BARINGS LLC

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

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)

$4.3bn reported value +4.1% vs Q2 2024

160positions

73.3%in top 10

22 new 38 added 48 reduced 16 sold out vs Q2 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

Also in the report of:

Russell Investments Group, Ltd. – $3.5m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q3 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	1,859,065	$1.1bn24.91%	24.91%	Added +35.2k	+35,203 1.9%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	887,807	$432.1m10.09%	10.09%	Added +2.2k	+2,216 0.2%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,492,250	$422.9m9.87%	9.87%	Reduced -57.2k	-57,200 -3.7%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$405.7m9.47%	9.47%	Unchanged
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$360.2m8.41%	8.41%	Reduced -26.8k	-26,800 -0.4%
6	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$133.7m3.12%	3.12%	Unchanged
7	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	717,945	$96.8m2.26%	2.26%	Added +28.1k	+28,135 4.1%
8	CRH PLC ORD CRH	CRH	894,747	$83.0m1.94%	1.94%	Reduced -68.4k	-68,418 -7.1%
9	WHEATON PRECIOUS METALS CORP COM WPM	WPM	1,263,950	$77.2m1.80%	1.80%	Added +16.7k	+16,692 1.3%
10	ISHARES TR 7-10 YR TRSY BD IEF	IEF	616,692	$60.5m1.41%	1.41%	Added +165.6k	+165,625 36.7%
11	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	461,407	$59.2m1.38%	1.38%	New
12	SUNCOR ENERGY INC NEW COM SU	SU	1,380,870	$51.0m1.19%	1.19%	Reduced -142.4k	-142,430 -9.3%
13	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	870,000	$44.4m1.04%	1.04%	Unchanged
14	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	77,641	$41.0m0.96%	0.96%	New
15	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	1,615,502	$38.4m0.90%	0.90%	Added +514.2k	+514,224 46.7%
16	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	59,418	$34.1m0.80%	0.80%	Reduced -64.0k	-63,958 -51.8%
17	ISHARES INC MSCI WORLD ETF URTH	URTH	197,341	$31.0m0.72%	0.72%	Reduced -96.2k	-96,241 -32.8%
18	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	394,216	$29.9m0.70%	0.70%	Added +61.1k	+61,069 18.3%
19	SEA LTD SPONSORD ADS SE	SE	313,189	$29.5m0.69%	0.69%	Reduced -631	-631 -0.2%
20	KE HLDGS INC SPONSORED ADS BEKE	BEKE	1,482,865	$29.5m0.69%	0.69%	New
21	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	1,023,735	$27.2m0.64%	0.64%	Reduced -77.4k	-77,448 -7.0%
22	LINDE PLC SHS LIN	LIN	56,826	$27.1m0.63%	0.63%	Reduced -150	-150 -0.3%
23	ISHARES TR CORE US AGGBD ET AGG	AGG	262,938	$26.6m0.62%	0.62%	Reduced -418.5k	-418,496 -61.4%
24	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	452,417	$22.9m0.53%	0.53%	New
25	HDFC BANK LTD SPONSORED ADS HDB	HDB	353,874	$22.1m0.52%	0.52%	Added +349.1k	+349,127 7354.7%
26	EXXON MOBIL CORP COM XOM	XOM	184,423	$21.6m0.50%	0.50%	Added +959	+959 0.5%
27	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	430,243	$19.8m0.46%	0.46%	Reduced -243.2k	-243,169 -36.1%
28	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	16,680,000	$18.6m0.43%	0.43%	Reduced -600.0k	-600,000 -3.5%
29	YUM CHINA HLDGS INC COM YUMC	YUMC	408,048	$18.4m0.43%	0.43%	Unchanged
30	BEIGENE LTD SPONSORED ADR ONC	ONC	67,998	$15.3m0.36%	0.36%	Added +16.2k	+16,235 31.4%
31	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	212,085	$15.2m0.35%	0.35%	Reduced -91.8k	-91,798 -30.2%
32	DISH NETWORK CORPORATION NOTE 3.375% 8/1 · principal DISH 3.375 08.15.26 · principal	DISH 3.375 08.15.26	17,963,000	$14.4m0.34%	0.34%	Added +11.5m	+11,524,000 179.0%
33	QIAGEN NV SHS NEW SHS NEW		301,714	$13.6m0.32%	0.32%	Unchanged
34	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	166,112	$13.5m0.31%	0.31%	Added +36.7k	+36,691 28.4%
35	ISHARES TR IBOXX INV CP ETF LQD	LQD	110,627	$12.5m0.29%	0.29%	Reduced -25.0k	-25,000 -18.4%
36	ENBRIDGE INC COM ENB	ENB	302,819	$12.3m0.29%	0.29%	Reduced -1.6k	-1,612 -0.5%
37	ISHARES INC MSCI EMRG CHN EMXC	EMXC	196,843	$12.0m0.28%	0.28%	New
38	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	16,337,000	$12.0m0.28%	0.28%	New
39	CHEVRON CORP NEW COM CVX	CVX	80,613	$11.9m0.28%	0.28%	Added +164	+164 0.2%
40	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	120,328	$11.7m0.27%	0.27%	New
41	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	633,195	$11.5m0.27%	0.27%	Unchanged
42	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	437,816	$10.8m0.25%	0.25%	Unchanged
43	CONOCOPHILLIPS COM COP	COP	102,650	$10.8m0.25%	0.25%	Added +130	+130 0.1%
44	EOG RES INC COM EOG	EOG	80,079	$9.8m0.23%	0.23%	Unchanged
45	CONTANGO ORE INC COM CTGO	CTGO	476,190	$9.2m0.21%	0.21%	Unchanged
46	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$9.2m0.21%	0.21%	Unchanged
47	ISHARES INC MSCI EURZONE ETF EZU	EZU	170,512	$8.9m0.21%	0.21%	Reduced -163.7k	-163,658 -49.0%
48	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	$8.8m0.21%	0.21%	Unchanged
49	AGNICO EAGLE MINES LTD COM AEM	AEM	107,839	$8.7m0.20%	0.20%	Unchanged
50	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	86,893	$8.6m0.20%	0.20%	Unchanged
51	ISHARES INC MSCI HONG KG ETF EWH	EWH	430,031	$8.0m0.19%	0.19%	Reduced -49.0k	-49,015 -10.2%
52	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	166,595	$8.0m0.19%	0.19%	New
53	CORTEVA INC COM CTVA	CTVA	134,364	$7.9m0.18%	0.18%	Reduced -130.2k	-130,206 -49.2%
54	VALERO ENERGY CORP COM VLO	VLO	55,159	$7.4m0.17%	0.17%	Reduced -10.7k	-10,674 -16.2%
55	NUTRIEN LTD COM NTR	NTR	154,546	$7.4m0.17%	0.17%	Reduced -354.7k	-354,727 -69.7%
56	SHERWIN WILLIAMS CO COM SHW	SHW	19,271	$7.4m0.17%	0.17%	Unchanged
57	SOUTHERN COPPER CORP COM SCCO	SCCO	55,451	$6.4m0.15%	0.15%	Added +308	+308 0.6%
58	ECOLAB INC COM ECL	ECL	25,063	$6.4m0.15%	0.15%	Unchanged
59	TECK RESOURCES LTD CL B TECK	TECK	122,089	$6.4m0.15%	0.15%	New
60	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	469,918	$6.2m0.14%	0.14%	Unchanged
61	NUCOR CORP COM NUE	NUE	40,592	$6.1m0.14%	0.14%	Added +374	+374 0.9%
62	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	254,400	$6.0m0.14%	0.14%	Added +1.5k	+1,500 0.6%
63	CREDICORP LTD COM BAP	BAP	32,170	$5.8m0.14%	0.14%	Added +15.5k	+15,495 92.9%
64	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	799,743	$5.8m0.13%	0.13%	Reduced -194.1k	-194,143 -19.5%
65	BUNGE GLOBAL SA COM SHS BG	BG	56,437	$5.5m0.13%	0.13%	Reduced -8.4k	-8,437 -13.0%
66	AMAZON COM INC COM AMZN	AMZN	28,823	$5.4m0.13%	0.13%	Reduced -1.3k	-1,287 -4.3%
67	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	29,948	$5.4m0.13%	0.13%	Reduced -297.9k	-297,865 -90.9%
68	DEERE & CO COM DE	DE	12,852	$5.4m0.13%	0.13%	Reduced -5.4k	-5,397 -29.6%
69	DOW INC COM DOW	DOW	97,200	$5.3m0.12%	0.12%	Unchanged
70	ITRON INC NOTE 3/1 · principal ITRI 0 03.15.26 · principal	ITRI 0 03.15.26	5,000,000	$5.2m0.12%	0.12%	Unchanged
71	MICROSOFT CORP COM MSFT	MSFT	12,111	$5.2m0.12%	0.12%	Added +252	+252 2.1%
72	FABRINET SHS FN	FN	21,488	$5.1m0.12%	0.12%	Reduced -1.4k	-1,445 -6.3%
73	NU HLDGS LTD ORD SHS CL A NU	NU	368,632	$5.0m0.12%	0.12%	New
74	NVIDIA CORPORATION COM NVDA	NVDA	41,104	$5.0m0.12%	0.12%	Added +864	+864 2.1%
75	BILL HOLDINGS INC NOTE 12/0 · principal BILL 0 12.01.25 · principal	BILL 0 12.01.25	5,000,000	$4.7m0.11%	0.11%	Unchanged
76	ARCHER DANIELS MIDLAND CO COM ADM	ADM	76,704	$4.6m0.11%	0.11%	Reduced -255	-255 -0.3%
77	LI AUTO INC SPONSORED ADS LI	LI	177,533	$4.6m0.11%	0.11%	Unchanged
78	BARINGS PARTN INVS SH BEN INT MPV	MPV	268,380	$4.5m0.11%	0.11%	Added +2.9k	+2,868 1.1%
79	VALE S A SPONSORED ADS VALE	VALE	378,645	$4.4m0.10%	0.10%	Reduced -189.0k	-189,042 -33.3%
80	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$4.4m0.10%	0.10%	Unchanged
81	ALPHABET INC CAP STK CL A GOOGL	GOOGL	26,362	$4.4m0.10%	0.10%	Reduced -46	-46 -0.2%
82	NEWMONT CORP COM NEM	NEM	81,650	$4.4m0.10%	0.10%	New
83	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	88,904	$4.3m0.10%	0.10%	Reduced -127.5k	-127,505 -58.9%
84	MOSAIC CO NEW COM MOS	MOS	150,876	$4.0m0.09%	0.09%	Added +62.6k	+62,576 70.9%
85	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	41,602	$4.0m0.09%	0.09%	Unchanged
86	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	457,647	$3.8m0.09%	0.09%	Added +18.0k	+18,009 4.1%
87	PILGRIMS PRIDE CORP COM PPC	PPC	79,076	$3.6m0.09%	0.09%	Reduced -50.2k	-50,215 -38.8%
88	UNITEDHEALTH GROUP INC COM UNH	UNH	6,160	$3.6m0.08%	0.08%	Added +154	+154 2.6%
89	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,199,018	$3.6m0.08%	0.08%	Unchanged
90	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,307,311	$3.5m0.08%	0.08%	Reduced -543.5k	-543,517 -29.4%
91	TRACTOR SUPPLY CO COM TSCO	TSCO	11,944	$3.5m0.08%	0.08%	Unchanged
92	VANGUARD WORLD FD INF TECH ETF VGT	VGT	5,780	$3.4m0.08%	0.08%	Added +2.0k	+1,951 51.0%
93	CF INDS HLDGS INC COM CF	CF	38,628	$3.3m0.08%	0.08%	Reduced -16.1k	-16,098 -29.4%
94	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	199,064	$3.3m0.08%	0.08%	Added +67.0k	+66,991 50.7%
95	XP INC CL A XP	XP	180,900	$3.2m0.08%	0.08%	New
96	ISHARES TR MSCI ACWI ETF ACWI	ACWI	26,991	$3.2m0.08%	0.08%	Reduced -10.1k	-10,094 -27.2%
97	WEYERHAEUSER CO MTN BE COM NEW WY	WY	92,686	$3.1m0.07%	0.07%	Added +18.4k	+18,398 24.8%
98	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	26,069	$3.1m0.07%	0.07%	Unchanged
99	ISHARES TR EUROPE ETF IEV	IEV	49,433	$2.9m0.07%	0.07%	Unchanged
100	DARLING INGREDIENTS INC COM DAR	DAR	75,614	$2.8m0.07%	0.07%	Unchanged

Sold out since Q2 2024

Security	Ticker	Shares held before	Value then
SSGA ACTIVE ETF TR SRLN	SRLN	934,246	$39.1m934.2k shares
ISHARES TR SOXX	SOXX	40,146	$9.9m40.1k shares
ISHARES TR HEZU	HEZU	272,761	$9.9m272.8k shares
KASPI KZ JSC KSPI	KSPI	64,409	$8.3m64.4k shares
VANGUARD INDEX FDS VTV	VTV	49,947	$8.0m49.9k shares
SENDAS DISTRIBUIDORA S A ASAIY	ASAIY	403,015	$3.7m403.0k shares
OMNICELL COM OMCL 0.25 09.15.25	OMCL 0.25 09.15.25	3,000,000	$2.8m3.0m shares
ECOPETROL S A EC	EC	163,568	$1.8m163.6k shares
VANGUARD INDEX FDS VUG	VUG	4,183	$1.6m4.2k shares
BANCOLOMBIA S A CIB	CIB	22,900	$747.7k22.9k shares
WISDOMTREE TR DEM	DEM	10,076	$436.4k10.1k shares
PEPSICO INC PEP	PEP	1,705	$281.2k1.7k shares
PROCTER AND GAMBLE CO PG	PG	1,608	$265.2k1.6k shares
QUALCOMM INC QCOM	QCOM	1,170	$233.0k1.2k shares
APPLIED MATLS INC AMAT	AMAT	977	$230.6k977 shares
INTUIT INTU	INTU	327	$214.9k327 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