Barings LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 9, 2025), Barings LLC reported 158 stock positions worth $3.9 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 22.9% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 10.9%) and iShares Russell 2000 Growth (IWO, 10.6%). Compared with Q4 2024, it opened 11 new positions, sold out of 12, added to 36 and reduced 77. The biggest buy was iShares Europe ETF (IEV, shares +3871%) and the biggest sale iShares Core S&P 500 ETF (IVV, shares −16%).
- Most Recent 13F
- Q2 2026
- Location
- CHARLOTTE, NC
- CIK
- 0000009015
- Portfolio Value
- $3.9B (Q1 2025)
- SEC Filing
- 0000009015-25-000009 ↗ filed May 9, 2025
Holdings Value
Holdings 158 stocks · $3.9B
| IVV iShares Core S&P 500 ETF | 22.87% | 1,599,221 | $898.6M | Reduce -16.0% |
| QQQ Invesco QQQ Trust Series 1 | 10.88% | 911,307 | $427.3M | Add +2.1% |
| IWO iShares Russell 2000 Growth | 10.65% | 1,623,850 | $418.3M | Add +5.2% |
| VCSH Vanguard S/T Corp. Bond ETF | 10.26% | 5,108,527 | $403.3M | Reduce -0.8% |
| IGSB iShares 1-5Y Inv Grade Corp. | 9.12% | 6,840,027 | $358.2M | No change |
| BBDC Barings BDC Inc. | 3.31% | 13,639,681 | $130.1M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.59% | 111,583 | $62.4M | Add +89.5% |
| PDD PDD Holdings Inc. | 1.54% | 511,703 | $60.6M | Reduce -30.7% |
| IEF iShares 7-10 Year Treasury B | 1.53% | 629,394 | $60.0M | Add +5.6% |
| QUAL iShares MSCI USA Quality Fac | 1.25% | 287,541 | $49.1M | Add +24.4% |
| URTH iShares MSCI World ETF | 1.23% | 314,245 | $48.1M | Add +26.2% |
| FLOT iShares Floating Rate Bond E | 1.01% | 780,000 | $39.8M | Reduce -10.3% |
| IEV iShares Europe ETF | 1.01% | 682,193 | $39.7M | Add +3871.3% |
| SE Sea Ltd.-ADR | 0.97% | 291,272 | $38.0M | Reduce -2.9% |
| WPM Wheaton Precious Metals Corp. | 0.92% | 468,069 | $36.3M | Reduce -17.6% |
| SHV iShares 0-1 Year Treasury Bo | 0.85% | 301,611 | $33.3M | New |
| CRH CRH PLC | 0.73% | 324,565 | $28.6M | Reduce -32.7% |
| AU Anglogold Ashanti PLC | 0.69% | 727,628 | $27.2M | Reduce -15.5% |
| EEM iShares MSCI Emerging Market | 0.63% | 567,647 | $24.8M | New |
| IGV iShares Expanded Tech-Softwa | 0.61% | 271,138 | $24.1M | Add +83.4% |
| VT Vanguard Tot World STK ETF | 0.60% | 204,961 | $23.8M | Add +756.8% |
| YUMC Yum China Holdings Inc. | 0.59% | 447,969 | $23.3M | Reduce -16.6% |
| SUSC iShares ESG Aware Usd Corpor | 0.59% | 1,009,387 | $23.3M | Reduce -23.5% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.59% | 1,151,606 | $23.1M | Reduce -7.0% |
| HDB HDFC Bank Ltd.-ADR | 0.54% | 319,467 | $21.2M | Reduce -12.6% |
| VFH Vanguard Financials ETF | 0.54% | 177,546 | $21.2M | New |
| VOO Vanguard S&P 500 ETF | 0.52% | 39,721 | $20.4M | Reduce -24.4% |
| SPHD Invesco S&P 500 High Dividen | 0.48% | 376,798 | $18.9M | Reduce -23.0% |
| LIN Linde PLC | 0.44% | 37,527 | $17.5M | Reduce -17.8% |
| QGEN Qiagen N.V. | 0.41% | 407,996 | $16.2M | Add +1.1% |
| SU Suncor Energy Inc. | 0.40% | 404,920 | $15.7M | Reduce -27.0% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.39% | 55,604 | $15.1M | Reduce -22.1% |
| EMBD Global X Emerging Markets BD | 0.38% | 651,900 | $14.9M | Add +35.3% |
| XOM Exxon Mobil Corp. | 0.38% | 124,369 | $14.8M | Reduce -31.9% |
| AGG iShares Core U.S. Aggregate | 0.36% | 141,889 | $14.0M | Add +11.8% |
| QQQM Invesco Nasdaq 100 ETF | 0.34% | 69,013 | $13.3M | Reduce -5.3% |
| CEMB iShares JP Morgan Em Corpora | 0.31% | 272,442 | $12.3M | Reduce -17.9% |
| ENB Enbridge Inc. | 0.31% | 277,354 | $12.3M | Reduce -8.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.31% | 110,627 | $12.0M | No change |
| FPE FT-Preferred Secur & Inc. ETF | 0.28% | 622,445 | $10.9M | Reduce -1.7% |
| EZU iShares MSCI Eurozone ETF | 0.26% | 193,846 | $10.3M | Add +63.9% |
| VGT Vanguard Info Tech ETF | 0.26% | 18,474 | $10.0M | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.24% | 920,556 | $9.4M | No change |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.24% | 721,452 | $9.4M | No change |
| CTVA Corteva Inc. | 0.24% | 149,466 | $9.4M | Add +37.0% |
| COP Conocophillips | 0.24% | 88,102 | $9.3M | Reduce -13.4% |
| NBR Nabors Industries Ltd. | 0.23% | 212,526 | $8.9M | New |
| MOS The Mosaic Co. | 0.22% | 322,205 | $8.7M | Add +166.1% |
| VALE Vale SA-SP ADR | 0.21% | 845,593 | $8.4M | Add +5.6% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.21% | 1,514,547 | $8.3M | Add +10.0% |
| EOG EOG Resources Inc. | 0.20% | 60,352 | $7.7M | Reduce -24.6% |
| CVX Chevron Corp. | 0.19% | 44,794 | $7.5M | Reduce -43.8% |
| AEM Agnico Eagle Mines Ltd. | 0.19% | 67,590 | $7.3M | Reduce -24.2% |
| VNET Vnet Group Inc.-ADR | 0.17% | 832,077 | $6.8M | New |
| PAAS Pan American Silver Corp. | 0.17% | 255,120 | $6.6M | Add +25.1% |
| BAP Credicorp Ltd. | 0.16% | 34,737 | $6.5M | No change |
| NTR Nutrien Ltd. | 0.16% | 126,661 | $6.3M | Reduce -3.0% |
| ML Moneylion Inc. | 0.15% | 67,620 | $5.8M | No change |
| DAR Darling Ingredients Inc. | 0.14% | 182,031 | $5.7M | Add +21.5% |
| SHW The Sherwin-Williams Co. | 0.14% | 16,200 | $5.7M | Reduce -17.3% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.14% | 795,740 | $5.6M | Reduce -0.5% |
| FMX Fomento Economico Mex-SP ADR | 0.14% | 55,129 | $5.4M | Reduce -31.2% |
| NUE Nucor Corp. | 0.14% | 44,646 | $5.4M | Reduce -19.2% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.14% | 127,748 | $5.3M | Add +102.3% |
| MCI Barings Corporate Investors | 0.13% | 219,664 | $5.1M | No change |
| VLO Valero Energy Corp. | 0.13% | 38,580 | $5.1M | Reduce -30.1% |
| MSFT Microsoft Corp. | 0.13% | 13,540 | $5.1M | Add +5.4% |
| CNH CNH Industrial NV | 0.13% | 410,115 | $5.0M | No change |
| ECL Ecolab Inc. | 0.13% | 19,667 | $5.0M | Reduce -21.5% |
| HES Hess Corp. | 0.13% | 31,095 | $5.0M | New |
| CTGO Contango Silver & Gold Inc. | 0.12% | 476,190 | $4.9M | No change |
| MPV Barings Participation Invest | 0.12% | 275,017 | $4.8M | Add +1.4% |
| AMZN Amazon.com Inc. | 0.12% | 25,412 | $4.8M | Reduce -3.1% |
| MOAT Vaneck Morningstar Wide Moat | 0.12% | 53,593 | $4.7M | Reduce -79.4% |
| EOSE Eos Energy Enterprises Inc. | 0.12% | 1,199,018 | $4.5M | Reduce -50.1% |
| LI Li Auto Inc. - ADR | 0.11% | 177,533 | $4.5M | No change |
| IEUR iShares Core MSCI Europe ETF | 0.11% | 74,003 | $4.5M | Add +64.3% |
| PCH Potlatchdeltic Corp. | 0.11% | 98,366 | $4.4M | Add +317.6% |
| FN Fabrinet | 0.11% | 21,488 | $4.2M | No change |
| WY Weyerhaeuser Co. | 0.11% | 144,453 | $4.2M | Add +14.5% |
| AAPL Apple Inc. | 0.10% | 18,445 | $4.1M | Add +5.7% |
| EWH iShares MSCI Hong Kong ETF | 0.10% | 228,337 | $4.0M | Reduce -46.9% |
| TCPC BlackRock TCP Capital Corp. | 0.10% | 497,580 | $4.0M | Add +3.6% |
| BIZD Vaneck BDC Income ETF | 0.10% | 236,283 | $4.0M | No change |
| TECK Teck Resources Ltd.-CLS B | 0.10% | 106,356 | $3.9M | Reduce -28.8% |
| CWB SS SPDR BB Conv Sec ETF | 0.09% | 47,196 | $3.6M | New |
| DE Deere & Co. | 0.09% | 7,620 | $3.6M | Reduce -18.9% |
| EDU New Oriental Educatio-SP ADR | 0.09% | 72,337 | $3.5M | Reduce -68.7% |
| BG Bunge Global SA | 0.09% | 45,003 | $3.4M | Reduce -20.3% |
| NVDA Nvidia Corp. | 0.08% | 30,649 | $3.3M | Reduce -14.8% |
| ACWI iShares MSCI Acwi ETF | 0.08% | 26,991 | $3.1M | No change |
| IVW iShares S&P 500 Growth ETF | 0.08% | 32,851 | $3.0M | Reduce -36.0% |
| FDL First Trust Morn DVD Lead Inc. | 0.07% | 66,766 | $2.9M | Reduce -8.4% |
| EAGG iShares ESG Aware US Aggrega | 0.07% | 60,909 | $2.9M | No change |
| AGCO Agco Corp. | 0.07% | 30,386 | $2.8M | No change |
| TSCO Tractor Supply Company | 0.07% | 50,108 | $2.8M | Reduce -16.1% |
| UNH Unitedhealth Group Inc. | 0.07% | 5,255 | $2.8M | Reduce -22.8% |
| VCLT Vanguard Long-Term Corp. Bond | 0.07% | 35,856 | $2.7M | Reduce -50.6% |
| GOOGL Alphabet Inc. Class A | 0.07% | 17,304 | $2.7M | Reduce -29.0% |
| NEM Newmont Corp. | 0.07% | 53,005 | $2.6M | Reduce -27.1% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $77.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | 22,704,000 | $24.1M | Add +36.1% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 20,000,000 | $19.9M | New |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 22,497,000 | $19.3M | Add +15.7% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 10,000,000 | $9.3M | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 5,000,000 | $4.9M | New |
Total filed on the 13F, all lines: $4.0B.
Portfolio Sells Q4 2024 → Q1 2025
| IVV iShares Core S&P 500 ETF | Reduce -16.0% | 22.87% | −4.05 |
| VYM Vanguard High DVD Yield ETF | Sold out | 0.00% | −1.73 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -79.4% | 0.12% | −0.46 |
| CRH CRH PLC | Reduce -32.7% | 0.73% | −0.34 |
| EDU New Oriental Educatio-SP ADR | Reduce -68.7% | 0.09% | −0.27 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.21 |
| PDD PDD Holdings Inc. | Reduce -30.7% | 1.54% | −0.18 |
| EOSE Eos Energy Enterprises Inc. | Reduce -50.1% | 0.12% | −0.17 |
| VOO Vanguard S&P 500 ETF | Reduce -24.4% | 0.52% | −0.16 |
| VWO Vanguard Ftse Emerging Marke | Reduce -76.8% | 0.05% | −0.14 |
| SUSC iShares ESG Aware Usd Corpor | Reduce -23.5% | 0.59% | −0.13 |
| XOM Exxon Mobil Corp. | Reduce -31.9% | 0.38% | −0.10 |
| CVX Chevron Corp. | Reduce -43.8% | 0.19% | −0.09 |
| SPHD Invesco S&P 500 High Dividen | Reduce -23.0% | 0.48% | −0.09 |
| SU Suncor Energy Inc. | Reduce -27.0% | 0.40% | −0.08 |
| CF CF Industries Holdings Inc. | Reduce -71.9% | 0.03% | −0.08 |
| EWH iShares MSCI Hong Kong ETF | Reduce -46.9% | 0.10% | −0.07 |
| VCLT Vanguard Long-Term Corp. Bond | Reduce -50.6% | 0.07% | −0.06 |
| BBD Banco Bradesco-ADR | Sold out | 0.00% | −0.06 |
| LW Lamb Weston Holdings Inc. | Sold out | 0.00% | −0.05 |
| FLOT iShares Floating Rate Bond E | Reduce -10.3% | 1.01% | −0.05 |
| IVW iShares S&P 500 Growth ETF | Reduce -36.0% | 0.08% | −0.05 |
| TECK Teck Resources Ltd.-CLS B | Reduce -28.8% | 0.10% | −0.05 |
| GOOGL Alphabet Inc. Class A | Reduce -29.0% | 0.07% | −0.04 |
| CEMB iShares JP Morgan Em Corpora | Reduce -17.9% | 0.31% | −0.04 |
| EOG EOG Resources Inc. | Reduce -24.6% | 0.20% | −0.04 |
| VLO Valero Energy Corp. | Reduce -30.1% | 0.13% | −0.03 |
| NVDA Nvidia Corp. | Reduce -14.8% | 0.08% | −0.03 |
| CRM Salesforce Inc. | Reduce -45.0% | 0.03% | −0.03 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -5.3% | 0.34% | −0.03 |
| FMX Fomento Economico Mex-SP ADR | Reduce -31.2% | 0.14% | −0.03 |
| YUMC Yum China Holdings Inc. | Reduce -16.6% | 0.59% | −0.03 |
| HDB HDFC Bank Ltd.-ADR | Reduce -12.6% | 0.54% | −0.02 |
| PCTY Paylocity Holding Corp. | Sold out | 0.00% | −0.02 |
| SCCO Southern Copper Corp. | Reduce -42.8% | 0.03% | −0.02 |
| NUE Nucor Corp. | Reduce -19.2% | 0.14% | −0.02 |
| BG Bunge Global SA | Reduce -20.3% | 0.09% | −0.02 |
| SHW The Sherwin-Williams Co. | Reduce -17.3% | 0.14% | −0.02 |
| SQM Quimica Y Minera Chil-SP ADR | Reduce -40.9% | 0.03% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -3.1% | 0.12% | −0.02 |
| TBBB BBB Foods Inc. Class A | Reduce -56.6% | 0.01% | −0.01 |
| ECL Ecolab Inc. | Reduce -21.5% | 0.13% | −0.01 |
| LIN Linde PLC | Reduce -17.8% | 0.44% | −0.01 |
| XYZ Block Inc. | Reduce -16.8% | 0.02% | −0.01 |
| ADM Archer-Daniels-Midland Co. | Reduce -28.4% | 0.03% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -22.8% | 0.07% | −0.01 |
| SOXX iShares Semiconductor ETF | Reduce -24.4% | 0.03% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -40.7% | 0.02% | −0.01 |
| GOOG Alphabet Inc. Class C | Reduce -39.0% | 0.01% | −0.01 |
| CPNG Coupang Inc. | Reduce -36.1% | 0.02% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| IEV iShares Europe ETF | Add +3871.3% | 1.01% | +0.99 |
| SHV iShares 0-1 Year Treasury Bo | New | 0.85% | +0.85 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +89.5% | 1.59% | +0.76 |
| EEM iShares MSCI Emerging Market | New | 0.63% | +0.63 |
| VFH Vanguard Financials ETF | New | 0.54% | +0.54 |
| VT Vanguard Tot World STK ETF | Add +756.8% | 0.60% | +0.54 |
| URTH iShares MSCI World ETF | Add +26.2% | 1.23% | +0.29 |
| QUAL iShares MSCI USA Quality Fac | Add +24.4% | 1.25% | +0.26 |
| IGV iShares Expanded Tech-Softwa | Add +83.4% | 0.61% | +0.26 |
| NBR Nabors Industries Ltd. | New | 0.23% | +0.23 |
| IEF iShares 7-10 Year Treasury B | Add +5.6% | 1.53% | +0.20 |
| VNET Vnet Group Inc.-ADR | New | 0.17% | +0.17 |
| MOS The Mosaic Co. | Add +166.1% | 0.22% | +0.15 |
| EZU iShares MSCI Eurozone ETF | Add +63.9% | 0.26% | +0.13 |
| HES Hess Corp. | New | 0.13% | +0.13 |
| EMBD Global X Emerging Markets BD | Add +35.3% | 0.38% | +0.12 |
| CWB SS SPDR BB Conv Sec ETF | New | 0.09% | +0.09 |
| PCH Potlatchdeltic Corp. | Add +317.6% | 0.11% | +0.09 |
| CTVA Corteva Inc. | Add +37.0% | 0.24% | +0.09 |
| SLB SLB Ltd. | Add +102.3% | 0.14% | +0.08 |
| PAAS Pan American Silver Corp. | Add +25.1% | 0.17% | +0.07 |
| AGG iShares Core U.S. Aggregate | Add +11.8% | 0.36% | +0.06 |
| IEUR iShares Core MSCI Europe ETF | Add +64.3% | 0.11% | +0.05 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +10.0% | 0.21% | +0.05 |
| VALE Vale SA-SP ADR | Add +5.6% | 0.21% | +0.04 |
| XLF SS Financial Select Sector | New | 0.04% | +0.04 |
| MCHI iShares MSCI China ETF | Add +153.9% | 0.06% | +0.04 |
| DAR Darling Ingredients Inc. | Add +21.5% | 0.14% | +0.02 |
| WY Weyerhaeuser Co. | Add +14.5% | 0.11% | +0.02 |
| BANCOLOMBIA S.A.-SPONS ADR | New | 0.02% | +0.02 |
| FIS Fidelity National Info Serv | Add +52.2% | 0.05% | +0.02 |
| TKO Tko Group Holdings Inc. | Add +30.0% | 0.05% | +0.02 |
| MPV Barings Participation Invest | Add +1.4% | 0.12% | +0.01 |
| ABT Abbott Laboratories | New | 0.01% | +0.01 |
| KORE Kore Group Holdings Inc. | New | 0.00% | +0.00 |
| IBN Icici Bank Ltd.-Spon ADR | Add +17.9% | 0.01% | +0.00 |
| TJX TJX Companies Inc. | Add +3.8% | 0.02% | +0.00 |
| AXON Axon Enterprise Inc. | Add +9.7% | 0.04% | +0.00 |
| TCPC BlackRock TCP Capital Corp. | Add +3.6% | 0.10% | +0.00 |
| BGH Barings GLBL SHRT Dur Hi YLD | Add +2.3% | 0.01% | +0.00 |
| AAPL Apple Inc. | Add +5.7% | 0.10% | −0.00 |
| MSFT Microsoft Corp. | Add +5.4% | 0.13% | −0.00 |
| URI United Rentals Inc. | Add +3.7% | 0.03% | −0.00 |
| TSLA Tesla Inc. | Add +32.7% | 0.01% | −0.00 |
| IWO iShares Russell 2000 Growth | Add +5.2% | 10.65% | −0.03 |
| QGEN Qiagen N.V. | Add +1.1% | 0.41% | −0.03 |
| QQQ Invesco QQQ Trust Series 1 | Add +2.1% | 10.88% | −0.09 |
Notes & Other Activity Q4 2024 → Q1 2025
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | Add +36.1% | 22,704,000 | $24.1M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 20,000,000 | $19.9M |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | Add +15.7% | 22,497,000 | $19.3M |
| ITRON INC (ITRI 0 03/15/26) | NOTE 3/1 · principal | Sold out | 5,000,000 | $5.2Mbefore exit |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | New | 5,000,000 | $4.9M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 184 | $5.4B | IVV, QQQ, IWO, VCSH, IGSB |
| Q1 2026 | 173 | $6.0B | IVV, LQD, JAAA, QQQ, IWO |
| Q4 2025 | 163 | $5.2B | IVV, QQQ, IWO, VCSH, IGSB |
| Q3 2025 | 165 | $5.1B | IVV, QQQ, IWO, VCSH, IGSB |
| Q2 2025 | 165 | $4.2B | IVV, QQQ, IWO, VCSH, IGSB |
| Q1 2025 | 158 | $3.9B | IVV, QQQ, IWO, VCSH, IGSB |
| Q4 2024 | 159 | $4.2B | IVV, QQQ, IWO, VCSH, IGSB |
| Q3 2024 | 153 | $4.2B | IVV, QQQ, IWO, VCSH, IGSB |
| Q2 2024Amended | 147 | $4.1B | IVV, QQQ, IWO, VCSH, IGSB |
| Q1 2024 | 150 | $3.9B | IVV, QQQ, IWO, VCSH, IGSB |