BARINGS LLC

CHARLOTTE, NC · CIK 9015 · 13F filing filed 2026-05-06

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)

$6.2bn reported value +14.1% vs Q4 2025

179positions

75.9%in top 10

30 new 51 added 49 reduced 20 sold out vs Q4 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. – $16.5m of shares are in both reports

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

Holdings, Q1 2026

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	1,673,647	$1.1bn17.16%	17.16%	Reduced -43.8k	-43,803 -2.5%
2	ISHARES TR IBOXX INV CP ETF LQD	LQD	8,612,363	$938.7m15.16%	15.16%	Added +5.8m	+5,840,636 210.7%
3	JANUS DETROIT STR TR HENDRSON AAA CL JAAA	JAAA	12,909,176	$650.2m10.50%	10.50%	Added +6.9m	+6,909,176 115.2%
4	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	900,207	$502.6m8.11%	8.11%	Reduced -6.1k	-6,100 -0.7%
5	ISHARES TR RUS 2000 GRW ETF IWO	IWO	1,608,750	$484.3m7.82%	7.82%	Reduced -49.0k	-49,000 -3.0%
6	VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD VCSH	VCSH	5,108,527	$405.0m6.54%	6.54%	Unchanged
7	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,840,027	$359.5m5.80%	5.80%	Unchanged
8	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	866,336	$119.8m1.93%	1.93%	Reduced -18.5k	-18,520 -2.1%
9	BARINGS BDC INC COM BBDC	BBDC	13,639,681	$112.3m1.81%	1.81%	Unchanged
10	HERBALIFE LTD NOTE 4.250% 6/1 · principal HLF 4.25 06.15.28 · principal	HLF 4.25 06.15.28	56,825,000	$67.8m1.09%	1.09%	Reduced -19.1m	-19,066,000 -25.1%
11	PDD HOLDINGS INC SPONSORED ADS PDD	PDD	649,229	$66.3m1.07%	1.07%	Reduced -5.3k	-5,338 -0.8%
12	TOTALENERGIES SE ACT TTE	TTE	605,230	$56.6m0.91%	0.91%	Added +198.7k	+198,663 48.9%
13	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	78,005	$50.7m0.82%	0.82%	Reduced -19.3k	-19,325 -19.9%
14	ISHARES INC MSCI WORLD ETF URTH	URTH	265,375	$47.8m0.77%	0.77%	Reduced -23.5k	-23,546 -8.2%
15	ACCELERANT HOLDINGS CL A ARX	ARX	3,128,867	$46.1m0.74%	0.74%	Unchanged
16	ISHARES TR BROAD USD HIGH USHY	USHY	1,236,891	$45.6m0.74%	0.74%	Added +45.9k	+45,891 3.9%
17	PARSONS CORP DEL NOTE 2.625% 3/0 · principal PSN 2.625 03.01.29 · principal	PSN 2.625 03.01.29	46,123,000	$45.4m0.73%	0.73%	Added +8.0m	+8,018,000 21.0%
18	ANGLOGOLD ASHANTI PLC COM SHS AU	AU	428,469	$41.6m0.67%	0.67%	Reduced -110.8k	-110,759 -20.5%
19	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	780,000	$39.7m0.64%	0.64%	Unchanged
20	WHEATON PRECIOUS METALS CORP COM WPM	WPM	270,943	$35.6m0.57%	0.57%	Reduced -107.9k	-107,937 -28.5%
21	ISHARES TR MSCI EMG MKT ETF EEM	EEM	603,890	$34.3m0.55%	0.55%	Added +406.1k	+406,102 205.3%
22	UNITI GROUP LLC NOTE 7.500%12/0 · principal UNIT 7.5 12.01.27 · principal	UNIT 7.5 12.01.27	27,621,000	$32.9m0.53%	0.53%	Added +10.9m	+10,886,000 65.0%
23	ISHARES TR EUROPE ETF IEV	IEV	469,187	$31.9m0.51%	0.51%	Reduced -3.1k	-3,091 -0.7%
24	ISHARES INC MSCI JPN ETF NEW EWJ	EWJ	335,770	$28.4m0.46%	0.46%	Added +158.6k	+158,622 89.5%
25	BLACKROCK ETF TRUST ISHARES US EQUIT DYNF	DYNF	482,660	$28.1m0.45%	0.45%	Added +16.4k	+16,369 3.5%
26	ASTRAZENECA PLC ORD AZN	AZN	143,032	$27.8m0.45%	0.45%	New
27	ISHARES TR 7-10 YR TRSY BD IEF	IEF	288,213	$27.5m0.44%	0.44%	Reduced -371.6k	-371,648 -56.3%
28	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	$22.0m0.36%	0.36%	Unchanged
29	CRH PLC ORD CRH	CRH	203,034	$21.3m0.34%	0.34%	Reduced -55.7k	-55,692 -21.5%
30	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	35,299	$21.1m0.34%	0.34%	Unchanged
31	VANGUARD WORLD FD INF TECH ETF VGT	VGT	29,983	$20.9m0.34%	0.34%	Reduced -8.2k	-8,235 -21.6%
32	CHEVRON CORP NEW COM CVX	CVX	100,446	$20.8m0.34%	0.34%	Added +8.0k	+8,048 8.7%
33	SEA LTD SPONSORD ADS SE	SE	245,298	$20.3m0.33%	0.33%	Added +21.4k	+21,375 9.6%
34	ISHARES TR EXPANDED TECH IGV	IGV	240,898	$19.3m0.31%	0.31%	Added +132.4k	+132,419 122.1%
35	SUNCOR ENERGY INC NEW COM SU	SU	288,783	$19.1m0.31%	0.31%	Added +201.6k	+201,608 231.3%
36	VANGUARD INDEX FDS VALUE ETF VTV	VTV	92,190	$18.1m0.29%	0.29%	New
37	EXXON MOBIL CORP COM XOM	XOM	102,460	$17.4m0.28%	0.28%	Added +373	+373 0.4%
38	NUTRIEN LTD COM NTR	NTR	216,325	$16.3m0.26%	0.26%	Added +89.5k	+89,517 70.6%
39	HDFC BANK LTD SPONSORED ADS HDB	HDB	616,036	$15.3m0.25%	0.25%	Reduced -66.8k	-66,777 -9.8%
40	OMNICELL COM NOTE 1.000%12/0 · principal OMCL 1 12.01.29 · principal	OMCL 1 12.01.29	15,735,000	$15.3m0.25%	0.25%	Unchanged
41	CONOCOPHILLIPS COM COP	COP	115,421	$15.2m0.25%	0.25%	Added +638	+638 0.6%
42	NU HLDGS LTD ORD SHS CL A NU	NU	1,056,857	$15.2m0.25%	0.25%	Reduced -527.6k	-527,648 -33.3%
43	AON PLC SHS CL A AON	AON	46,248	$14.9m0.24%	0.24%	Reduced -24.8k	-24,829 -34.9%
44	GLOBAL X FDS X EMERGING MKT EMBD	EMBD	607,700	$14.1m0.23%	0.23%	Reduced -43.5k	-43,500 -6.7%
45	QIAGEN NV ORD SHARES QGEN	QGEN	329,512	$13.2m0.21%	0.21%	New
46	BEIGENE LTD SPONSORED ADR ONC	ONC	42,815	$12.7m0.21%	0.21%	Unchanged
47	DARLING INGREDIENTS INC COM DAR	DAR	189,772	$11.7m0.19%	0.19%	Unchanged
48	NEWMONT CORP COM NEM	NEM	101,437	$11.0m0.18%	0.18%	Reduced -39.7k	-39,691 -28.1%
49	EOG RES INC COM EOG	EOG	75,916	$11.0m0.18%	0.18%	Unchanged
50	COTERRA ENERGY INC COM CTRA	CTRA	304,689	$10.7m0.17%	0.17%	Added +137.1k	+137,063 81.8%
51	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	90,614	$10.1m0.16%	0.16%	Added +11.4k	+11,397 14.4%
52	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	$9.8m0.16%	0.16%	Unchanged
53	CREDICORP LTD COM BAP	BAP	28,289	$9.6m0.15%	0.15%	Unchanged
54	VALE S A SPONSORED ADS VALE	VALE	595,179	$9.5m0.15%	0.15%	Reduced -283.2k	-283,186 -32.2%
55	INVESCO EXCH TRADED FD TR II NASDAQ 100 ETF QQQM	QQQM	39,184	$9.3m0.15%	0.15%	Added +6.5k	+6,514 19.9%
56	AGNICO EAGLE MINES LTD COM AEM	AEM	45,303	$9.2m0.15%	0.15%	Added +274	+274 0.6%
57	CONTANGO ORE INC COM CTGO	CTGO	476,190	$8.9m0.14%	0.14%	Unchanged
58	FABRINET SHS FN	FN	17,033	$8.9m0.14%	0.14%	Unchanged
59	ISHARES TR GLOB UTILITS ETF JXI	JXI	102,707	$8.9m0.14%	0.14%	Unchanged
60	ISHARES TR RUSSELL 2000 ETF IWM	IWM	34,127	$8.5m0.14%	0.14%	New
61	FREEPORT-MCMORAN INC CL B FCX	FCX	143,096	$8.4m0.14%	0.14%	Reduced -91.9k	-91,943 -39.1%
62	H WORLD GROUP LTD SPONSORED ADS HTHT	HTHT	166,166	$8.4m0.13%	0.13%	New
63	CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR AXIAY	AXIAY	723,802	$8.2m0.13%	0.13%	Unchanged
64	CF INDS HLDGS INC COM CF	CF	62,560	$8.1m0.13%	0.13%	Added +16.9k	+16,886 37.0%
65	FUTU HLDGS LTD SPON ADS CL A FUTU	FUTU	58,054	$7.9m0.13%	0.13%	Added +56.5k	+56,475 3576.6%
66	WILLIAMS COS INC COM WMB	WMB	103,911	$7.6m0.12%	0.12%	New
67	DIAMONDBACK ENERGY INC COM FANG	FANG	38,099	$7.5m0.12%	0.12%	New
68	ITAU UNIBANCO HLDG S A SPON ADR REP PFD ITUB	ITUB	891,821	$7.5m0.12%	0.12%	Unchanged
69	FERRARI N V COM RACE	RACE	21,998	$7.3m0.12%	0.12%	Added +19.6k	+19,616 823.5%
70	SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B SQM	SQM	87,186	$7.1m0.11%	0.11%	Added +9.9k	+9,874 12.8%
71	DOW INC COM DOW	DOW	169,361	$7.1m0.11%	0.11%	New
72	ENBRIDGE INC COM ENB	ENB	129,888	$7.0m0.11%	0.11%	Reduced -56.1k	-56,054 -30.1%
73	VANGUARD SCOTTSDALE FDS LG-TERM COR BD VCLT	VCLT	93,545	$7.0m0.11%	0.11%	Reduced -96.5k	-96,455 -50.8%
74	PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG PBR.A	PBR.A	368,794	$6.9m0.11%	0.11%	Reduced -59.9k	-59,852 -14.0%
75	VALERO ENERGY CORP COM VLO	VLO	27,199	$6.7m0.11%	0.11%	Added +7.3k	+7,296 36.7%
76	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	72,487	$6.7m0.11%	0.11%	Added +4.4k	+4,440 6.5%
77	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	88,751	$6.6m0.11%	0.11%	New
78	BARRICK MNG CORP COM SHS B	B	153,789	$6.3m0.10%	0.10%	New
79	ISHARES INC MSCI EURZONE ETF EZU	EZU	99,439	$6.2m0.10%	0.10%	Unchanged
80	SOUTHERN COPPER CORP COM SCCO	SCCO	35,037	$6.0m0.10%	0.10%	Reduced -26.4k	-26,441 -43.0%
81	NVIDIA CORPORATION COM NVDA	NVDA	34,314	$6.0m0.10%	0.10%	Added +3.6k	+3,564 11.6%
82	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	1,204,430	$6.0m0.10%	0.10%	Unchanged
83	GRUPO CIBEST SA SPON ADS CIB	CIB	81,500	$5.9m0.10%	0.10%	Added +27.2k	+27,227 50.2%
84	CAMDEN PPTY TR SH BEN INT CPT	CPT	57,104	$5.8m0.09%	0.09%	Unchanged
85	CORTEVA INC COM CTVA	CTVA	65,361	$5.5m0.09%	0.09%	Reduced -9.4k	-9,446 -12.6%
86	BUNGE GLOBAL SA COM SHS BG	BG	41,774	$5.3m0.09%	0.09%	Reduced -2.9k	-2,881 -6.5%
87	TECK RESOURCES LTD CL B TECK	TECK	102,025	$5.3m0.09%	0.09%	Reduced -27.6k	-27,584 -21.3%
88	ISHARES TR GLB INFRASTR ETF IGF	IGF	75,803	$5.1m0.08%	0.08%	Added +21.0k	+20,995 38.3%
89	BARINGS PARTN INVS SH BEN INT MPV	MPV	285,875	$4.9m0.08%	0.08%	Added +2.9k	+2,861 1.0%
90	CAMECO CORP COM CCJ	CCJ	44,548	$4.8m0.08%	0.08%	Unchanged
91	LINDE PLC SHS LIN	LIN	9,604	$4.8m0.08%	0.08%	Unchanged
92	ISHARES TR MSCI ACWI ETF ACWI	ACWI	34,394	$4.8m0.08%	0.08%	Added +966	+966 2.9%
93	MICROSOFT CORP COM MSFT	MSFT	11,998	$4.4m0.07%	0.07%	Reduced -1.6k	-1,600 -11.8%
94	DEERE & CO COM DE	DE	7,765	$4.4m0.07%	0.07%	Added +635	+635 8.9%
95	ISHARES TR BLACKROCK ULTRA ICSH	ICSH	78,600	$4.0m0.06%	0.06%	Unchanged
96	ARCHER DANIELS MIDLAND CO COM ADM	ADM	54,713	$4.0m0.06%	0.06%	Reduced -3.4k	-3,408 -5.9%
97	XP INC CL A XP	XP	200,683	$3.8m0.06%	0.06%	New
98	BARINGS CORPORATE INVS COM MCI	MCI	219,664	$3.8m0.06%	0.06%	Unchanged
99	WEYERHAEUSER CO MTN BE COM NEW WY	WY	154,951	$3.8m0.06%	0.06%	Added +50.5k	+50,494 48.3%
100	EQT CORP COM EQT	EQT	58,517	$3.7m0.06%	0.06%	Reduced -68.3k	-68,269 -53.9%

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
ISHARES TR IVW	IVW	269,017	$33.2m269.0k shares
QIAGEN NV QGEN	QGEN	407,259	$18.6m407.3k shares
NABORS INDUSTRIES LTD NBR	NBR	179,841	$9.8m179.8k shares
PAN AMERN SILVER CORP PAAS	PAAS	138,681	$7.2m138.7k shares
SHERWIN WILLIAMS CO SHW	SHW	7,091	$2.3m7.1k shares
ISHARES TR SUSC	SUSC	90,424	$2.1m90.4k shares
POTLATCHDELTIC CORPORATION PCH	PCH	43,064	$1.7m43.1k shares
PETROLEO BRASILEIRO SA PETRO PBR	PBR	73,545	$871.5k73.5k shares
MCDONALDS CORP MCD	MCD	2,045	$625.0k2.0k shares
MAGNUM ICE CREAM CO NV MICC	MICC	33,796	$535.4k33.8k shares
TJX COS INC NEW TJX	TJX	2,897	$445.0k2.9k shares
ICICI BANK LIMITED IBN	IBN	10,724	$319.6k10.7k shares
ABBVIE INC ABBV	ABBV	1,298	$296.6k1.3k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	392	$227.1k392 shares
MERCK & CO INC MRK	MRK	2,011	$211.7k2.0k shares
ORACLE CORP ORCL	ORCL	1,085	$211.5k1.1k shares
ABBOTT LABS ABT	ABT	1,644	$206.0k1.6k shares
GOLDMAN SACHS GROUP INC GS	GS	234	$205.7k234 shares
INTERNATIONAL BUSINESS MACHS IBM	IBM	686	$203.2k686 shares
NEBIUS GROUP N.V. NBIS	NBIS	90,661	$090.7k 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