BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2024-05-08

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)

$4.0bn reported value +27.0% vs Q4 2023

159positions

72.5%in top 10

23 new 28 added 60 reduced 9 sold out vs Q4 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, Q1 2024

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	1,725,186	$907.0m22.76%	22.76%	Reduced -2.2k	-2,220 -0.1%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	920,045	$408.5m10.25%	10.25%	Reduced -19.6k	-19,600 -2.1%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,471,650	$398.5m10.00%	10.00%	Reduced -33.6k	-33,600 -2.2%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$394.9m9.91%	9.91%	Added +5.1m	+5,073,271 14389.8%
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,916,827	$354.7m8.90%	8.90%	Added +6.8m	+6,840,027 8906.3%
6	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$126.8m3.18%	3.18%	Unchanged
7	CRH PLC ORD CRH	CRH	921,860	$79.5m2.00%	2.00%	Reduced -90.6k	-90,575 -8.9%
8	ISHARES TR CORE US AGGBD ET AGG	AGG	795,430	$77.9m1.95%	1.95%	Reduced -116.1k	-116,107 -12.7%
9	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	137,809	$72.1m1.81%	1.81%	Reduced -20.1k	-20,124 -12.7%
10	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	604,304	$70.3m1.76%	1.76%	Reduced -99.8k	-99,826 -14.2%
11	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	327,813	$53.9m1.35%	1.35%	Reduced -40.3k	-40,251 -10.9%
12	SUNCOR ENERGY INC NEW COM SU	SU	1,254,515	$46.3m1.16%	1.16%	Unchanged
13	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	884,000	$45.1m1.13%	1.13%	Unchanged
14	ISHARES TR 7-10 YR TRSY BD IEF	IEF	451,067	$42.7m1.07%	1.07%	Unchanged
15	ISHARES INC MSCI WORLD ETF URTH	URTH	269,653	$39.1m0.98%	0.98%	Reduced -8.6k	-8,613 -3.1%
16	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	10,314,905	$36.5m0.92%	0.92%	New
17	LINDE PLC SHS LIN	LIN	67,060	$31.1m0.78%	0.78%	Reduced -611	-611 -0.9%
18	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	673,412	$30.0m0.75%	0.75%	Unchanged
19	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	333,147	$28.9m0.73%	0.73%	Added +87.0k	+86,966 35.3%
20	NUTRIEN LTD COM NTR	NTR	508,392	$27.6m0.69%	0.69%	Reduced -25.3k	-25,296 -4.7%
21	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	344,768	$24.6m0.62%	0.62%	New
22	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	1,047,966	$24.1m0.60%	0.60%	Added +484.5k	+484,452 86.0%
23	EXXON MOBIL CORP COM XOM	XOM	183,464	$21.3m0.54%	0.54%	Reduced -29.3k	-29,264 -13.8%
24	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	58,371	$20.1m0.50%	0.50%	New
25	CORTEVA INC COM CTVA	CTVA	311,693	$18.0m0.45%	0.45%	Reduced -45.4k	-45,390 -12.7%
26	SEA LTD SPONSORD ADS SE	SE	327,295	$17.6m0.44%	0.44%	Reduced -23.5k	-23,535 -6.7%
27	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	156,696	$17.3m0.43%	0.43%	Reduced -183.0k	-183,035 -53.9%
28	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	188,768	$17.0m0.43%	0.43%	Added +90.2k	+90,167 91.5%
29	YUM CHINA HLDGS INC COM YUMC	YUMC	425,831	$16.9m0.43%	0.43%	Reduced -117.2k	-117,182 -21.6%
30	CONOCOPHILLIPS COM COP	COP	130,986	$16.7m0.42%	0.42%	Unchanged
31	ISHARES TR IBOXX INV CP ETF LQD	LQD	147,446	$16.1m0.40%	0.40%	Reduced -598.0k	-598,000 -80.2%
32	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	370,000	$15.6m0.39%	0.39%	New
33	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	$14.9m0.37%	0.37%	Unchanged
34	CHEVRON CORP NEW COM CVX	CVX	80,117	$12.6m0.32%	0.32%	Reduced -19.9k	-19,874 -19.9%
35	CF INDS HLDGS INC COM CF	CF	150,551	$12.5m0.31%	0.31%	Reduced -31.0k	-31,029 -17.1%
36	ISHARES INC MSCI EURZONE ETF EZU	EZU	228,751	$11.7m0.29%	0.29%	Added +126	+126 0.1%
37	VALERO ENERGY CORP COM VLO	VLO	65,833	$11.2m0.28%	0.28%	Added +18.4k	+18,382 38.7%
38	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	633,195	$11.0m0.28%	0.28%	Unchanged
39	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	82,336	$10.7m0.27%	0.27%	Unchanged
40	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	224,692	$10.6m0.27%	0.27%	Reduced -78.4k	-78,415 -25.9%
41	SHERWIN WILLIAMS CO COM SHW	SHW	30,328	$10.5m0.26%	0.26%	Added +130	+130 0.4%
42	EOG RES INC COM EOG	EOG	81,368	$10.4m0.26%	0.26%	Unchanged
43	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	129,421	$10.1m0.25%	0.25%	Reduced -73.3k	-73,334 -36.2%
44	SPDR SER TR BBG CONV SEC ETF CWB	CWB	136,798	$10.0m0.25%	0.25%	Unchanged
45	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$9.5m0.24%	0.24%	Unchanged
46	ISHARES TR ISHARES SEMICDTR SOXX	SOXX	40,146	$9.1m0.23%	0.23%	New
47	MICROSOFT CORP COM MSFT	MSFT	19,792	$8.3m0.21%	0.21%	Reduced -334	-334 -1.7%
48	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	993,886	$8.3m0.21%	0.21%	Added +689.6k	+689,593 226.6%
49	ISHARES TR CUR HD EURZN ETF HEZU	HEZU	219,705	$8.1m0.20%	0.20%	Reduced -38.0k	-37,983 -14.7%
50	DEERE & CO COM DE	DE	19,538	$8.0m0.20%	0.20%	Unchanged
51	LAMB WESTON HLDGS INC COM LW	LW	74,967	$8.0m0.20%	0.20%	Reduced -6.4k	-6,402 -7.9%
52	NUCOR CORP COM NUE	NUE	40,218	$8.0m0.20%	0.20%	Unchanged
53	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	$7.8m0.20%	0.20%	Unchanged
54	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	60,155	$7.7m0.19%	0.19%	New
55	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	469,918	$7.0m0.18%	0.18%	Reduced -178.4k	-178,383 -27.5%
56	DOW INC COM DOW	DOW	120,662	$7.0m0.18%	0.18%	Added +22.1k	+22,102 22.4%
57	VALE S A SPONSORED ADS VALE	VALE	567,687	$6.9m0.17%	0.17%	Unchanged
58	SOUTHERN COPPER CORP COM SCCO	SCCO	63,563	$6.8m0.17%	0.17%	Unchanged
59	ISHARES INC MSCI HONG KG ETF EWH	EWH	434,777	$6.8m0.17%	0.17%	Added +85.2k	+85,179 24.4%
60	BUNGE GLOBAL SA COM SHS BG	BG	64,874	$6.7m0.17%	0.17%	Reduced -8.9k	-8,853 -12.0%
61	AGCO CORP COM AGCO	AGCO	52,770	$6.5m0.16%	0.16%	Reduced -7.0k	-6,958 -11.7%
62	AMAZON COM INC COM AMZN	AMZN	35,526	$6.4m0.16%	0.16%	Reduced -404	-404 -1.1%
63	TAL EDUCATION GROUP SPONSORED ADS TAL	TAL	553,053	$6.3m0.16%	0.16%	New
64	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	268,300	$6.1m0.15%	0.15%	Reduced -27.0k	-27,000 -9.1%
65	SENDAS DISTRIBUIDORA S A SPON ADS ASAIY	ASAIY	403,015	$6.0m0.15%	0.15%	Added +90.3k	+90,256 28.9%
66	ECOLAB INC COM ECL	ECL	25,483	$5.9m0.15%	0.15%	New
67	ISHARES TR MSCI ACWI ETF ACWI	ACWI	49,530	$5.5m0.14%	0.14%	Added +14.3k	+14,331 40.7%
68	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	53,262	$5.4m0.14%	0.14%	Unchanged
69	ISHARES TR CORE MSCI EURO IEUR	IEUR	93,976	$5.4m0.14%	0.14%	Added +2.5k	+2,480 2.7%
70	LI AUTO INC SPONSORED ADS LI	LI	177,533	$5.4m0.13%	0.13%	Added +10.1k	+10,147 6.1%
71	ARCHER DANIELS MIDLAND CO COM ADM	ADM	84,596	$5.3m0.13%	0.13%	Reduced -5.5k	-5,536 -6.1%
72	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,850,828	$5.3m0.13%	0.13%	Unchanged
73	FABRINET SHS FN	FN	27,642	$5.2m0.13%	0.13%	Unchanged
74	TRACTOR SUPPLY CO COM TSCO	TSCO	19,834	$5.2m0.13%	0.13%	Reduced -4.0k	-3,974 -16.7%
75	ITRON INC NOTE 3/1 · principal ITRI 0 03.15.26 · principal	ITRI 0 03.15.26	5,000,000	$5.0m0.13%	0.13%	Unchanged
76	NVIDIA CORPORATION COM NVDA	NVDA	5,523	$5.0m0.13%	0.13%	Reduced -736	-736 -11.8%
77	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	222,466	$4.9m0.12%	0.12%	Reduced -5.1k	-5,072 -2.2%
78	ALPHABET INC CAP STK CL A GOOGL	GOOGL	32,646	$4.9m0.12%	0.12%	Reduced -140	-140 -0.4%
79	ISHARES TR EUROPE ETF IEV	IEV	88,371	$4.9m0.12%	0.12%	New
80	BEIGENE LTD SPONSORED ADR ONC	ONC	31,100	$4.9m0.12%	0.12%	Reduced -29.3k	-29,279 -48.5%
81	COMPANHIA DE SANEAMENTO BASI SPONSORED ADR SBS	SBS	279,945	$4.7m0.12%	0.12%	Reduced -61.3k	-61,348 -18.0%
82	BILL HOLDINGS INC NOTE 12/0 · principal BILL 0 12.01.25 · principal	BILL 0 12.01.25	5,000,000	$4.7m0.12%	0.12%	Unchanged
83	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	439,638	$4.6m0.12%	0.12%	Unchanged
84	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	217,890	$4.6m0.11%	0.11%	Unchanged
85	PILGRIMS PRIDE CORP COM PPC	PPC	129,291	$4.4m0.11%	0.11%	Reduced -17.6k	-17,585 -12.0%
86	MOSAIC CO NEW COM MOS	MOS	127,861	$4.2m0.10%	0.10%	Reduced -86.3k	-86,297 -40.3%
87	DISH NETWORK CORPORATION NOTE 3.375% 8/1 · principal DISH 3.375 08.15.26 · principal	DISH 3.375 08.15.26	6,439,000	$4.1m0.10%	0.10%	Reduced -5.1m	-5,078,000 -44.1%
88	DARLING INGREDIENTS INC COM DAR	DAR	84,259	$3.9m0.10%	0.10%	Reduced -90.0k	-90,019 -51.6%
89	BARINGS CORPORATE INVS COM COM		219,664	$3.8m0.09%	0.09%	Unchanged
90	VANGUARD WORLD FD INF TECH ETF VGT	VGT	6,917	$3.6m0.09%	0.09%	Unchanged
91	AON PLC SHS CL A AON	AON	10,838	$3.6m0.09%	0.09%	Added +587	+587 5.7%
92	UNITEDHEALTH GROUP INC COM UNH	UNH	7,031	$3.5m0.09%	0.09%	Reduced -738	-738 -9.5%
93	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	3,405,000	$2.9m0.07%	0.07%	New
94	CREDICORP LTD COM BAP	BAP	16,675	$2.8m0.07%	0.07%	Added +7.5k	+7,482 81.4%
95	OMNICELL COM NOTE 0.250% 9/1 · principal OMCL 0.25 09.15.25 · principal	OMCL 0.25 09.15.25	3,000,000	$2.8m0.07%	0.07%	Unchanged
96	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	56,153	$2.8m0.07%	0.07%	Added +41.8k	+41,834 292.2%
97	WEYERHAEUSER CO MTN BE COM NEW WY	WY	74,288	$2.7m0.07%	0.07%	New
98	SALESFORCE INC COM CRM	CRM	8,800	$2.7m0.07%	0.07%	Added +133	+133 1.5%
99	AMBEV SA SPONSORED ADR ABEV	ABEV	1,006,832	$2.5m0.06%	0.06%	Unchanged
100	BANCOLOMBIA S A SPON ADR PREF CIB	CIB	69,754	$2.4m0.06%	0.06%	Reduced -86.2k	-86,186 -55.3%

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
H WORLD GROUP LTD HTHT	HTHT	368,836	$12.3m368.8k shares
HESS CORP HES	HES	31,055	$4.5m31.1k shares
VISTA ENERGY S.A.B. DE C.V. VIST	VIST	67,764	$2.0m67.8k shares
NATIONAL CINEMEDIA INC NCMI	NCMI	287,749	$1.2m287.7k shares
ISHARES TR HDV	HDV	9,590	$978.1k9.6k shares
ELI LILLY & CO LLY	LLY	561	$327.0k561 shares
ADOBE INC ADBE	ADBE	448	$267.3k448 shares
TEXAS INSTRS INC TXN	TXN	1,201	$204.7k1.2k shares
INTEL CORP INTC	INTC	4,061	$204.1k4.1k 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