m0.19%	0.19%	Reduced -27.0k	-27,009 -49.7%
61	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	40,251	$5.3m0.18%	0.18%	Unchanged
62	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	219,334	$5.3m0.18%	0.18%	Unchanged
63	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,850,828	$5.3m0.18%	0.18%	Unchanged
64	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	439,638	$5.2m0.18%	0.18%	Reduced -1.2m	-1,163,734 -72.6%
65	DOW INC COM DOW	DOW	98,560	$5.1m0.17%	0.17%	Unchanged
66	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	53,522	$5.1m0.17%	0.17%	Reduced -180	-180 -0.3%
67	AMAZON COM INC COM AMZN	AMZN	37,697	$4.8m0.16%	0.16%	Added +1.5k	+1,471 4.1%
68	SOUTHERN COPPER CORP COM SCCO	SCCO	63,563	$4.8m0.16%	0.16%	New
69	ALBEMARLE CORP COM ALB	ALB	27,763	$4.7m0.16%	0.16%	Added +118	+118 0.4%
70	FABRINET SHS FN	FN	27,642	$4.6m0.16%	0.16%	Added +13.7k	+13,749 99.0%
71	WISDOMTREE TR EMER MKT HIGH FD DEM	DEM	121,312	$4.5m0.16%	0.16%	Reduced -396.9k	-396,892 -76.6%
72	ALPHABET INC CAP STK CL A GOOGL	GOOGL	32,279	$4.2m0.14%	0.14%	Added +20.8k	+20,841 182.2%
73	COMPANHIA DE SANEAMENTO BASI SPONSORED ADR SBS	SBS	341,293	$4.1m0.14%	0.14%	Added +179.5k	+179,533 111.0%
74	ISHARES TR CORE MSCI EURO IEUR	IEUR	82,246	$4.1m0.14%	0.14%	Added +35.4k	+35,375 75.5%
75	UNITEDHEALTH GROUP INC COM UNH	UNH	7,824	$3.9m0.13%	0.13%	Added +464	+464 6.3%
76	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	76,800	$3.8m0.13%	0.13%	Unchanged
77	AON PLC SHS CL A AON	AON	11,286	$3.7m0.12%	0.12%	Reduced -177	-177 -1.5%
78	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	227,538	$3.6m0.12%	0.12%	New
79	BARINGS CORPORATE INVS COM COM		219,664	$3.5m0.12%	0.12%	Unchanged
80	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	44,186	$3.3m0.11%	0.11%	Reduced -18.2k	-18,180 -29.1%
81	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	205,862	$3.3m0.11%	0.11%	Reduced -46.9k	-46,879 -18.6%
82	SENDAS DISTRIBUIDORA S A SPON ADS ASAIY	ASAIY	265,941	$3.2m0.11%	0.11%	Unchanged
83	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	214,013	$3.2m0.11%	0.11%	Unchanged
84	CNH INDL N V SHS CNH	CNH	252,902	$3.1m0.10%	0.10%	Reduced -263.1k	-263,123 -51.0%
85	FMC CORP COM NEW FMC	FMC	44,074	$3.0m0.10%	0.10%	Reduced -39.3k	-39,329 -47.2%
86	BANCOLOMBIA S A SPON ADR PREF CIB	CIB	107,755	$2.9m0.10%	0.10%	Reduced -58.7k	-58,702 -35.3%
87	VANGUARD WORLD FD INF TECH ETF VGT	VGT	6,917	$2.9m0.10%	0.10%	Reduced -8.6k	-8,594 -55.4%
88	ISHARES TR MSCI ACWI ETF ACWI	ACWI	30,277	$2.8m0.10%	0.10%	Reduced -10.0k	-9,957 -24.8%
89	OMNICELL COM NOTE 0.250% 9/1 · principal OMCL 0.25 09.15.25 · principal	OMCL 0.25 09.15.25	3,000,000	$2.7m0.09%	0.09%	New
90	VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS VIST	VIST	88,027	$2.7m0.09%	0.09%	New
91	ISHARES TR EUROPE ETF IEV	IEV	55,464	$2.6m0.09%	0.09%	Reduced -266.2k	-266,192 -82.8%
92	LAMB WESTON HLDGS INC COM LW	LW	28,326	$2.6m0.09%	0.09%	New
93	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	163,313	$2.6m0.09%	0.09%	Added +72.7k	+72,717 80.3%
94	AMBEV SA SPONSORED ADR ABEV	ABEV	1,006,832	$2.6m0.09%	0.09%	Unchanged
95	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,204,430	$2.6m0.09%	0.09%	Unchanged
96	ITRON INC NOTE 3/1 · principal ITRI 0 03.15.26 · principal	ITRI 0 03.15.26	3,000,000	$2.6m0.09%	0.09%	Unchanged
97	GLOBANT S A COM GLOB	GLOB	11,806	$2.3m0.08%	0.08%	Unchanged
98	NVIDIA CORPORATION COM NVDA	NVDA	5,355	$2.3m0.08%	0.08%	Added +1.4k	+1,434 36.6%
99	MCDONALDS CORP COM MCD	MCD	8,453	$2.2m0.08%	0.08%	Added +270	+270 3.3%
100	APPLE INC COM AAPL	AAPL	12,389	$2.1m0.07%	0.07%	Reduced -3.4k	-3,387 -21.5%

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
PENNYMAC CORP PMT 5.5 11.01.24	PMT 5.5 11.01.24	17,000,000	$16.5m17.0m shares
GREEN PLAINS INC GPRE	GPRE	352,630	$11.4m352.6k shares
DBX ETF TR ASHR	ASHR	256,113	$6.9m256.1k shares
ISHARES TR AAXJ	AAXJ	54,303	$3.6m54.3k shares
TDCX INC		433,217	$3.4m433.2k shares
ANGLOGOLD ASHANTI LIMITED AU	AU	162,252	$3.4m162.3k shares
ISHARES TR ICVT	ICVT	33,764	$2.6m33.8k shares
VANGUARD SCOTTSDALE FDS VGIT	VGIT	42,826	$2.5m42.8k shares
WEATHERFORD INTL PLC WFRD	WFRD	26,861	$1.8m26.9k shares
VALARIS LTD VAL	VAL	19,835	$1.2m19.8k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	2,204	$1.1m2.2k shares
VANGUARD INTL EQUITY INDEX F VWO	VWO	27,836	$1.1m27.8k shares
ISHARES TR SHY	SHY	8,944	$725.2k8.9k shares
PROCTER AND GAMBLE CO PG	PG	3,791	$575.2k3.8k shares
TAKE-TWO INTERACTIVE SOFTWAR TTWO	TTWO	3,447	$507.3k3.4k shares
MCGRATH RENTCORP MGRC	MGRC	5,394	$498.8k5.4k shares
COSTCO WHSL CORP NEW COST	COST	908	$488.8k908 shares
INTERNATIONAL FLAVORS&FRAGRA IFF	IFF	5,931	$472.0k5.9k shares
COCA COLA CO KO	KO	6,558	$394.9k6.6k shares
WALMART INC WMT	WMT	2,375	$373.3k2.4k shares
HOME DEPOT INC HD	HD	1,002	$311.3k1.0k shares
ANALOG DEVICES INC ADI	ADI	1,544	$300.8k1.5k shares
NETFLIX INC NFLX	NFLX	631	$277.9k631 shares
MERCK & CO INC MRK	MRK	2,400	$276.9k2.4k shares
ABBOTT LABS ABT	ABT	2,495	$272.0k2.5k 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