BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2025-08-12

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 +6.9% vs Q1 2025

171positions

72.7%in top 10

20 new 48 added 77 reduced 12 sold out vs Q1 2025

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. – $9.7m of shares are in both reports

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

Holdings, Q2 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	1,585,258	$978.8m22.86%	22.86%	Reduced -14.0k	-13,963 -0.9%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	893,407	$489.7m11.43%	11.43%	Reduced -17.9k	-17,900 -2.0%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,670,950	$476.2m11.12%	11.12%	Added +47.1k	+47,100 2.9%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$406.1m9.48%	9.48%	Unchanged
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$360.9m8.43%	8.43%	Unchanged
6	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$124.7m2.91%	2.91%	Unchanged
7	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	789,847	$101.5m2.37%	2.37%	Added +584.9k	+584,886 285.4%
8	ISHARES TR 7-10 YR TRSY BD IEF	IEF	642,944	$61.6m1.44%	1.44%	Added +13.6k	+13,550 2.1%
9	ISHARES INC MSCI WORLD ETF URTH	URTH	358,101	$60.7m1.42%	1.42%	Added +43.9k	+43,856 14.0%
10	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	89,367	$55.2m1.29%	1.29%	Reduced -22.2k	-22,216 -19.9%
11	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	483,487	$50.6m1.18%	1.18%	Reduced -28.2k	-28,216 -5.5%
12	ISHARES TR MSCI USA QLT FCT QUAL	QUAL	275,752	$50.4m1.18%	1.18%	Reduced -11.8k	-11,789 -4.1%
13	ISHARES TR EUROPE ETF IEV	IEV	723,437	$45.8m1.07%	1.07%	Added +41.2k	+41,244 6.0%
14	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	780,000	$39.8m0.93%	0.93%	Unchanged
15	WHEATON PRECIOUS METALS CORP COM WPM	WPM	438,776	$39.5m0.92%	0.92%	Reduced -29.3k	-29,293 -6.3%
16	SEA LTD SPONSORD ADS SE	SE	229,570	$36.7m0.86%	0.86%	Reduced -61.7k	-61,702 -21.2%
17	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	38,014,000	$34.4m0.80%	0.80%	Added +15.5m	+15,517,000 69.0%
18	PARSONS CORP DEL NOTE 2.625% 3/0 · principal PSN 2.625 03.01.29 · principal	PSN 2.625 03.01.29	29,955,000	$31.8m0.74%	0.74%	Added +10.0m	+9,955,000 49.8%
19	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	675,802	$30.6m0.71%	0.71%	Reduced -51.8k	-51,826 -7.1%
20	ISHARES TR EXPANDED TECH IGV	IGV	271,138	$29.7m0.69%	0.69%	Unchanged
21	ISHARES TR MSCI EMG MKT ETF EEM	EEM	567,647	$27.4m0.64%	0.64%	Unchanged
22	ISHARES TR S&P 500 GRWT ETF IVW	IVW	244,432	$26.9m0.63%	0.63%	Added +211.6k	+211,581 644.1%
23	CRH PLC ORD CRH	CRH	289,429	$26.6m0.62%	0.62%	Reduced -35.1k	-35,136 -10.8%
24	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	22,627,000	$24.9m0.58%	0.58%	Reduced -77.0k	-77,000 -0.3%
25	HDFC BANK LTD SPONSORED ADS HDB	HDB	297,762	$22.8m0.53%	0.53%	Reduced -21.7k	-21,705 -6.8%
26	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	35,299	$20.1m0.47%	0.47%	Reduced -4.4k	-4,422 -11.1%
27	NU HLDGS LTD ORD SHS CL A NU	NU	1,439,469	$19.7m0.46%	0.46%	Added +518.9k	+518,913 56.4%
28	QIAGEN NV COM SHS QGEN	QGEN	407,259	$19.6m0.46%	0.46%	Reduced -737	-737 -0.2%
29	ISHARES TR BROAD USD HIGH USHY	USHY	445,500	$16.7m0.39%	0.39%	New
30	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	687,900	$16.0m0.37%	0.37%	Added +36.0k	+36,000 5.5%
31	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	198,666	$14.9m0.35%	0.35%	Added +162.6k	+162,556 450.2%
32	LINDE PLC SHS LIN	LIN	31,512	$14.8m0.35%	0.35%	Reduced -6.0k	-6,015 -16.0%
33	BEIGENE LTD SPONSORED ADR ONC	ONC	55,604	$13.5m0.31%	0.31%	Unchanged
34	EXXON MOBIL CORP COM XOM	XOM	123,982	$13.4m0.31%	0.31%	Reduced -387	-387 -0.3%
35	CORTEVA INC COM CTVA	CTVA	178,273	$13.3m0.31%	0.31%	Added +28.8k	+28,807 19.3%
36	SUNCOR ENERGY INC NEW COM SU	SU	353,855	$13.3m0.31%	0.31%	Reduced -51.1k	-51,065 -12.6%
37	YUM CHINA HLDGS INC COM YUMC	YUMC	260,846	$11.7m0.27%	0.27%	Reduced -187.1k	-187,123 -41.8%
38	VANGUARD WORLD FD FINANCIALS ETF VFH	VFH	88,974	$11.3m0.26%	0.26%	Reduced -88.6k	-88,572 -49.9%
39	CHAGEE HLDGS LTD SPONSORED ADS CHA	CHA	432,851	$11.3m0.26%	0.26%	New
40	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	596,147	$10.6m0.25%	0.25%	Reduced -26.3k	-26,298 -4.2%
41	ISHARES INC MSCI EURZONE ETF EZU	EZU	177,170	$10.5m0.25%	0.25%	Reduced -16.7k	-16,676 -8.6%
42	VANGUARD WORLD FD INF TECH ETF VGT	VGT	15,411	$10.2m0.24%	0.24%	Reduced -3.1k	-3,063 -16.6%
43	CONOCOPHILLIPS COM COP	COP	112,582	$10.1m0.24%	0.24%	Added +24.5k	+24,480 27.8%
44	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	53,853	$9.8m0.23%	0.23%	New
45	KE HLDGS INC SPONSORED ADS BEKE	BEKE	529,988	$9.4m0.22%	0.22%	Reduced -621.6k	-621,618 -54.0%
46	ZIFF DAVIS INC DEBT 3.625% 3/0 · principal ZD 3.625 03.01.28 · principal	ZD 3.625 03.01.28	10,000,000	$9.3m0.22%	0.22%	New
47	CONTANGO ORE INC COM CTGO	CTGO	476,190	$9.3m0.22%	0.22%	Unchanged
48	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	38,276	$8.7m0.20%	0.20%	Reduced -30.7k	-30,737 -44.5%
49	ENBRIDGE INC COM ENB	ENB	185,942	$8.4m0.20%	0.20%	Reduced -91.4k	-91,412 -33.0%
50	EOG RES INC COM EOG	EOG	69,643	$8.3m0.19%	0.19%	Added +9.3k	+9,291 15.4%
51	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,208,149	$8.2m0.19%	0.19%	Reduced -306.4k	-306,398 -20.2%
52	ISHARES TR IBOXX INV CP ETF LQD	LQD	71,727	$7.9m0.18%	0.18%	Reduced -38.9k	-38,900 -35.2%
53	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	680,180	$7.8m0.18%	0.18%	Reduced -41.3k	-41,272 -5.7%
54	CREDICORP LTD COM BAP	BAP	34,737	$7.8m0.18%	0.18%	Unchanged
55	VALE S A SPONSORED ADS VALE	VALE	792,650	$7.7m0.18%	0.18%	Reduced -52.9k	-52,943 -6.3%
56	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	72,617	$7.5m0.17%	0.17%	Added +17.5k	+17,488 31.7%
57	PAN AMERN SILVER CORP COM PAAS	PAAS	252,174	$7.2m0.17%	0.17%	Reduced -2.9k	-2,946 -1.1%
58	MOSAIC CO NEW COM MOS	MOS	194,241	$7.1m0.17%	0.17%	Reduced -128.0k	-127,964 -39.7%
59	MICROSOFT CORP COM MSFT	MSFT	13,482	$6.7m0.16%	0.16%	Reduced -58	-58 -0.4%
60	CHEVRON CORP NEW COM CVX	CVX	44,575	$6.4m0.15%	0.15%	Reduced -219	-219 -0.5%
61	FABRINET SHS FN	FN	21,488	$6.3m0.15%	0.15%	Unchanged
62	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,204,430	$6.2m0.14%	0.14%	Added +5.4k	+5,412 0.5%
63	DARLING INGREDIENTS INC COM DAR	DAR	159,457	$6.0m0.14%	0.14%	Reduced -22.6k	-22,574 -12.4%
64	NVIDIA CORPORATION COM NVDA	NVDA	37,922	$6.0m0.14%	0.14%	Added +7.3k	+7,273 23.7%
65	NABORS INDUSTRIES LTD SHS NBR	NBR	212,527	$6.0m0.14%	0.14%	Added +1	+1 0.0%
66	TECK RESOURCES LTD CL B TECK	TECK	143,379	$5.8m0.14%	0.14%	Added +37.0k	+37,023 34.8%
67	NUCOR CORP COM NUE	NUE	44,646	$5.8m0.14%	0.14%	Unchanged
68	VNET GROUP INC SPONSORED ADS A VNET	VNET	832,077	$5.7m0.13%	0.13%	Unchanged
69	CAMDEN PPTY TR SH BEN INT CPT	CPT	57,104	$5.7m0.13%	0.13%	New
70	BARINGS PARTN INVS SH BEN INT MPV	MPV	277,703	$5.6m0.13%	0.13%	Added +2.7k	+2,686 1.0%
71	NUTRIEN LTD COM NTR	NTR	93,753	$5.5m0.13%	0.13%	Reduced -32.9k	-32,908 -26.0%
72	AGNICO EAGLE MINES LTD COM AEM	AEM	45,029	$5.4m0.13%	0.13%	Reduced -22.6k	-22,561 -33.4%
73	ECOLAB INC COM ECL	ECL	19,742	$5.3m0.12%	0.12%	Added +75	+75 0.4%
74	SPDR GOLD TR GOLD SHS GLD	GLD	17,393	$5.3m0.12%	0.12%	New
75	AMAZON COM INC COM AMZN	AMZN	23,804	$5.2m0.12%	0.12%	Reduced -1.6k	-1,608 -6.3%
76	CNH INDL N V SHS CNH	CNH	397,255	$5.1m0.12%	0.12%	Reduced -12.9k	-12,860 -3.1%
77	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	674,385	$5.0m0.12%	0.12%	Reduced -121.4k	-121,355 -15.2%
78	NEWMONT CORP COM NEM	NEM	85,561	$5.0m0.12%	0.12%	Added +32.6k	+32,556 61.4%
79	ISHARES TR MSCI ACWI ETF ACWI	ACWI	37,409	$4.8m0.11%	0.11%	Added +10.4k	+10,418 38.6%
80	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$4.8m0.11%	0.11%	Unchanged
81	UPSTART HLDGS INC NOTE 0.250% 8/1 · principal UPST 0.25 08.15.26 · principal	UPST 0.25 08.15.26	5,000,000	$4.7m0.11%	0.11%	Reduced -5.0m	-5,000,000 -50.0%
82	SHERWIN WILLIAMS CO COM SHW	SHW	13,492	$4.6m0.11%	0.11%	Reduced -2.7k	-2,708 -16.7%
83	HESS CORP COM HES	HES	31,295	$4.3m0.10%	0.10%	Added +200	+200 0.6%
84	SCHLUMBERGER LTD COM STK SLB	SLB	126,156	$4.3m0.10%	0.10%	Reduced -1.6k	-1,592 -1.2%
85	ISHARES INC MSCI HONG KG ETF EWH	EWH	208,539	$4.1m0.10%	0.10%	Reduced -19.8k	-19,798 -8.7%
86	VANECK ETF TRUST BDC INCOME ETF BIZD	BIZD	236,283	$3.8m0.09%	0.09%	Unchanged
87	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	497,580	$3.8m0.09%	0.09%	Unchanged
88	EQT CORP COM EQT	EQT	64,470	$3.8m0.09%	0.09%	New
89	DEERE & CO COM DE	DE	7,387	$3.8m0.09%	0.09%	Reduced -233	-233 -3.1%
90	BUNGE GLOBAL SA COM SHS BG	BG	46,409	$3.7m0.09%	0.09%	Added +1.4k	+1,406 3.1%
91	FIRST TR MORNINGSTAR DIVID L SHS FDL	FDL	88,348	$3.7m0.09%	0.09%	Added +21.6k	+21,582 32.3%
92	POTLATCHDELTIC CORPORATION COM PCH	PCH	96,231	$3.7m0.09%	0.09%	Reduced -2.1k	-2,135 -2.2%
93	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	38,945	$3.7m0.09%	0.09%	Reduced -14.6k	-14,648 -27.3%
94	EQUITY RESIDENTIAL SH BEN INT VMRK	VMRK	52,076	$3.6m0.08%	0.08%	New
95	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	147,173	$3.4m0.08%	0.08%	Reduced -862.2k	-862,214 -85.4%
96	TRACTOR SUPPLY CO COM TSCO	TSCO	60,642	$3.2m0.07%	0.07%	Added +10.5k	+10,534 21.0%
97	AGCO CORP COM AGCO	AGCO	29,433	$3.0m0.07%	0.07%	Reduced -953	-953 -3.1%
98	APPLE INC COM AAPL	AAPL	14,289	$2.9m0.07%	0.07%	Reduced -4.2k	-4,156 -22.5%
99	ISHARES TR ESG AWR US AGRGT EAGG	EAGG	60,909	$2.9m0.07%	0.07%	Unchanged
100	ISHARES TR CORE MSCI EURO IEUR	IEUR	42,951	$2.8m0.07%	0.07%	Reduced -31.1k	-31,052 -42.0%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
INVESCO EXCH TRADED FD TR II SPHD	SPHD	376,798	$18.9m376.8k shares
ISHARES INC CEMB	CEMB	272,442	$12.3m272.4k shares
MONEYLION INC		67,620	$5.8m67.6k shares
LI AUTO INC LI	LI	177,533	$4.5m177.5k shares
SPDR SER TR CWB	CWB	47,196	$3.6m47.2k shares
NEW ORIENTAL ED & TECHNOLOGY EDU	EDU	72,337	$3.5m72.3k shares
VEREN INC VRN	VRN	300,807	$2.0m300.8k shares
ISHARES TR SOXX	SOXX	6,027	$1.1m6.0k shares
INTERNATIONAL FLAVORS&FRAGRA IFF	IFF	11,438	$887.7k11.4k shares
BANCOLOMBIA S A CIB	CIB	20,666	$830.8k20.7k shares
ISHARES TR MBB	MBB	8,100	$759.6k8.1k shares
BBB FOODS INC TBBB	TBBB	16,458	$439.1k16.5k 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