BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2025-02-07

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)

$4.2bn reported value -1.7% vs Q3 2024

163positions

74.8%in top 10

15 new 54 added 53 reduced 12 sold out vs Q3 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. – $1.5m of shares are in both reports

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

Holdings, Q4 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	1,903,284	$1.1bn26.61%	26.61%	Added +44.2k	+44,219 2.4%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	892,807	$456.4m10.84%	10.84%	Added +5.0k	+5,000 0.6%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,544,050	$444.4m10.55%	10.55%	Added +51.8k	+51,800 3.5%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,149,957	$401.7m9.54%	9.54%	Added +41.4k	+41,430 0.8%
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$353.6m8.40%	8.40%	Unchanged
6	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$130.5m3.10%	3.10%	Unchanged
7	VANGUARD WHITEHALL FDS HIGH DIV YLD VYM	VYM	565,199	$72.1m1.71%	1.71%	Added +103.8k	+103,792 22.5%
8	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	738,170	$71.6m1.70%	1.70%	Added +20.2k	+20,225 2.8%
9	ISHARES TR 7-10 YR TRSY BD IEF	IEF	595,818	$55.1m1.31%	1.31%	Reduced -20.9k	-20,874 -3.4%
10	CRH PLC ORD CRH	CRH	482,068	$44.6m1.06%	1.06%	Reduced -412.7k	-412,679 -46.1%
11	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	870,000	$44.3m1.05%	1.05%	Unchanged
12	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	231,218	$41.2m0.98%	0.98%	Added +201.3k	+201,270 672.1%
13	ISHARES INC MSCI WORLD ETF URTH	URTH	249,042	$38.7m0.92%	0.92%	Added +51.7k	+51,701 26.2%
14	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	58,882	$34.5m0.82%	0.82%	Reduced -536	-536 -0.9%
15	WHEATON PRECIOUS METALS CORP COM WPM	WPM	568,033	$31.9m0.76%	0.76%	Reduced -695.9k	-695,917 -55.1%
16	SEA LTD SPONSORD ADS SE	SE	300,030	$31.8m0.76%	0.76%	Reduced -13.2k	-13,159 -4.2%
17	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	1,318,969	$30.0m0.71%	0.71%	Reduced -296.5k	-296,533 -18.4%
18	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	52,541	$28.3m0.67%	0.67%	Reduced -25.1k	-25,100 -32.3%
19	YUM CHINA HLDGS INC COM YUMC	YUMC	536,787	$25.9m0.61%	0.61%	Added +128.7k	+128,739 31.6%
20	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	260,441	$24.2m0.57%	0.57%	Added +140.1k	+140,113 116.4%
21	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	489,089	$23.6m0.56%	0.56%	Added +36.7k	+36,672 8.1%
22	HDFC BANK LTD SPONSORED ADS HDB	HDB	365,517	$23.3m0.55%	0.55%	Added +11.6k	+11,643 3.3%
23	KE HLDGS INC SPONSORED ADS BEKE	BEKE	1,237,711	$22.8m0.54%	0.54%	Reduced -245.2k	-245,154 -16.5%
24	SUNCOR ENERGY INC NEW COM SU	SU	554,886	$19.8m0.47%	0.47%	Reduced -826.0k	-825,984 -59.8%
25	EXXON MOBIL CORP COM XOM	XOM	182,745	$19.7m0.47%	0.47%	Reduced -1.7k	-1,678 -0.9%
26	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	861,464	$19.3m0.46%	0.46%	Reduced -162.3k	-162,271 -15.8%
27	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	$19.2m0.45%	0.45%	Unchanged
28	LINDE PLC SHS LIN	LIN	45,631	$19.1m0.45%	0.45%	Reduced -11.2k	-11,195 -19.7%
29	QIAGEN NV SHS NEW SHS NEW		414,984	$18.5m0.44%	0.44%	Added +113.3k	+113,270 37.5%
30	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	72,850	$15.3m0.36%	0.36%	Added +68.1k	+68,088 1429.8%
31	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	19,437,000	$14.9m0.35%	0.35%	Added +3.1m	+3,100,000 19.0%
32	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	231,162	$14.8m0.35%	0.35%	Reduced -163.1k	-163,054 -41.4%
33	ISHARES TR EXPANDED TECH IGV	IGV	147,859	$14.8m0.35%	0.35%	New
34	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	331,638	$14.7m0.35%	0.35%	Reduced -98.6k	-98,605 -22.9%
35	BEIGENE LTD SPONSORED ADR ONC	ONC	71,422	$13.2m0.31%	0.31%	Added +3.4k	+3,424 5.0%
36	ENBRIDGE INC COM ENB	ENB	301,955	$12.8m0.30%	0.30%	Reduced -864	-864 -0.3%
37	ISHARES TR CORE US AGGBD ET AGG	AGG	126,953	$12.3m0.29%	0.29%	Reduced -136.0k	-135,985 -51.7%
38	ISHARES TR IBOXX INV CP ETF LQD	LQD	110,627	$11.8m0.28%	0.28%	Unchanged
39	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	2,403,448	$11.7m0.28%	0.28%	Added +1.2m	+1,204,430 100.5%
40	CHEVRON CORP NEW COM CVX	CVX	79,668	$11.5m0.27%	0.27%	Reduced -945	-945 -1.2%
41	VANGUARD WORLD FD INF TECH ETF VGT	VGT	18,474	$11.5m0.27%	0.27%	Added +12.7k	+12,694 219.6%
42	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	633,195	$11.2m0.27%	0.27%	Unchanged
43	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	481,900	$10.9m0.26%	0.26%	Added +227.5k	+227,500 89.4%
44	CONOCOPHILLIPS COM COP	COP	101,709	$10.1m0.24%	0.24%	Reduced -941	-941 -0.9%
45	EOG RES INC COM EOG	EOG	80,079	$9.8m0.23%	0.23%	Unchanged
46	NU HLDGS LTD ORD SHS CL A NU	NU	920,556	$9.5m0.23%	0.23%	Added +551.9k	+551,924 149.7%
47	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	$9.0m0.21%	0.21%	Unchanged
48	ZTO EXPRESS CAYMAN INC SPONSORED ADS A ZTO	ZTO	437,816	$8.6m0.20%	0.20%	Unchanged
49	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	721,452	$8.5m0.20%	0.20%	Added +251.5k	+251,534 53.5%
50	VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF VWO	VWO	175,382	$7.7m0.18%	0.18%	Added +8.8k	+8,787 5.3%
51	ISHARES INC MSCI HONG KG ETF EWH	EWH	430,031	$7.2m0.17%	0.17%	Unchanged
52	VALE S A SPONSORED ADS VALE	VALE	800,696	$7.1m0.17%	0.17%	Added +422.1k	+422,051 111.5%
53	AGNICO EAGLE MINES LTD COM AEM	AEM	89,165	$7.0m0.17%	0.17%	Reduced -18.7k	-18,674 -17.3%
54	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	80,154	$6.9m0.16%	0.16%	Reduced -6.7k	-6,739 -7.8%
55	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,376,861	$6.8m0.16%	0.16%	Unchanged
56	VALERO ENERGY CORP COM VLO	VLO	55,159	$6.8m0.16%	0.16%	Unchanged
57	SHERWIN WILLIAMS CO COM SHW	SHW	19,599	$6.7m0.16%	0.16%	Added +328	+328 1.7%
58	NUCOR CORP COM NUE	NUE	55,242	$6.4m0.15%	0.15%	Added +14.7k	+14,650 36.1%
59	CREDICORP LTD COM BAP	BAP	34,737	$6.4m0.15%	0.15%	Added +2.6k	+2,567 8.0%
60	CORTEVA INC COM CTVA	CTVA	109,123	$6.2m0.15%	0.15%	Reduced -25.2k	-25,241 -18.8%
61	TECK RESOURCES LTD CL B TECK	TECK	149,300	$6.1m0.14%	0.14%	Added +27.2k	+27,211 22.3%
62	ECOLAB INC COM ECL	ECL	25,063	$5.9m0.14%	0.14%	Unchanged
63	NUTRIEN LTD COM NTR	NTR	130,607	$5.8m0.14%	0.14%	Reduced -23.9k	-23,939 -15.5%
64	MONEYLION INC CL A CL A		67,620	$5.8m0.14%	0.14%	Unchanged
65	AMAZON COM INC COM AMZN	AMZN	26,224	$5.8m0.14%	0.14%	Reduced -2.6k	-2,599 -9.0%
66	ISHARES INC MSCI EURZONE ETF EZU	EZU	118,250	$5.6m0.13%	0.13%	Reduced -52.3k	-52,262 -30.6%
67	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	72,599	$5.4m0.13%	0.13%	Reduced -93.5k	-93,513 -56.3%
68	MICROSOFT CORP COM MSFT	MSFT	12,846	$5.4m0.13%	0.13%	Added +735	+735 6.1%
69	ISHARES TR S&P 500 GRWT ETF IVW	IVW	51,288	$5.2m0.12%	0.12%	New
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	DARLING INGREDIENTS INC COM DAR	DAR	149,874	$5.0m0.12%	0.12%	Added +74.3k	+74,260 98.2%
72	NVIDIA CORPORATION COM NVDA	NVDA	35,993	$4.8m0.11%	0.11%	Reduced -5.1k	-5,111 -12.4%
73	CONTANGO ORE INC COM CTGO	CTGO	476,190	$4.8m0.11%	0.11%	Unchanged
74	FABRINET SHS FN	FN	21,488	$4.7m0.11%	0.11%	Unchanged
75	CNH INDL N V SHS CNH	CNH	410,115	$4.6m0.11%	0.11%	Added +247.2k	+247,182 151.7%
76	BARINGS PARTN INVS SH BEN INT MPV	MPV	271,316	$4.6m0.11%	0.11%	Added +2.9k	+2,936 1.1%
77	ALPHABET INC CAP STK CL A GOOGL	GOOGL	24,378	$4.6m0.11%	0.11%	Reduced -2.0k	-1,984 -7.5%
78	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	799,743	$4.6m0.11%	0.11%	Unchanged
79	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$4.5m0.11%	0.11%	Unchanged
80	BUNGE GLOBAL SA COM SHS BG	BG	56,437	$4.4m0.10%	0.10%	Unchanged
81	APPLE INC COM AAPL	AAPL	17,452	$4.4m0.10%	0.10%	Added +5.8k	+5,786 49.6%
82	CF INDS HLDGS INC COM CF	CF	50,787	$4.3m0.10%	0.10%	Added +12.2k	+12,159 31.5%
83	LI AUTO INC SPONSORED ADS LI	LI	177,533	$4.3m0.10%	0.10%	Unchanged
84	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	480,322	$4.2m0.10%	0.10%	Added +22.7k	+22,675 5.0%
85	PAN AMERN SILVER CORP COM PAAS	PAAS	203,872	$4.1m0.10%	0.10%	New
86	DEERE & CO COM DE	DE	9,402	$4.0m0.09%	0.09%	Reduced -3.5k	-3,450 -26.8%
87	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	236,283	$3.9m0.09%	0.09%	Added +37.2k	+37,219 18.7%
88	WEYERHAEUSER CO MTN BE COM NEW WY	WY	126,160	$3.6m0.08%	0.08%	Added +33.5k	+33,474 36.1%
89	UNITEDHEALTH GROUP INC COM UNH	UNH	6,803	$3.4m0.08%	0.08%	Added +643	+643 10.4%
90	ISHARES TR MSCI ACWI ETF ACWI	ACWI	26,991	$3.2m0.08%	0.08%	Unchanged
91	TRACTOR SUPPLY CO COM TSCO	TSCO	59,720	$3.2m0.08%	0.08%	Unchanged
92	MOSAIC CO NEW COM MOS	MOS	121,074	$3.0m0.07%	0.07%	Reduced -29.8k	-29,802 -19.8%
93	FIRST TR MORNINGSTAR DIVID L SHS FDL	FDL	72,929	$2.9m0.07%	0.07%	Added +49.0k	+48,971 204.4%
94	AGCO CORP COM AGCO	AGCO	30,386	$2.8m0.07%	0.07%	Added +3.5k	+3,549 13.2%
95	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	60,909	$2.8m0.07%	0.07%	Reduced -28.0k	-27,995 -31.5%
96	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	23,921	$2.8m0.07%	0.07%	Reduced -2.1k	-2,148 -8.2%
97	NEWMONT CORP COM NEM	NEM	72,724	$2.7m0.06%	0.06%	Reduced -8.9k	-8,926 -10.9%
98	INGREDION INC COM INGR	INGR	19,078	$2.6m0.06%	0.06%	Unchanged
99	BANCO BRADESCO S A SP ADR PFD NEW BBD	BBD	1,307,311	$2.5m0.06%	0.06%	Unchanged
100	ISHARES TR CORE MSCI EURO IEUR	IEUR	45,041	$2.4m0.06%	0.06%	Unchanged

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
DISH NETWORK CORPORATION DISH 3.375 08.15.26	DISH 3.375 08.15.26	17,963,000	$14.4m18.0m shares
DOW INC DOW	DOW	97,200	$5.3m97.2k shares
BILL HOLDINGS INC BILL 0 12.01.25	BILL 0 12.01.25	5,000,000	$4.7m5.0m shares
LYONDELLBASELL INDUSTRIES N LYB	LYB	41,602	$4.0m41.6k shares
PILGRIMS PRIDE CORP PPC	PPC	79,076	$3.6m79.1k shares
XOMETRY INC XMTR 1 02.01.27	XMTR 1 02.01.27	3,000,000	$2.5m3.0m shares
LOUISIANA PAC CORP LPX	LPX	20,784	$2.2m20.8k shares
D MARKET ELECTR SVCS & TRADI HEPS	HEPS	708,286	$1.6m708.3k shares
NIKE INC NKE	NKE	5,214	$460.9k5.2k shares
INFOSYS LTD INFY	INFY	12,182	$271.3k12.2k shares
ADOBE INC ADBE	ADBE	466	$241.3k466 shares
ADVANCED MICRO DEVICES INC AMD	AMD	1,355	$222.3k1.4k 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