BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2025-05-09

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 -4.8% vs Q4 2024

163positions

71.6%in top 10

14 new 37 added 77 reduced 14 sold out vs Q4 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. – $6.1m of shares are in both reports

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

Holdings, Q1 2025

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	1,599,221	$898.6m22.43%	22.43%	Reduced -304.1k	-304,063 -16.0%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	911,307	$427.3m10.67%	10.67%	Added +18.5k	+18,500 2.1%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,623,850	$418.3m10.44%	10.44%	Added +79.8k	+79,800 5.2%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$403.3m10.06%	10.06%	Reduced -41.4k	-41,430 -0.8%
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$358.2m8.94%	8.94%	Unchanged
6	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$130.1m3.25%	3.25%	Unchanged
7	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	111,583	$62.4m1.56%	1.56%	Added +52.7k	+52,701 89.5%
8	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	511,703	$60.6m1.51%	1.51%	Reduced -226.5k	-226,467 -30.7%
9	ISHARES TR 7-10 YR TRSY BD IEF	IEF	629,394	$60.0m1.50%	1.50%	Added +33.6k	+33,576 5.6%
10	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	287,541	$49.1m1.23%	1.23%	Added +56.3k	+56,323 24.4%
11	ISHARES INC MSCI WORLD ETF URTH	URTH	314,245	$48.1m1.20%	1.20%	Added +65.2k	+65,203 26.2%
12	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	780,000	$39.8m0.99%	0.99%	Reduced -90.0k	-90,000 -10.3%
13	ISHARES TR EUROPE ETF IEV	IEV	682,193	$39.7m0.99%	0.99%	Added +665.0k	+665,015 3871.3%
14	SEA LTD SPONSORD ADS SE	SE	291,272	$38.0m0.95%	0.95%	Reduced -8.8k	-8,758 -2.9%
15	WHEATON PRECIOUS METALS CORP COM WPM	WPM	468,069	$36.3m0.91%	0.91%	Reduced -100.0k	-99,964 -17.6%
16	ISHARES TR SHORT TREAS BD SHV	SHV	301,611	$33.3m0.83%	0.83%	New
17	CRH PLC ORD CRH	CRH	324,565	$28.6m0.71%	0.71%	Reduced -157.5k	-157,503 -32.7%
18	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	727,628	$27.2m0.68%	0.68%	Reduced -133.8k	-133,836 -15.5%
19	ISHARES TR MSCI EMG MKT ETF EEM	EEM	567,647	$24.8m0.62%	0.62%	New
20	ISHARES TR EXPANDED TECH IGV	IGV	271,138	$24.1m0.60%	0.60%	Added +123.3k	+123,279 83.4%
21	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	22,704,000	$24.1m0.60%	0.60%	Added +6.0m	+6,024,000 36.1%
22	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	204,961	$23.8m0.59%	0.59%	Added +181.0k	+181,040 756.8%
23	YUM CHINA HLDGS INC COM YUMC	YUMC	447,969	$23.3m0.58%	0.58%	Reduced -88.8k	-88,818 -16.6%
24	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	1,009,387	$23.3m0.58%	0.58%	Reduced -309.6k	-309,582 -23.5%
25	KE HLDGS INC SPONSORED ADS BEKE	BEKE	1,151,606	$23.1m0.58%	0.58%	Reduced -86.1k	-86,105 -7.0%
26	HDFC BANK LTD SPONSORED ADS HDB	HDB	319,467	$21.2m0.53%	0.53%	Reduced -46.0k	-46,050 -12.6%
27	VANGUARD WORLD FD FINANCIALS ETF VFH	VFH	177,546	$21.2m0.53%	0.53%	New
28	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	39,721	$20.4m0.51%	0.51%	Reduced -12.8k	-12,820 -24.4%
29	PARSONS CORP DEL NOTE 2.625% 3/0 · principal PSN 2.625 03.01.29 · principal	PSN 2.625 03.01.29	20,000,000	$19.9m0.50%	0.50%	New
30	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	22,497,000	$19.3m0.48%	0.48%	Added +3.1m	+3,060,000 15.7%
31	INVESCO EXCH TRADED FD TR II S&P500 HDL VOL SPHD	SPHD	376,798	$18.9m0.47%	0.47%	Reduced -112.3k	-112,291 -23.0%
32	LINDE PLC SHS LIN	LIN	37,527	$17.5m0.44%	0.44%	Reduced -8.1k	-8,104 -17.8%
33	QIAGEN NV COM SHS QGEN	QGEN	407,996	$16.2m0.40%	0.40%	New
34	SUNCOR ENERGY INC NEW COM SU	SU	404,920	$15.7m0.39%	0.39%	Reduced -150.0k	-149,966 -27.0%
35	BEIGENE LTD SPONSORED ADR ONC	ONC	55,604	$15.1m0.38%	0.38%	Reduced -15.8k	-15,818 -22.1%
36	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	651,900	$14.9m0.37%	0.37%	Added +170.0k	+170,000 35.3%
37	EXXON MOBIL CORP COM XOM	XOM	124,369	$14.8m0.37%	0.37%	Reduced -58.4k	-58,376 -31.9%
38	ISHARES TR CORE US AGGBD ET AGG	AGG	141,889	$14.0m0.35%	0.35%	Added +14.9k	+14,936 11.8%
39	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	69,013	$13.3m0.33%	0.33%	Reduced -3.8k	-3,837 -5.3%
40	ISHARES INC JP MRG EM CRP BD CEMB	CEMB	272,442	$12.3m0.31%	0.31%	Reduced -59.2k	-59,196 -17.9%
41	ENBRIDGE INC COM ENB	ENB	277,354	$12.3m0.31%	0.31%	Reduced -24.6k	-24,601 -8.2%
42	ISHARES TR IBOXX INV CP ETF LQD	LQD	110,627	$12.0m0.30%	0.30%	Unchanged
43	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	622,445	$10.9m0.27%	0.27%	Reduced -10.8k	-10,750 -1.7%
44	ISHARES INC MSCI EURZONE ETF EZU	EZU	193,846	$10.3m0.26%	0.26%	Added +75.6k	+75,596 63.9%
45	VANGUARD WORLD FD INF TECH ETF VGT	VGT	18,474	$10.0m0.25%	0.25%	Unchanged
46	NU HLDGS LTD ORD SHS CL A NU	NU	920,556	$9.4m0.24%	0.24%	Unchanged
47	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	721,452	$9.4m0.23%	0.23%	Unchanged
48	CORTEVA INC COM CTVA	CTVA	149,466	$9.4m0.23%	0.23%	Added +40.3k	+40,343 37.0%
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	$9.3m0.23%	0.23%	Unchanged
50	CONOCOPHILLIPS COM COP	COP	88,102	$9.3m0.23%	0.23%	Reduced -13.6k	-13,607 -13.4%
51	NABORS INDUSTRIES LTD SHS NBR	NBR	212,526	$8.9m0.22%	0.22%	New
52	MOSAIC CO NEW COM MOS	MOS	322,205	$8.7m0.22%	0.22%	Added +201.1k	+201,131 166.1%
53	VALE S A SPONSORED ADS VALE	VALE	845,593	$8.4m0.21%	0.21%	Added +44.9k	+44,897 5.6%
54	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,514,547	$8.3m0.21%	0.21%	Added +137.7k	+137,686 10.0%
55	EOG RES INC COM EOG	EOG	60,352	$7.7m0.19%	0.19%	Reduced -19.7k	-19,727 -24.6%
56	CHEVRON CORP NEW COM CVX	CVX	44,794	$7.5m0.19%	0.19%	Reduced -34.9k	-34,874 -43.8%
57	AGNICO EAGLE MINES LTD COM AEM	AEM	67,590	$7.3m0.18%	0.18%	Reduced -21.6k	-21,575 -24.2%
58	VNET GROUP INC SPONSORED ADS A VNET	VNET	832,077	$6.8m0.17%	0.17%	New
59	PAN AMERN SILVER CORP COM PAAS	PAAS	255,120	$6.6m0.16%	0.16%	Added +51.2k	+51,248 25.1%
60	CREDICORP LTD COM BAP	BAP	34,737	$6.5m0.16%	0.16%	Unchanged
61	NUTRIEN LTD COM NTR	NTR	126,661	$6.3m0.16%	0.16%	Reduced -3.9k	-3,946 -3.0%
62	MONEYLION INC CL A CL A		67,620	$5.8m0.15%	0.15%	Unchanged
63	DARLING INGREDIENTS INC COM DAR	DAR	182,031	$5.7m0.14%	0.14%	Added +32.2k	+32,157 21.5%
64	SHERWIN WILLIAMS CO COM SHW	SHW	16,200	$5.7m0.14%	0.14%	Reduced -3.4k	-3,399 -17.3%
65	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	795,740	$5.6m0.14%	0.14%	Reduced -4.0k	-4,003 -0.5%
66	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	55,129	$5.4m0.13%	0.13%	Reduced -25.0k	-25,025 -31.2%
67	NUCOR CORP COM NUE	NUE	44,646	$5.4m0.13%	0.13%	Reduced -10.6k	-10,596 -19.2%
68	SCHLUMBERGER LTD COM STK SLB	SLB	127,748	$5.3m0.13%	0.13%	Added +64.6k	+64,594 102.3%
69	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$5.1m0.13%	0.13%	Unchanged
70	VALERO ENERGY CORP COM VLO	VLO	38,580	$5.1m0.13%	0.13%	Reduced -16.6k	-16,579 -30.1%
71	MICROSOFT CORP COM MSFT	MSFT	13,540	$5.1m0.13%	0.13%	Added +694	+694 5.4%
72	CNH INDL N V SHS CNH	CNH	410,115	$5.0m0.13%	0.13%	Unchanged
73	ECOLAB INC COM ECL	ECL	19,667	$5.0m0.12%	0.12%	Reduced -5.4k	-5,396 -21.5%
74	HESS CORP COM HES	HES	31,095	$5.0m0.12%	0.12%	New
75	WAYFAIR INC NOTE 3.250% 9/1 · principal W 3.25 09.15.27 · principal	W 3.25 09.15.27	5,000,000	$4.9m0.12%	0.12%	New
76	CONTANGO ORE INC COM CTGO	CTGO	476,190	$4.9m0.12%	0.12%	Unchanged
77	BARINGS PARTN INVS SH BEN INT MPV	MPV	275,017	$4.8m0.12%	0.12%	Added +3.7k	+3,701 1.4%
78	AMAZON COM INC COM AMZN	AMZN	25,412	$4.8m0.12%	0.12%	Reduced -812	-812 -3.1%
79	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	53,593	$4.7m0.12%	0.12%	Reduced -206.8k	-206,848 -79.4%
80	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,199,018	$4.5m0.11%	0.11%	Reduced -1.2m	-1,204,430 -50.1%
81	LI AUTO INC SPONSORED ADS LI	LI	177,533	$4.5m0.11%	0.11%	Unchanged
82	ISHARES TR CORE MSCI EURO IEUR	IEUR	74,003	$4.5m0.11%	0.11%	Added +29.0k	+28,962 64.3%
83	POTLATCHDELTIC CORPORATION COM PCH	PCH	98,366	$4.4m0.11%	0.11%	Added +74.8k	+74,811 317.6%
84	FABRINET SHS FN	FN	21,488	$4.2m0.11%	0.11%	Unchanged
85	WEYERHAEUSER CO MTN BE COM NEW WY	WY	144,453	$4.2m0.11%	0.11%	Added +18.3k	+18,293 14.5%
86	APPLE INC COM AAPL	AAPL	18,445	$4.1m0.10%	0.10%	Added +993	+993 5.7%
87	ISHARES INC MSCI HONG KG ETF EWH	EWH	228,337	$4.0m0.10%	0.10%	Reduced -201.7k	-201,694 -46.9%
88	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	497,580	$4.0m0.10%	0.10%	Added +17.3k	+17,258 3.6%
89	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	236,283	$4.0m0.10%	0.10%	Unchanged
90	TECK RESOURCES LTD CL B TECK	TECK	106,356	$3.9m0.10%	0.10%	Reduced -42.9k	-42,944 -28.8%
91	SPDR SER TR BBG CONV SEC ETF CWB	CWB	47,196	$3.6m0.09%	0.09%	New
92	DEERE & CO COM DE	DE	7,620	$3.6m0.09%	0.09%	Reduced -1.8k	-1,782 -18.9%
93	NEW ORIENTAL ED & TECHNOLOGY SPON ADR EDU	EDU	72,337	$3.5m0.09%	0.09%	Reduced -158.8k	-158,825 -68.7%
94	BUNGE GLOBAL SA COM SHS BG	BG	45,003	$3.4m0.09%	0.09%	Reduced -11.4k	-11,434 -20.3%
95	NVIDIA CORPORATION COM NVDA	NVDA	30,649	$3.3m0.08%	0.08%	Reduced -5.3k	-5,344 -14.8%
96	ISHARES TR MSCI ACWI ETF ACWI	ACWI	26,991	$3.1m0.08%	0.08%	Unchanged
97	ISHARES TR S&P 500 GRWT ETF IVW	IVW	32,851	$3.0m0.08%	0.08%	Reduced -18.4k	-18,437 -36.0%
98	FIRST TR MORNINGSTAR DIVID L SHS FDL	FDL	66,766	$2.9m0.07%	0.07%	Reduced -6.2k	-6,163 -8.4%
99	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	60,909	$2.9m0.07%	0.07%	Unchanged
100	AGCO CORP COM AGCO	AGCO	30,386	$2.8m0.07%	0.07%	Unchanged

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
VANGUARD WHITEHALL FDS VYM	VYM	565,199	$72.1m565.2k shares
QIAGEN NV		414,984	$18.5m415.0k shares
ZTO EXPRESS CAYMAN INC ZTO	ZTO	437,816	$8.6m437.8k shares
ITRON INC ITRI 0 03.15.26	ITRI 0 03.15.26	5,000,000	$5.2m5.0m shares
BANCO BRADESCO S A BBD	BBD	1,307,311	$2.5m1.3m shares
LAMB WESTON HLDGS INC LW	LW	33,248	$2.2m33.2k shares
PAYLOCITY HLDG CORP PCTY	PCTY	4,029	$803.7k4.0k shares
COSTCO WHSL CORP NEW COST	COST	379	$347.3k379 shares
PROCTER AND GAMBLE CO PG	PG	2,047	$343.2k2.0k shares
WALMART INC WMT	WMT	3,471	$313.6k3.5k shares
HOME DEPOT INC HD	HD	564	$219.4k564 shares
DR REDDYS LABS LTD RDY	RDY	10,933	$172.6k10.9k shares
BM TECHNOLOGIES INC		31,790	$155.5k31.8k shares
RILEY EXPLORATION PERMIAN IN REPX	REPX	3,752	$119.8k3.8k 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