BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2024-02-08

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)

$3.1bn reported value +7.0% vs Q3 2023

145positions

69.5%in top 10

13 new 40 added 46 reduced 18 sold out vs Q3 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, Q4 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	1,727,406	$825.1m26.29%	26.29%	Reduced -37.4k	-37,439 -2.1%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	939,645	$384.8m12.26%	12.26%	Reduced -18.4k	-18,400 -1.9%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,505,250	$379.7m12.10%	12.10%	Added +47.2k	+47,200 3.2%
4	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$117.0m3.73%	3.73%	Unchanged
5	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	704,130	$103.0m3.28%	3.28%	Added +186.2k	+186,189 36.0%
6	ISHARES TR CORE US AGGBD ET AGG	AGG	911,537	$90.5m2.88%	2.88%	Added +86.5k	+86,523 10.5%
7	ISHARES TR IBOXX INV CP ETF LQD	LQD	745,446	$82.5m2.63%	2.63%	Reduced -14.9k	-14,877 -2.0%
8	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	157,933	$75.1m2.39%	2.39%	Added +70.5k	+70,465 80.6%
9	CRH PLC ORD CRH	CRH	1,012,435	$70.0m2.23%	2.23%	Added +28.1k	+28,130 2.9%
10	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	368,064	$54.2m1.73%	1.73%	Added +327.8k	+327,813 814.4%
11	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	884,000	$44.7m1.43%	1.43%	Reduced -147.0k	-147,000 -14.3%
12	ISHARES TR 7-10 YR TRSY BD IEF	IEF	451,067	$43.5m1.39%	1.39%	Reduced -165.1k	-165,080 -26.8%
13	SUNCOR ENERGY INC NEW COM SU	SU	1,254,515	$40.2m1.28%	1.28%	Reduced -439.6k	-439,563 -25.9%
14	ISHARES TR S&P 500 GRWT ETF IVW	IVW	520,665	$39.1m1.25%	1.25%	Reduced -36.5k	-36,454 -6.5%
15	ISHARES INC MSCI WORLD ETF URTH	URTH	278,266	$37.0m1.18%	1.18%	Added +18.4k	+18,374 7.1%
16	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	339,731	$35.0m1.11%	1.11%	Reduced -130.1k	-130,062 -27.7%
17	NUTRIEN LTD COM NTR	NTR	533,688	$30.1m0.96%	0.96%	Added +94.7k	+94,715 21.6%
18	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	673,412	$29.7m0.95%	0.95%	Reduced -80.3k	-80,276 -10.7%
19	LINDE PLC SHS LIN	LIN	67,671	$27.8m0.89%	0.89%	Reduced -10.6k	-10,623 -13.6%
20	YUM CHINA HLDGS INC COM YUMC	YUMC	543,013	$23.0m0.73%	0.73%	Added +115.5k	+115,500 27.0%
21	EXXON MOBIL CORP COM XOM	XOM	212,728	$21.3m0.68%	0.68%	Unchanged
22	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	246,181	$18.0m0.57%	0.57%	New
23	CORTEVA INC COM CTVA	CTVA	357,083	$17.1m0.55%	0.55%	Reduced -15.8k	-15,810 -4.2%
24	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	202,755	$16.3m0.52%	0.52%	Added +5.8k	+5,759 2.9%
25	CONOCOPHILLIPS COM COP	COP	130,986	$15.2m0.48%	0.48%	Reduced -547	-547 -0.4%
26	CHEVRON CORP NEW COM CVX	CVX	99,991	$14.9m0.48%	0.48%	Added +30.2k	+30,237 43.4%
27	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	$14.7m0.47%	0.47%	Unchanged
28	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	303,107	$14.5m0.46%	0.46%	Added +27.0k	+27,030 9.8%
29	CF INDS HLDGS INC COM CF	CF	181,580	$14.4m0.46%	0.46%	Reduced -25.4k	-25,386 -12.3%
30	SEA LTD SPONSORD ADS SE	SE	350,830	$14.2m0.45%	0.45%	Reduced -89.9k	-89,853 -20.4%
31	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	563,514	$13.1m0.42%	0.42%	New
32	H WORLD GROUP LTD SPONSORED ADS HTHT	HTHT	368,836	$12.3m0.39%	0.39%	Reduced -635.2k	-635,199 -63.3%
33	BEIGENE LTD SPONSORED ADR ONC	ONC	60,379	$10.9m0.35%	0.35%	New
34	ISHARES INC MSCI EURZONE ETF EZU	EZU	228,625	$10.8m0.35%	0.35%	Added +10.8k	+10,791 5.0%
35	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	82,336	$10.7m0.34%	0.34%	Reduced -10.5k	-10,470 -11.3%
36	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	633,195	$10.7m0.34%	0.34%	Added +427.3k	+427,333 207.6%
37	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	648,301	$9.9m0.32%	0.32%	Unchanged
38	SPDR SER TR BBG CONV SEC ETF CWB	CWB	136,798	$9.9m0.31%	0.31%	Unchanged
39	EOG RES INC COM EOG	EOG	81,368	$9.8m0.31%	0.31%	Reduced -474	-474 -0.6%
40	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$9.6m0.30%	0.30%	Unchanged
41	WISDOMTREE TR EMER MKT HIGH FD DEM	DEM	232,724	$9.5m0.30%	0.30%	Added +111.4k	+111,412 91.8%
42	SHERWIN WILLIAMS CO COM SHW	SHW	30,198	$9.4m0.30%	0.30%	Unchanged
43	VALE S A SPONSORED ADS VALE	VALE	567,687	$9.0m0.29%	0.29%	Unchanged
44	LAMB WESTON HLDGS INC COM LW	LW	81,369	$8.8m0.28%	0.28%	Added +53.0k	+53,043 187.3%
45	DARLING INGREDIENTS INC COM DAR	DAR	174,278	$8.7m0.28%	0.28%	Unchanged
46	ISHARES TR CUR HD EURZN ETF HEZU	HEZU	257,688	$8.6m0.27%	0.27%	Unchanged
47	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	98,601	$8.4m0.27%	0.27%	New
48	DEERE & CO COM DE	DE	19,538	$7.8m0.25%	0.25%	Reduced -2.2k	-2,220 -10.2%
49	MOSAIC CO NEW COM MOS	MOS	214,158	$7.7m0.24%	0.24%	Reduced -46.8k	-46,806 -17.9%
50	MICROSOFT CORP COM MSFT	MSFT	20,126	$7.6m0.24%	0.24%	Added +333	+333 1.7%
51	BUNGE GLOBAL SA COM SHS BG	BG	73,727	$7.4m0.24%	0.24%	New
52	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	10,000,000	$7.4m0.24%	0.24%	Added +8.0m	+8,000,000 400.0%
53	AGCO CORP COM AGCO	AGCO	59,728	$7.3m0.23%	0.23%	Unchanged
54	NUCOR CORP COM NUE	NUE	40,218	$7.0m0.22%	0.22%	Reduced -468	-468 -1.1%
55	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	295,300	$6.6m0.21%	0.21%	Added +6.0k	+6,000 2.1%
56	ARCHER DANIELS MIDLAND CO COM ADM	ADM	90,132	$6.5m0.21%	0.21%	Unchanged
57	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,850,828	$6.5m0.21%	0.21%	Unchanged
58	LI AUTO INC SPONSORED ADS LI	LI	167,386	$6.3m0.20%	0.20%	Unchanged
59	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	$6.2m0.20%	0.20%	Unchanged
60	VALERO ENERGY CORP COM VLO	VLO	47,451	$6.2m0.20%	0.20%	Reduced -516	-516 -1.1%
61	ISHARES INC MSCI HONG KG ETF EWH	EWH	349,598	$6.1m0.19%	0.19%	Added +24.4k	+24,401 7.5%
62	SOUTHERN COPPER CORP COM SCCO	SCCO	63,563	$5.5m0.17%	0.17%	Unchanged
63	AMAZON COM INC COM AMZN	AMZN	35,930	$5.5m0.17%	0.17%	Reduced -1.8k	-1,767 -4.7%
64	DOW INC COM DOW	DOW	98,560	$5.4m0.17%	0.17%	Unchanged
65	FABRINET SHS FN	FN	27,642	$5.3m0.17%	0.17%	Unchanged
66	COMPANHIA DE SANEAMENTO BASI SPONSORED ADR SBS	SBS	341,293	$5.2m0.17%	0.17%	Unchanged
67	TRACTOR SUPPLY CO COM TSCO	TSCO	23,808	$5.1m0.16%	0.16%	Reduced -3.5k	-3,498 -12.8%
68	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	439,638	$5.1m0.16%	0.16%	Unchanged
69	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	53,262	$5.1m0.16%	0.16%	Reduced -260	-260 -0.5%
70	ISHARES TR CORE MSCI EURO IEUR	IEUR	91,496	$5.0m0.16%	0.16%	Added +9.2k	+9,250 11.2%
71	BANCOLOMBIA S A SPON ADR PREF CIB	CIB	155,940	$4.8m0.15%	0.15%	Added +48.2k	+48,185 44.7%
72	BILL HOLDINGS INC NOTE 12/0 · principal BILL 0 12.01.25 · principal	BILL 0 12.01.25	5,000,000	$4.7m0.15%	0.15%	New
73	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	217,890	$4.6m0.15%	0.15%	Reduced -1.4k	-1,444 -0.7%
74	ITRON INC NOTE 3/1 · principal ITRI 0 03.15.26 · principal	ITRI 0 03.15.26	5,000,000	$4.6m0.15%	0.15%	Added +2.0m	+2,000,000 66.7%
75	ALPHABET INC CAP STK CL A GOOGL	GOOGL	32,786	$4.6m0.15%	0.15%	Added +507	+507 1.6%
76	HESS CORP COM HES	HES	31,055	$4.5m0.14%	0.14%	Reduced -32.0k	-31,966 -50.7%
77	SENDAS DISTRIBUIDORA S A SPON ADS ASAIY	ASAIY	312,759	$4.3m0.14%	0.14%	Added +46.8k	+46,818 17.6%
78	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	227,538	$4.3m0.14%	0.14%	Unchanged
79	UNITEDHEALTH GROUP INC COM UNH	UNH	7,769	$4.1m0.13%	0.13%	Reduced -55	-55 -0.7%
80	PILGRIMS PRIDE CORP COM PPC	PPC	146,876	$4.1m0.13%	0.13%	New
81	BARINGS CORPORATE INVS COM COM		219,664	$4.0m0.13%	0.13%	Unchanged
82	CNH INDL N V SHS CNH	CNH	327,440	$4.0m0.13%	0.13%	Added +74.5k	+74,538 29.5%
83	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	76,800	$3.9m0.13%	0.13%	Unchanged
84	ISHARES TR MSCI ACWI ETF ACWI	ACWI	35,199	$3.6m0.11%	0.11%	Added +4.9k	+4,922 16.3%
85	PETROLEO BRASILEIRO SA PETRO SPONSORED ADR PBR	PBR	214,013	$3.4m0.11%	0.11%	Unchanged
86	VANGUARD WORLD FD INF TECH ETF VGT	VGT	6,917	$3.3m0.11%	0.11%	Unchanged
87	NVIDIA CORPORATION COM NVDA	NVDA	6,259	$3.1m0.10%	0.10%	Added +904	+904 16.9%
88	AON PLC SHS CL A AON	AON	10,251	$3.0m0.10%	0.10%	Reduced -1.0k	-1,035 -9.2%
89	AMBEV SA SPONSORED ADR ABEV	ABEV	1,006,832	$2.8m0.09%	0.09%	Unchanged
90	OMNICELL COM NOTE 0.250% 9/1 · principal OMCL 0.25 09.15.25 · principal	OMCL 0.25 09.15.25	3,000,000	$2.8m0.09%	0.09%	Unchanged
91	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	35,256	$2.7m0.09%	0.09%	Reduced -8.9k	-8,930 -20.2%
92	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	304,293	$2.6m0.08%	0.08%	New
93	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	163,313	$2.6m0.08%	0.08%	Unchanged
94	APPLE INC COM AAPL	AAPL	13,194	$2.5m0.08%	0.08%	Added +805	+805 6.5%
95	SALESFORCE INC COM CRM	CRM	8,667	$2.3m0.07%	0.07%	Added +227	+227 2.7%
96	BARINGS PARTN INVS TRUST COM COM		143,404	$2.2m0.07%	0.07%	Unchanged
97	MCDONALDS CORP COM MCD	MCD	7,480	$2.2m0.07%	0.07%	Reduced -973	-973 -11.5%
98	VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS VIST	VIST	67,764	$2.0m0.06%	0.06%	Reduced -20.3k	-20,263 -23.0%
99	PAYLOCITY HLDG CORP COM PCTY	PCTY	10,649	$1.8m0.06%	0.06%	Added +1.4k	+1,413 15.3%
100	TJX COS INC NEW COM TJX	TJX	17,227	$1.6m0.05%	0.05%	Reduced -2.9k	-2,914 -14.5%

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
ISHARES TR SHV	SHV	387,587	$42.8m387.6k shares
FIRST TR EXCHANGE-TRADED FD GRID	GRID	311,246	$29.2m311.2k shares
BUNGE LIMITED BG	BG	100,610	$10.9m100.6k shares
INVESCO EXCHANGE TRADED FD T SPGP	SPGP	98,363	$9.0m98.4k shares
ISHARES TR IXC	IXC	189,971	$7.8m190.0k shares
GARRETT MOTION INC GTX	GTX	881,522	$6.9m881.5k shares
ALBEMARLE CORP ALB	ALB	27,763	$4.7m27.8k shares
FMC CORP FMC	FMC	44,074	$3.0m44.1k shares
ISHARES TR IEV	IEV	55,464	$2.6m55.5k shares
GLOBANT S A GLOB	GLOB	11,806	$2.3m11.8k shares
2U INC TWOU 2.25 05.01.25	TWOU 2.25 05.01.25	3,000,000	$1.8m3.0m shares
WILLSCOT HLDGS CORP WSC	WSC	14,582	$606.5k14.6k shares
JPMORGAN CHASE & CO JPM	JPM	1,790	$259.6k1.8k shares
CISCO SYS INC CSCO	CSCO	4,514	$242.7k4.5k shares
COMCAST CORP NEW CMCSA	CMCSA	5,209	$231.0k5.2k shares
JOHNSON & JOHNSON JNJ	JNJ	1,335	$207.9k1.3k shares
LAM RESEARCH CORP		328	$205.6k328 shares
APPLIED MATLS INC AMAT	AMAT	1,481	$205.0k1.5k 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