BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2024-11-06

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)

$4.1bn reported value +3.2% vs Q1 2024

154positions

73.2%in top 10

19 new 26 added 60 reduced 24 sold out vs Q1 2024

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, Q2 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	1,823,862	$1.0bn24.35%	24.35%	Added +98.7k	+98,676 5.7%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	885,591	$426.5m10.37%	10.37%	Reduced -34.5k	-34,454 -3.7%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,549,450	$407.5m9.90%	9.90%	Added +77.8k	+77,800 5.3%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$394.8m9.59%	9.59%	Unchanged
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,866,827	$351.9m8.55%	8.55%	Reduced -50.0k	-50,000 -0.7%
6	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$132.7m3.23%	3.23%	Unchanged
7	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	689,810	$91.7m2.23%	2.23%	Added +85.5k	+85,506 14.2%
8	CRH PLC ORD CRH	CRH	963,165	$72.2m1.76%	1.76%	Added +41.3k	+41,305 4.5%
9	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	123,376	$67.1m1.63%	1.63%	Reduced -14.4k	-14,433 -10.5%
10	ISHARES TR CORE US AGGBD ET AGG	AGG	681,434	$66.1m1.61%	1.61%	Reduced -114.0k	-113,996 -14.3%
11	WHEATON PRECIOUS METALS CORP COM WPM	WPM	1,247,258	$65.4m1.59%	1.59%	New
12	SUNCOR ENERGY INC NEW COM SU	SU	1,523,300	$58.0m1.41%	1.41%	Added +268.8k	+268,785 21.4%
13	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	327,813	$56.0m1.36%	1.36%	Unchanged
14	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	870,000	$44.4m1.08%	1.08%	Reduced -14.0k	-14,000 -1.6%
15	ISHARES INC MSCI WORLD ETF URTH	URTH	293,582	$43.3m1.05%	1.05%	Added +23.9k	+23,929 8.9%
16	ISHARES TR 7-10 YR TRSY BD IEF	IEF	451,067	$42.2m1.03%	1.03%	Unchanged
17	SSGA ACTIVE ETF TR BLACKSTONE SENR SRLN	SRLN	934,246	$39.1m0.95%	0.95%	Added +564.2k	+564,246 152.5%
18	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	673,412	$29.8m0.73%	0.73%	Unchanged
19	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	1,101,183	$27.8m0.68%	0.68%	Added +878.7k	+878,717 395.0%
20	NUTRIEN LTD COM NTR	NTR	509,273	$25.9m0.63%	0.63%	Added +881	+881 0.2%
21	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	333,147	$25.9m0.63%	0.63%	Unchanged
22	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	1,101,278	$25.0m0.61%	0.61%	Added +53.3k	+53,312 5.1%
23	LINDE PLC SHS LIN	LIN	56,976	$25.0m0.61%	0.61%	Reduced -10.1k	-10,084 -15.0%
24	SEA LTD SPONSORD ADS SE	SE	313,820	$22.4m0.54%	0.54%	Reduced -13.5k	-13,475 -4.1%
25	EXXON MOBIL CORP COM XOM	XOM	183,464	$21.1m0.51%	0.51%	Unchanged
26	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	303,883	$20.7m0.50%	0.50%	Reduced -40.9k	-40,885 -11.9%
27	ISHARES INC MSCI EURZONE ETF EZU	EZU	334,170	$16.3m0.40%	0.40%	Added +105.4k	+105,419 46.1%
28	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	17,280,000	$15.9m0.39%	0.39%	Added +13.9m	+13,875,000 407.5%
29	ISHARES TR IBOXX INV CP ETF LQD	LQD	135,627	$14.5m0.35%	0.35%	Reduced -11.8k	-11,819 -8.0%
30	CORTEVA INC COM CTVA	CTVA	264,570	$14.3m0.35%	0.35%	Reduced -47.1k	-47,123 -15.1%
31	YUM CHINA HLDGS INC COM YUMC	YUMC	408,048	$12.6m0.31%	0.31%	Reduced -17.8k	-17,783 -4.2%
32	CHEVRON CORP NEW COM CVX	CVX	80,449	$12.6m0.31%	0.31%	Added +332	+332 0.4%
33	QIAGEN NV SHS NEW SHS NEW		301,714	$12.5m0.30%	0.30%	New
34	CONOCOPHILLIPS COM COP	COP	102,520	$11.7m0.28%	0.28%	Reduced -28.5k	-28,466 -21.7%
35	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	633,195	$11.0m0.27%	0.27%	Unchanged
36	ENBRIDGE INC COM ENB	ENB	304,431	$10.8m0.26%	0.26%	New
37	VALERO ENERGY CORP COM VLO	VLO	65,833	$10.3m0.25%	0.25%	Unchanged
38	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	216,409	$10.1m0.25%	0.25%	Reduced -8.3k	-8,283 -3.7%
39	EOG RES INC COM EOG	EOG	80,079	$10.1m0.24%	0.24%	Reduced -1.3k	-1,289 -1.6%
40	ISHARES TR ISHARES SEMICDTR SOXX	SOXX	40,146	$9.9m0.24%	0.24%	Unchanged
41	ISHARES TR CUR HD EURZN ETF HEZU	HEZU	272,761	$9.9m0.24%	0.24%	Added +53.1k	+53,056 24.1%
42	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	129,421	$9.8m0.24%	0.24%	Unchanged
43	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	86,893	$9.4m0.23%	0.23%	Added +4.6k	+4,557 5.5%
44	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	437,816	$9.1m0.22%	0.22%	Added +219.9k	+219,926 100.9%
45	CONTANGO ORE INC COM CTGO	CTGO	476,190	$8.6m0.21%	0.21%	New
46	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	64,409	$8.3m0.20%	0.20%	Added +4.3k	+4,254 7.1%
47	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$8.0m0.20%	0.20%	Unchanged
48	VANGUARD INDEX FDS VALUE ETF VTV	VTV	49,947	$8.0m0.19%	0.19%	New
49	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	$7.9m0.19%	0.19%	Unchanged
50	ISHARES TR CORE MSCI EURO IEUR	IEUR	131,455	$7.5m0.18%	0.18%	Added +37.5k	+37,479 39.9%
51	BEIGENE LTD SPONSORED ADR ONC	ONC	51,763	$7.4m0.18%	0.18%	Added +20.7k	+20,663 66.4%
52	ISHARES INC MSCI HONG KG ETF EWH	EWH	479,046	$7.3m0.18%	0.18%	Added +44.3k	+44,269 10.2%
53	AGNICO EAGLE MINES LTD COM AEM	AEM	107,839	$7.1m0.17%	0.17%	New
54	BUNGE GLOBAL SA COM SHS BG	BG	64,874	$6.9m0.17%	0.17%	Unchanged
55	DEERE & CO COM DE	DE	18,249	$6.8m0.17%	0.17%	Reduced -1.3k	-1,289 -6.6%
56	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	469,918	$6.4m0.16%	0.16%	Unchanged
57	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	993,886	$6.4m0.16%	0.16%	Unchanged
58	NUCOR CORP COM NUE	NUE	40,218	$6.4m0.15%	0.15%	Unchanged
59	VALE S A SPONSORED ADS VALE	VALE	567,687	$6.3m0.15%	0.15%	Unchanged
60	LAMB WESTON HLDGS INC COM LW	LW	74,967	$6.3m0.15%	0.15%	Unchanged
61	ECOLAB INC COM ECL	ECL	25,063	$6.0m0.14%	0.14%	Reduced -420	-420 -1.6%
62	SOUTHERN COPPER CORP COM SCCO	SCCO	55,143	$5.9m0.14%	0.14%	Reduced -8.4k	-8,420 -13.2%
63	AMAZON COM INC COM AMZN	AMZN	30,110	$5.8m0.14%	0.14%	Reduced -5.4k	-5,416 -15.2%
64	SHERWIN WILLIAMS CO COM SHW	SHW	19,271	$5.8m0.14%	0.14%	Reduced -11.1k	-11,057 -36.5%
65	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	252,900	$5.7m0.14%	0.14%	Reduced -15.4k	-15,400 -5.7%
66	FABRINET SHS FN	FN	22,933	$5.6m0.14%	0.14%	Reduced -4.7k	-4,709 -17.0%
67	MICROSOFT CORP COM MSFT	MSFT	11,859	$5.3m0.13%	0.13%	Reduced -7.9k	-7,933 -40.1%
68	DOW INC COM DOW	DOW	97,200	$5.2m0.13%	0.13%	Reduced -23.5k	-23,462 -19.4%
69	ITRON INC NOTE 3/1 · principal ITRI 0 03.15.26 · principal	ITRI 0 03.15.26	5,000,000	$5.0m0.12%	0.12%	Unchanged
70	PILGRIMS PRIDE CORP COM PPC	PPC	129,291	$5.0m0.12%	0.12%	Unchanged
71	MONEYLION INC CL A CL A		67,620	$5.0m0.12%	0.12%	New
72	NVIDIA CORPORATION COM NVDA	NVDA	40,240	$5.0m0.12%	0.12%	Reduced -15.0k	-14,990 -27.1%
73	ALPHABET INC CAP STK CL A GOOGL	GOOGL	26,408	$4.8m0.12%	0.12%	Reduced -6.2k	-6,238 -19.1%
74	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	439,638	$4.7m0.12%	0.12%	Unchanged
75	ARCHER DANIELS MIDLAND CO COM ADM	ADM	76,959	$4.7m0.11%	0.11%	Reduced -7.6k	-7,637 -9.0%
76	BILL HOLDINGS INC NOTE 12/0 · principal BILL 0 12.01.25 · principal	BILL 0 12.01.25	5,000,000	$4.6m0.11%	0.11%	Unchanged
77	BARINGS PARTN INVS SH BEN INT MPV	MPV	265,512	$4.4m0.11%	0.11%	Added +179.4k	+179,384 208.3%
78	ISHARES TR MSCI ACWI ETF ACWI	ACWI	37,085	$4.2m0.10%	0.10%	Reduced -12.4k	-12,445 -25.1%
79	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,850,828	$4.1m0.10%	0.10%	Unchanged
80	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$4.1m0.10%	0.10%	New
81	CF INDS HLDGS INC COM CF	CF	54,726	$4.1m0.10%	0.10%	Reduced -95.8k	-95,825 -63.6%
82	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	$4.0m0.10%	0.10%	Unchanged
83	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	41,602	$4.0m0.10%	0.10%	Reduced -11.7k	-11,660 -21.9%
84	SENDAS DISTRIBUIDORA S A SPON ADS ASAIY	ASAIY	403,015	$3.7m0.09%	0.09%	Unchanged
85	VEREN INC COM NEW VRN	VRN	300,807	$3.4m0.08%	0.08%	New
86	TRACTOR SUPPLY CO COM TSCO	TSCO	11,944	$3.2m0.08%	0.08%	Reduced -7.9k	-7,890 -39.8%
87	LI AUTO INC SPONSORED ADS LI	LI	177,533	$3.2m0.08%	0.08%	Unchanged
88	UNITEDHEALTH GROUP INC COM UNH	UNH	6,006	$3.1m0.07%	0.07%	Reduced -1.0k	-1,025 -14.6%
89	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	26,069	$2.9m0.07%	0.07%	Reduced -130.6k	-130,627 -83.4%
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	$2.8m0.07%	0.07%	Unchanged
91	DARLING INGREDIENTS INC COM DAR	DAR	75,614	$2.8m0.07%	0.07%	Reduced -8.6k	-8,645 -10.3%
92	ISHARES TR EUROPE ETF IEV	IEV	49,433	$2.7m0.07%	0.07%	Reduced -38.9k	-38,938 -44.1%
93	CREDICORP LTD COM BAP	BAP	16,675	$2.7m0.07%	0.07%	Unchanged
94	AGCO CORP COM AGCO	AGCO	26,837	$2.6m0.06%	0.06%	Reduced -25.9k	-25,933 -49.1%
95	MOSAIC CO NEW COM MOS	MOS	88,300	$2.6m0.06%	0.06%	Reduced -39.6k	-39,561 -30.9%
96	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	56,153	$2.3m0.06%	0.06%	Unchanged
97	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	132,073	$2.3m0.05%	0.05%	Unchanged
98	XOMETRY INC NOTE 1.000% 2/0 · principal XMTR 1 02.01.27 · principal	XMTR 1 02.01.27	3,000,000	$2.2m0.05%	0.05%	New
99	APPLE INC COM AAPL	AAPL	10,568	$2.2m0.05%	0.05%	Reduced -1.4k	-1,435 -12.0%
100	VANGUARD WORLD FD INF TECH ETF VGT	VGT	3,829	$2.2m0.05%	0.05%	Reduced -3.1k	-3,088 -44.6%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
CORE SCIENTIFIC INC NEW CORZ	CORZ	10,314,905	$36.5m10.3m shares
VANECK ETF TRUST MOAT	MOAT	188,768	$17.0m188.8k shares
MFA FINL INC MFA 6.25 06.15.24	MFA 6.25 06.15.24	15,000,000	$14.9m15.0m shares
SPDR SER TR CWB	CWB	136,798	$10.0m136.8k shares
TAL EDUCATION GROUP TAL	TAL	553,053	$6.3m553.1k shares
COMPANHIA DE SANEAMENTO BASI SBS	SBS	279,945	$4.7m279.9k shares
BARINGS CORPORATE INVS		219,664	$3.8m219.7k shares
BARINGS PARTN INVS TRUST		143,404	$2.3m143.4k shares
MASTERCARD INCORPORATED MA	MA	3,215	$1.5m3.2k shares
ISHARES TR IVW	IVW	10,483	$885.2k10.5k shares
MONOLITHIC PWR SYS INC MPWR	MPWR	1,119	$758.0k1.1k shares
AMCOR PLC AMCR	AMCR	65,860	$626.3k65.9k shares
STRYKER CORPORATION SYK	SYK	1,666	$596.2k1.7k shares
MICRON TECHNOLOGY INC MU	MU	4,575	$539.3k4.6k shares
BECTON DICKINSON & CO BDX	BDX	2,176	$538.5k2.2k shares
ZOETIS INC ZTS	ZTS	2,487	$420.8k2.5k shares
SYNOPSYS INC SNPS	SNPS	581	$332.0k581 shares
SERVICENOW INC NOW	NOW	403	$307.2k403 shares
AUTODESK INC ADSK	ADSK	1,112	$289.6k1.1k shares
NEXTERA ENERGY INC NEE	NEE	3,636	$232.4k3.6k shares
LAM RESEARCH CORP		236	$229.3k236 shares
JOHNSON & JOHNSON JNJ	JNJ	1,370	$216.7k1.4k shares
CORE SCIENTIFIC INC NEW CORZZ	CORZZ	41,585	$100.2k41.6k shares
CORE SCIENTIFIC INC NEW CORZW	CORZW	49,902	$64.9k49.9k 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