BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2026-02-12

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)

$5.4bn reported value +3.3% vs Q3 2025

169positions

73.6%in top 10

16 new 47 added 61 reduced 18 sold out vs Q3 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. – $16.3m of shares are in both reports

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

Holdings, Q4 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	1,717,450	$1.2bn21.83%	21.83%	Added +114.2k	+114,197 7.1%
2	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	906,307	$561.4m10.34%	10.34%	Added +11.9k	+11,900 1.3%
3	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,657,750	$540.0m9.95%	9.95%	Added +33.3k	+33,300 2.0%
4	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$407.3m7.51%	7.51%	Unchanged
5	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$361.7m6.66%	6.66%	Unchanged
6	ISHARES TR IBOXX INV CP ETF LQD	LQD	2,771,727	$305.4m5.63%	5.63%	Unchanged
7	JANUS DETROIT STR TR HENDRSON AAA CL JAAA	JAAA	6,000,000	$303.5m5.59%	5.59%	Unchanged
8	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$125.2m2.31%	2.31%	Unchanged
9	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	884,856	$124.8m2.30%	2.30%	Added +73.3k	+73,344 9.0%
10	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	75,891,000	$81.7m1.51%	1.51%	Added +14.0m	+14,025,000 22.7%
11	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	654,567	$74.2m1.37%	1.37%	Added +115.6k	+115,567 21.4%
12	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	97,330	$66.4m1.22%	1.22%	Reduced -17.5k	-17,455 -15.2%
13	ISHARES TR 7-10 YR TRSY BD IEF	IEF	659,861	$63.5m1.17%	1.17%	Added +28.0k	+28,018 4.4%
14	ISHARES INC MSCI WORLD ETF URTH	URTH	288,921	$53.7m0.99%	0.99%	Reduced -22.2k	-22,190 -7.1%
15	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	539,228	$46.5m0.86%	0.86%	Reduced -129.6k	-129,632 -19.4%
16	ISHARES TR BROAD USD HIGH USHY	USHY	1,191,000	$44.5m0.82%	0.82%	Added +8.0k	+8,000 0.7%
17	WHEATON PRECIOUS METALS CORP COM WPM	WPM	378,880	$44.5m0.82%	0.82%	Reduced -67.8k	-67,813 -15.2%
18	ACCELERANT HOLDINGS CL A ARX	ARX	3,128,867	$41.9m0.77%	0.77%	Unchanged
19	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	780,000	$39.7m0.73%	0.73%	Unchanged
20	PARSONS CORP DEL NOTE 2.625% 3/0 · principal PSN 2.625 03.01.29 · principal	PSN 2.625 03.01.29	38,105,000	$39.2m0.72%	0.72%	Added +8.0m	+8,019,000 26.6%
21	ISHARES TR S&P 500 GRWT ETF IVW	IVW	269,017	$33.2m0.61%	0.61%	Reduced -102.2k	-102,192 -27.5%
22	ISHARES TR EUROPE ETF IEV	IEV	472,278	$32.4m0.60%	0.60%	Reduced -94.0k	-94,045 -16.6%
23	CRH PLC ORD CRH	CRH	258,726	$32.3m0.59%	0.59%	Reduced -19.8k	-19,772 -7.1%
24	VANGUARD WORLD FD INF TECH ETF VGT	VGT	38,218	$28.8m0.53%	0.53%	Added +22.8k	+22,807 148.0%
25	SEA LTD SPONSORD ADS SE	SE	223,923	$28.6m0.53%	0.53%	Added +14.5k	+14,538 6.9%
26	BLACKROCK ETF TRUST ISHARES US EQUIT DYNF	DYNF	466,291	$28.4m0.52%	0.52%	Added +41.5k	+41,480 9.8%
27	NU HLDGS LTD ORD SHS CL A NU	NU	1,584,505	$26.5m0.49%	0.49%	Reduced -1.8k	-1,762 -0.1%
28	TOTALENERGIES SE ACT TTE	TTE	406,567	$26.5m0.49%	0.49%	New
29	AON PLC SHS CL A AON	AON	71,077	$25.1m0.46%	0.46%	Added +11.4k	+11,444 19.2%
30	HDFC BANK LTD SPONSORED ADS HDB	HDB	682,813	$24.9m0.46%	0.46%	Added +87.0k	+86,955 14.6%
31	SABRE GLBL INC NOTE 7.320% 8/0 · principal SABHLD 7.32 08.01.26 · principal	SABHLD 7.32 08.01.26	22,093,000	$22.2m0.41%	0.41%	Reduced -638.0k	-638,000 -2.8%
32	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	35,299	$22.1m0.41%	0.41%	Unchanged
33	QIAGEN NV COM SHS QGEN	QGEN	407,259	$18.6m0.34%	0.34%	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	$18.4m0.34%	0.34%	Unchanged
35	OMNICELL COM NOTE 1.000%12/0 · principal OMCL 1 12.01.29 · principal	OMCL 1 12.01.29	15,735,000	$17.0m0.31%	0.31%	New
36	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	651,200	$15.6m0.29%	0.29%	Reduced -33.2k	-33,200 -4.8%
37	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	190,000	$14.4m0.27%	0.27%	Added +100.1k	+100,060 111.2%
38	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	177,148	$14.3m0.26%	0.26%	Reduced -21.5k	-21,518 -10.8%
39	NEWMONT CORP COM NEM	NEM	141,128	$14.1m0.26%	0.26%	Added +27.4k	+27,352 24.0%
40	CHEVRON CORP NEW COM CVX	CVX	92,398	$14.1m0.26%	0.26%	Reduced -7	-7 -0.0%
41	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,204,430	$13.8m0.25%	0.25%	Unchanged
42	BEIGENE LTD SPONSORED ADR ONC	ONC	42,815	$13.0m0.24%	0.24%	Reduced -12.8k	-12,789 -23.0%
43	CONTANGO ORE INC COM CTGO	CTGO	476,190	$12.6m0.23%	0.23%	Unchanged
44	EXXON MOBIL CORP COM XOM	XOM	102,087	$12.3m0.23%	0.23%	Unchanged
45	FREEPORT-MCMORAN INC CL B FCX	FCX	235,039	$11.9m0.22%	0.22%	Added +115.0k	+114,959 95.7%
46	ISHARES TR EXPANDED TECH IGV	IGV	108,479	$11.5m0.21%	0.21%	Reduced -162.7k	-162,659 -60.0%
47	VALE S A SPONSORED ADS VALE	VALE	878,365	$11.4m0.21%	0.21%	Added +85.7k	+85,715 10.8%
48	ISHARES TR MSCI EMG MKT ETF EEM	EEM	197,788	$10.8m0.20%	0.20%	Reduced -332.9k	-332,896 -62.7%
49	CONOCOPHILLIPS COM COP	COP	114,783	$10.7m0.20%	0.20%	Added +2.0k	+1,972 1.8%
50	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	$9.8m0.18%	0.18%	Unchanged
51	NABORS INDUSTRIES LTD SHS NBR	NBR	179,841	$9.8m0.18%	0.18%	Reduced -32.7k	-32,686 -15.4%
52	ENBRIDGE INC COM ENB	ENB	185,942	$8.9m0.16%	0.16%	Unchanged
53	SOUTHERN COPPER CORP COM SCCO	SCCO	61,478	$8.8m0.16%	0.16%	Added +53.8k	+53,793 700.0%
54	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	32,670	$8.3m0.15%	0.15%	Reduced -4.4k	-4,386 -11.8%
55	CREDICORP LTD COM BAP	BAP	28,289	$8.1m0.15%	0.15%	Reduced -2.4k	-2,423 -7.9%
56	ISHARES TR GLOB UTILITS ETF JXI	JXI	102,707	$8.1m0.15%	0.15%	Unchanged
57	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	79,217	$8.0m0.15%	0.15%	Added +6.6k	+6,600 9.1%
58	EOG RES INC COM EOG	EOG	75,916	$8.0m0.15%	0.15%	Added +6.3k	+6,273 9.0%
59	NUTRIEN LTD COM NTR	NTR	126,808	$7.8m0.14%	0.14%	Added +45.1k	+45,114 55.2%
60	FABRINET SHS FN	FN	17,033	$7.8m0.14%	0.14%	Unchanged
61	AGNICO EAGLE MINES LTD COM AEM	AEM	45,029	$7.6m0.14%	0.14%	Unchanged
62	PAN AMERN SILVER CORP COM PAAS	PAAS	138,681	$7.2m0.13%	0.13%	Reduced -29.5k	-29,477 -17.5%
63	DARLING INGREDIENTS INC COM DAR	DAR	189,772	$6.8m0.13%	0.13%	Reduced -53.8k	-53,841 -22.1%
64	EQT CORP COM EQT	EQT	126,786	$6.8m0.13%	0.13%	Unchanged
65	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	723,802	$6.6m0.12%	0.12%	Added +49.4k	+49,417 7.3%
66	MICROSOFT CORP COM MSFT	MSFT	13,598	$6.6m0.12%	0.12%	Added +116	+116 0.9%
67	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	891,821	$6.4m0.12%	0.12%	Reduced -242.5k	-242,505 -21.4%
68	ISHARES INC MSCI EURZONE ETF EZU	EZU	99,439	$6.4m0.12%	0.12%	Unchanged
69	CAMDEN PPTY TR SH BEN INT CPT	CPT	57,104	$6.3m0.12%	0.12%	Unchanged
70	TECK RESOURCES LTD CL B TECK	TECK	129,609	$6.2m0.11%	0.11%	Added +34.0k	+34,027 35.6%
71	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	68,047	$5.8m0.11%	0.11%	Added +59.9k	+59,934 738.7%
72	NVIDIA CORPORATION COM NVDA	NVDA	30,750	$5.7m0.11%	0.11%	Reduced -5.1k	-5,108 -14.2%
73	EPAM SYS INC COM EPAM	EPAM	26,486	$5.4m0.10%	0.10%	New
74	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	77,312	$5.3m0.10%	0.10%	New
75	CORTEVA INC COM CTVA	CTVA	74,807	$5.0m0.09%	0.09%	Reduced -42.9k	-42,916 -36.5%
76	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	428,646	$4.8m0.09%	0.09%	Unchanged
77	ISHARES TR MSCI ACWI ETF ACWI	ACWI	33,428	$4.7m0.09%	0.09%	Added +4.5k	+4,506 15.6%
78	AMAZON COM INC COM AMZN	AMZN	19,799	$4.6m0.08%	0.08%	Reduced -4.0k	-4,005 -16.8%
79	BARINGS PARTN INVS SH BEN INT MPV	MPV	283,014	$4.5m0.08%	0.08%	Added +2.7k	+2,673 0.9%
80	COTERRA ENERGY INC COM CTRA	CTRA	167,626	$4.4m0.08%	0.08%	Added +82.3k	+82,298 96.5%
81	LINDE PLC SHS LIN	LIN	9,604	$4.1m0.08%	0.08%	Reduced -19.4k	-19,397 -66.9%
82	CAMECO CORP COM CCJ	CCJ	44,548	$4.1m0.08%	0.08%	Added +14.3k	+14,272 47.1%
83	ALPHABET INC CAP STK CL A GOOGL	GOOGL	13,012	$4.1m0.08%	0.08%	Reduced -2.0k	-2,023 -13.5%
84	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$4.0m0.07%	0.07%	Unchanged
85	BUNGE GLOBAL SA COM SHS BG	BG	44,655	$4.0m0.07%	0.07%	Added +6.3k	+6,313 16.5%
86	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	78,600	$4.0m0.07%	0.07%	New
87	SPDR GOLD TR GOLD SHS GLD	GLD	9,828	$3.9m0.07%	0.07%	Reduced -7.6k	-7,565 -43.5%
88	SUNCOR ENERGY INC NEW COM SU	SU	87,175	$3.9m0.07%	0.07%	Reduced -266.7k	-266,680 -75.4%
89	APPLE INC COM AAPL	AAPL	13,353	$3.6m0.07%	0.07%	Reduced -310	-310 -2.3%
90	CF INDS HLDGS INC COM CF	CF	45,674	$3.5m0.07%	0.07%	Added +30.8k	+30,820 207.5%
91	GRUPO CIBEST SA SPON ADS CIB	CIB	54,273	$3.5m0.06%	0.06%	Reduced -43.6k	-43,620 -44.6%
92	ISHARES TR GLB INFRASTR ETF IGF	IGF	54,808	$3.4m0.06%	0.06%	Added +5.1k	+5,058 10.2%
93	ARCHER DANIELS MIDLAND CO COM ADM	ADM	58,121	$3.3m0.06%	0.06%	Reduced -74.0k	-73,984 -56.0%
94	DEERE & CO COM DE	DE	7,130	$3.3m0.06%	0.06%	Reduced -257	-257 -3.5%
95	EQUITY RESIDENTIAL SH BEN INT VMRK	VMRK	52,076	$3.3m0.06%	0.06%	Unchanged
96	VALERO ENERGY CORP COM VLO	VLO	19,903	$3.2m0.06%	0.06%	Unchanged
97	VISA INC COM CL A V	V	9,222	$3.2m0.06%	0.06%	Added +1.7k	+1,670 22.1%
98	FIRST TR EXCH TRADED FD III PFD SECS INC ETF FPE	FPE	175,090	$3.2m0.06%	0.06%	Reduced -100.3k	-100,291 -36.4%
99	BLACKROCK TCP CAPITAL CORP COM TCPC	TCPC	540,615	$3.0m0.05%	0.05%	Added +60.3k	+60,293 12.6%
100	JPMORGAN CHASE & CO COM JPM	JPM	8,627	$2.8m0.05%	0.05%	Added +2.9k	+2,914 51.0%

Sold out since Q3 2025

Security	Ticker	Shares held before	Value then
YUM CHINA HLDGS INC YUMC	YUMC	259,487	$11.1m259.5k shares
VNET GROUP INC VNET	VNET	832,077	$8.6m832.1k shares
NUCOR CORP NUE	NUE	44,646	$6.0m44.6k shares
BBB FOODS INC TBBB	TBBB	72,659	$2.0m72.7k shares
ISHARES TR HYG	HYG	19,500	$1.6m19.5k shares
WAYFAIR INC W 3.25 09.15.27	W 3.25 09.15.27	1,020,000	$1.6m1.0m shares
VANECK ETF TRUST BIZD	BIZD	95,622	$1.4m95.6k shares
LIFE360 INC LIF	LIF	7,727	$821.4k7.7k shares
SALESFORCE INC CRM	CRM	3,216	$762.2k3.2k shares
GRAPHIC PACKAGING HLDG CO GPK	GPK	37,245	$728.9k37.2k shares
CLOUDFLARE INC NET	NET	3,325	$713.5k3.3k shares
COUPANG INC CPNG	CPNG	21,790	$701.6k21.8k shares
INVESCO EXCHANGE TRADED FD T RSP	RSP	1,750	$332.0k1.8k shares
NEXTERA ENERGY INC NEE	NEE	4,395	$331.8k4.4k shares
ISHARES INC EEMA	EEMA	3,550	$325.7k3.5k shares
CONSTELLATION ENERGY CORP CEG	CEG	654	$215.2k654 shares
ISHARES TR MCHI	MCHI	2,944	$193.9k2.9k shares
ISHARES INC EMXC	EMXC	2,706	$182.7k2.7k 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