BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2025-11-10

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)

$5.3bn reported value +22.6% vs Q2 2025

171positions

72.7%in top 10

18 new 38 added 52 reduced 18 sold out vs Q2 2025

This report includes the holdings of 5 other managers that share the investment decisions:

BARING ASSET MANAGEMENT (ASIA) Ltd – no 13F of its own this quarter
BARING ASSET MANAGEMENT Ltd – no 13F of its own this quarter
Baring Asset Management Korea Ltd – no 13F of its own this quarter
Baring International Investment Ltd – no 13F of its own this quarter
Baring SICE (Taiwan) LTD – no 13F of its own this quarter

Also in the report of:

Russell Investments Group, Ltd. – $14.9m of shares are in both reports

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

Holdings, Q3 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	1,603,253	$1.1bn20.35%	20.35%	Added +18.0k	+17,995 1.1%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	894,407	$535.5m10.20%	10.20%	Added +1.0k	+1,000 0.1%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,624,450	$519.6m9.89%	9.89%	Reduced -46.5k	-46,500 -2.8%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$408.3m7.77%	7.77%	Unchanged
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$362.7m6.91%	6.91%	Unchanged
6	ISHARES TR IBOXX INV CP ETF LQD	LQD	2,771,727	$309.0m5.88%	5.88%	Added +2.7m	+2,700,000 3764.3%
7	JANUS DETROIT STR TR HENDRSON AAA CL JAAA	JAAA	6,000,000	$304.7m5.80%	5.80%	New
8	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$119.5m2.27%	2.27%	Unchanged
9	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	811,512	$111.8m2.13%	2.13%	Added +21.7k	+21,665 2.7%
10	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	114,785	$76.5m1.46%	1.46%	Added +25.4k	+25,418 28.4%
11	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	539,000	$71.2m1.36%	1.36%	Added +55.5k	+55,513 11.5%
12	ISHARES TR 7-10 YR TRSY BD IEF	IEF	631,843	$60.9m1.16%	1.16%	Reduced -11.1k	-11,101 -1.7%
13	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	61,866,000	$57.2m1.09%	1.09%	Added +23.9m	+23,852,000 62.8%
14	ISHARES INC MSCI WORLD ETF URTH	URTH	311,111	$56.5m1.08%	1.08%	Reduced -47.0k	-46,990 -13.1%
15	WHEATON PRECIOUS METALS CORP COM WPM	WPM	446,693	$50.0m0.95%	0.95%	Added +7.9k	+7,917 1.8%
16	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	668,860	$47.0m0.90%	0.90%	Reduced -6.9k	-6,942 -1.0%
17	ACCELERANT HOLDINGS CL A ARX	ARX	3,128,867	$46.4m0.88%	0.88%	New
18	ISHARES TR S&P 500 GRWT ETF IVW	IVW	371,209	$44.8m0.85%	0.85%	Added +126.8k	+126,777 51.9%
19	ISHARES TR BROAD USD HIGH USHY	USHY	1,183,000	$44.7m0.85%	0.85%	Added +737.5k	+737,500 165.5%
20	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	780,000	$39.9m0.76%	0.76%	Unchanged
21	SEA LTD SPONSORD ADS SE	SE	209,385	$37.4m0.71%	0.71%	Reduced -20.2k	-20,185 -8.8%
22	ISHARES TR EUROPE ETF IEV	IEV	566,323	$37.1m0.71%	0.71%	Reduced -157.1k	-157,114 -21.7%
23	PARSONS CORP DEL NOTE 2.625% 3/0 · principal PSN 2.625 03.01.29 · principal	PSN 2.625 03.01.29	30,086,000	$34.3m0.65%	0.65%	Added +131.0k	+131,000 0.4%
24	CRH PLC ORD CRH	CRH	278,498	$33.4m0.64%	0.64%	Reduced -10.9k	-10,931 -3.8%
25	ISHARES TR EXPANDED TECH IGV	IGV	271,138	$31.2m0.59%	0.59%	Unchanged
26	ISHARES TR MSCI EMG MKT ETF EEM	EEM	530,684	$28.3m0.54%	0.54%	Reduced -37.0k	-36,963 -6.5%
27	NU HLDGS LTD ORD SHS CL A NU	NU	1,586,267	$25.4m0.48%	0.48%	Added +146.8k	+146,798 10.2%
28	BLACKROCK ETF TRUST ISHARES US EQUIT DYNF	DYNF	424,811	$25.1m0.48%	0.48%	New
29	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	22,731,000	$22.9m0.44%	0.44%	Added +104.0k	+104,000 0.5%
30	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	35,299	$21.6m0.41%	0.41%	Unchanged
31	AON PLC SHS CL A AON	AON	59,633	$21.3m0.40%	0.40%	Added +55.2k	+55,186 1241.0%
32	HDFC BANK LTD SPONSORED ADS HDB	HDB	595,858	$20.4m0.39%	0.39%	Added +334	+334 0.1%
33	BEIGENE LTD SPONSORED ADR ONC	ONC	55,604	$18.9m0.36%	0.36%	Unchanged
34	UNITI GROUP LLC NOTE 7.500%12/0 · principal UNIT 7.5 12.01.27 · principal	UNIT 7.5 12.01.27	16,735,000	$18.0m0.34%	0.34%	New
35	QIAGEN NV COM SHS QGEN	QGEN	407,259	$18.0m0.34%	0.34%	Unchanged
36	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	684,400	$16.3m0.31%	0.31%	Reduced -3.5k	-3,500 -0.5%
37	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	198,666	$15.9m0.30%	0.30%	Unchanged
38	SUNCOR ENERGY INC NEW COM SU	SU	353,855	$14.8m0.28%	0.28%	Unchanged
39	CHEVRON CORP NEW COM CVX	CVX	92,405	$14.3m0.27%	0.27%	Added +47.8k	+47,830 107.3%
40	LINDE PLC SHS LIN	LIN	29,001	$13.8m0.26%	0.26%	Reduced -2.5k	-2,511 -8.0%
41	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,204,430	$13.7m0.26%	0.26%	Unchanged
42	CONTANGO ORE INC COM CTGO	CTGO	476,190	$11.9m0.23%	0.23%	Unchanged
43	EXXON MOBIL CORP COM XOM	XOM	102,087	$11.5m0.22%	0.22%	Reduced -21.9k	-21,895 -17.7%
44	VANGUARD WORLD FD INF TECH ETF VGT	VGT	15,411	$11.5m0.22%	0.22%	Unchanged
45	YUM CHINA HLDGS INC COM YUMC	YUMC	259,487	$11.1m0.21%	0.21%	Reduced -1.4k	-1,359 -0.5%
46	CONOCOPHILLIPS COM COP	COP	112,811	$10.7m0.20%	0.20%	Added +229	+229 0.2%
47	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	$9.6m0.18%	0.18%	Unchanged
48	NEWMONT CORP COM NEM	NEM	113,776	$9.6m0.18%	0.18%	Added +28.2k	+28,215 33.0%
49	ENBRIDGE INC COM ENB	ENB	185,942	$9.4m0.18%	0.18%	Unchanged
50	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	37,056	$9.2m0.17%	0.17%	Reduced -1.2k	-1,220 -3.2%
51	NABORS INDUSTRIES LTD SHS NBR	NBR	212,527	$8.7m0.17%	0.17%	Unchanged
52	VALE S A SPONSORED ADS VALE	VALE	792,650	$8.6m0.16%	0.16%	Unchanged
53	VNET GROUP INC SPONSORED ADS A VNET	VNET	832,077	$8.6m0.16%	0.16%	Unchanged
54	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	1,134,326	$8.3m0.16%	0.16%	Reduced -73.8k	-73,823 -6.1%
55	CREDICORP LTD COM BAP	BAP	30,712	$8.2m0.16%	0.16%	Reduced -4.0k	-4,025 -11.6%
56	ISHARES TR GLOB UTILITS ETF JXI	JXI	102,707	$8.0m0.15%	0.15%	New
57	CORTEVA INC COM CTVA	CTVA	117,723	$8.0m0.15%	0.15%	Reduced -60.5k	-60,550 -34.0%
58	ARCHER DANIELS MIDLAND CO COM ADM	ADM	132,105	$7.9m0.15%	0.15%	Added +107.0k	+106,969 425.6%
59	EOG RES INC COM EOG	EOG	69,643	$7.8m0.15%	0.15%	Unchanged
60	AGNICO EAGLE MINES LTD COM AEM	AEM	45,029	$7.6m0.14%	0.14%	Unchanged
61	DARLING INGREDIENTS INC COM DAR	DAR	243,613	$7.5m0.14%	0.14%	Added +84.2k	+84,156 52.8%
62	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	72,617	$7.2m0.14%	0.14%	Unchanged
63	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	89,940	$7.0m0.13%	0.13%	Added +54.1k	+54,084 150.8%
64	MICROSOFT CORP COM MSFT	MSFT	13,482	$7.0m0.13%	0.13%	Unchanged
65	EQT CORP COM EQT	EQT	126,786	$6.9m0.13%	0.13%	Added +62.3k	+62,316 96.7%
66	NVIDIA CORPORATION COM NVDA	NVDA	35,858	$6.7m0.13%	0.13%	Reduced -2.1k	-2,064 -5.4%
67	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	674,385	$6.7m0.13%	0.13%	Unchanged
68	PAN AMERN SILVER CORP COM PAAS	PAAS	168,158	$6.5m0.12%	0.12%	Reduced -84.0k	-84,016 -33.3%
69	FABRINET SHS FN	FN	17,033	$6.2m0.12%	0.12%	Reduced -4.5k	-4,455 -20.7%
70	SPDR GOLD TR GOLD SHS GLD	GLD	17,393	$6.2m0.12%	0.12%	Unchanged
71	ISHARES INC MSCI EURZONE ETF EZU	EZU	99,439	$6.2m0.12%	0.12%	Reduced -77.7k	-77,731 -43.9%
72	NUCOR CORP COM NUE	NUE	44,646	$6.0m0.12%	0.12%	Unchanged
73	CAMDEN PPTY TR SH BEN INT CPT	CPT	57,104	$5.7m0.11%	0.11%	Unchanged
74	BARINGS PARTN INVS SH BEN INT MPV	MPV	280,341	$5.6m0.11%	0.11%	Added +2.6k	+2,638 0.9%
75	AMAZON COM INC COM AMZN	AMZN	23,804	$5.2m0.10%	0.10%	Unchanged
76	GRUPO CIBEST SA SPON ADS CIB	CIB	97,893	$5.1m0.10%	0.10%	Added +50.1k	+50,056 104.6%
77	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	428,646	$5.1m0.10%	0.10%	Reduced -251.5k	-251,534 -37.0%
78	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	275,381	$5.0m0.10%	0.10%	Reduced -320.8k	-320,766 -53.8%
79	NUTRIEN LTD COM NTR	NTR	81,694	$4.8m0.09%	0.09%	Reduced -12.1k	-12,059 -12.9%
80	FREEPORT-MCMORAN INC CL B FCX	FCX	120,080	$4.7m0.09%	0.09%	New
81	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$4.6m0.09%	0.09%	Unchanged
82	TECK RESOURCES LTD CL B TECK	TECK	95,582	$4.2m0.08%	0.08%	Reduced -47.8k	-47,797 -33.3%
83	ISHARES TR MSCI ACWI ETF ACWI	ACWI	28,922	$4.0m0.08%	0.08%	Reduced -8.5k	-8,487 -22.7%
84	POTLATCHDELTIC CORPORATION COM PCH	PCH	96,231	$3.9m0.07%	0.07%	Unchanged
85	ALPHABET INC CAP STK CL A GOOGL	GOOGL	15,035	$3.7m0.07%	0.07%	Reduced -406	-406 -2.6%
86	ISHARES INC MSCI HONG KG ETF EWH	EWH	163,993	$3.5m0.07%	0.07%	Reduced -44.5k	-44,546 -21.4%
87	APPLE INC COM AAPL	AAPL	13,663	$3.5m0.07%	0.07%	Reduced -626	-626 -4.4%
88	VALERO ENERGY CORP COM VLO	VLO	19,903	$3.4m0.06%	0.06%	Unchanged
89	DEERE & CO COM DE	DE	7,387	$3.4m0.06%	0.06%	Unchanged
90	BUNGE GLOBAL SA COM SHS BG	BG	38,342	$3.1m0.06%	0.06%	Reduced -8.1k	-8,067 -17.4%
91	TRACTOR SUPPLY CO COM TSCO	TSCO	54,380	$3.1m0.06%	0.06%	Reduced -6.3k	-6,262 -10.3%
92	FERRARI N V COM RACE	RACE	6,382	$3.1m0.06%	0.06%	Added +3.1k	+3,091 93.9%
93	EQUITY RESIDENTIAL SH BEN INT VMRK	VMRK	52,076	$3.1m0.06%	0.06%	Unchanged
94	SPDR SERIES TRUST BLOOMBERG INTL IBND	IBND	94,656	$3.1m0.06%	0.06%	New
95	ISHARES TR GLB INFRASTR ETF IGF	IGF	49,750	$3.0m0.06%	0.06%	Added +17.4k	+17,423 53.9%
96	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	480,322	$3.0m0.06%	0.06%	Reduced -17.3k	-17,258 -3.5%
97	ISHARES TR ESG AWRE USD ETF SUSC	SUSC	121,432	$2.9m0.05%	0.05%	Reduced -25.7k	-25,741 -17.5%
98	WEYERHAEUSER CO MTN BE COM NEW WY	WY	107,546	$2.7m0.05%	0.05%	Unchanged
99	VISA INC COM CL A V	V	7,552	$2.6m0.05%	0.05%	Added +2.4k	+2,361 45.5%
100	MOSAIC CO NEW COM MOS	MOS	73,895	$2.6m0.05%	0.05%	Reduced -120.3k	-120,346 -62.0%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
ISHARES TR QUAL	QUAL	275,752	$50.4m275.8k shares
VANGUARD WORLD FD VFH	VFH	88,974	$11.3m89.0k shares
CHAGEE HLDGS LTD CHA	CHA	432,851	$11.3m432.9k shares
KE HLDGS INC BEKE	BEKE	529,988	$9.4m530.0k shares
ECOLAB INC ECL	ECL	19,742	$5.3m19.7k shares
UPSTART HLDGS INC UPST 0.25 08.15.26	UPST 0.25 08.15.26	5,000,000	$4.7m5.0m shares
HESS CORP HES	HES	31,295	$4.3m31.3k shares
SCHLUMBERGER LTD SLB	SLB	126,156	$4.3m126.2k shares
FIRST TR MORNINGSTAR DIVID L FDL	FDL	88,348	$3.7m88.3k shares
XP INC XP	XP	124,535	$2.5m124.5k shares
UNITEDHEALTH GROUP INC UNH	UNH	3,448	$1.1m3.4k shares
ISHARES TR IDV	IDV	25,989	$896.9k26.0k shares
SELECT SECTOR SPDR TR XLF	XLF	15,150	$793.4k15.2k shares
ISHARES TR AGG	AGG	7,164	$710.7k7.2k shares
SOCIEDAD QUIMICA Y MINERA DE SQM	SQM	18,861	$665.2k18.9k shares
BLOCK INC XYZ	XYZ	8,752	$594.5k8.8k shares
ISHARES TR SHV	SHV	1,966	$217.1k2.0k shares
INFOSYS LTD INFY	INFY	10,008	$185.4k10.0k 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