Barings LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Barings LLC reported 165 stock positions worth $4.2 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 23.4% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 11.7%) and iShares Russell 2000 Growth (IWO, 11.4%). Compared with Q1 2025, it opened 18 new positions, sold out of 11, added to 47 and reduced 74. The biggest buy was Vanguard Tot World STK ETF (VT, shares +285%) and the biggest sale iShares 0-1 Year Treasury Bo (SHV, shares −99%).

Most Recent 13F
Q2 2026
Location
CHARLOTTE, NC
CIK
0000009015
Portfolio Value
$4.2B (Q2 2025)
SEC Filing
0000009015-25-000015 ↗ filed Aug 12, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $3.9B Q1 2024 Q2 2024: $4.1B Q2 2024 Q3 2024: $4.2B Q3 2024 Q4 2024: $4.2B Q4 2024 Q1 2025: $3.9B Q1 2025 Q2 2025: $4.2B $4.2B Q2 2025 Q3 2025: $5.1B Q3 2025 Q4 2025: $5.2B Q4 2025 Q1 2026: $6.0B Q1 2026 Q2 2026: $5.4B Q2 2026

Holdings 165 stocks · $4.2B
IVV iShares Core S&P 500 ETF 23.44% 1,585,258 $978.8M Reduce -0.9%
QQQ Invesco QQQ Trust Series 1 11.73% 893,407 $489.7M Reduce -2.0%
IWO iShares Russell 2000 Growth 11.40% 1,670,950 $476.2M Add +2.9%
VCSH Vanguard S/T Corp. Bond ETF 9.73% 5,108,527 $406.1M No change
IGSB iShares 1-5Y Inv Grade Corp. 8.64% 6,840,027 $360.9M No change
BBDC Barings BDC Inc. 2.99% 13,639,681 $124.7M No change
VT Vanguard Tot World STK ETF 2.43% 789,847 $101.5M Add +285.4%
IEF iShares 7-10 Year Treasury B 1.47% 642,944 $61.6M Add +2.1%
URTH iShares MSCI World ETF 1.45% 358,101 $60.7M Add +14.0%
SPY SS SPDR S&P 500 ETF Trust-US 1.32% 89,367 $55.2M Reduce -19.9%
PDD PDD Holdings Inc. 1.21% 483,487 $50.6M Reduce -5.5%
QUAL iShares MSCI USA Quality Fac 1.21% 275,752 $50.4M Reduce -4.1%
IEV iShares Europe ETF 1.10% 723,437 $45.8M Add +6.0%
FLOT iShares Floating Rate Bond E 0.95% 780,000 $39.8M No change
WPM Wheaton Precious Metals Corp. 0.95% 438,776 $39.5M Reduce -6.3%
SE Sea Ltd.-ADR 0.88% 229,570 $36.7M Reduce -21.2%
AU Anglogold Ashanti PLC 0.73% 675,802 $30.6M Reduce -7.1%
IGV iShares Expanded Tech-Softwa 0.71% 271,138 $29.7M No change
EEM iShares MSCI Emerging Market 0.66% 567,647 $27.4M No change
IVW iShares S&P 500 Growth ETF 0.64% 244,432 $26.9M Add +644.1%
CRH CRH PLC 0.64% 289,429 $26.6M Reduce -10.8%
HDB HDFC Bank Ltd.-ADR 0.55% 297,762 $22.8M Reduce -6.8%
VOO Vanguard S&P 500 ETF 0.48% 35,299 $20.1M Reduce -11.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.47% 1,439,469 $19.7M Add +56.4%
QGEN Qiagen N.V. 0.47% 407,259 $19.6M Reduce -0.2%
USHY iShares Broad Usd High Yield 0.40% 445,500 $16.7M New
EMBD Global X Emerging Markets BD 0.38% 687,900 $16.0M Add +5.5%
EWJ iShares MSCI Japan ETF 0.36% 198,666 $14.9M Add +450.2%
LIN Linde PLC 0.35% 31,512 $14.8M Reduce -16.0%
ONC Beone Medicines Ltd.-ADR 0.32% 55,604 $13.5M No change
XOM Exxon Mobil Corp. 0.32% 123,982 $13.4M Reduce -0.3%
CTVA Corteva Inc. 0.32% 178,273 $13.3M Add +19.3%
SU Suncor Energy Inc. 0.32% 353,855 $13.3M Reduce -12.6%
YUMC Yum China Holdings Inc. 0.28% 260,846 $11.7M Reduce -41.8%
VFH Vanguard Financials ETF 0.27% 88,974 $11.3M Reduce -49.9%
CHA Chagee Holdings Ltd.-ADR 0.27% 432,851 $11.3M New
FPE FT-Preferred Secur & Inc. ETF 0.25% 596,147 $10.6M Reduce -4.2%
EZU iShares MSCI Eurozone ETF 0.25% 177,170 $10.5M Reduce -8.6%
VGT Vanguard Info Tech ETF 0.24% 15,411 $10.2M Reduce -16.6%
COP Conocophillips 0.24% 112,582 $10.1M Add +27.8%
RSP Invesco S&P 500 Equal Weight 0.23% 53,853 $9.8M New
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC 0.23% 529,988 $9.4M Reduce -54.0%
CTGO Contango Silver & Gold Inc. 0.22% 476,190 $9.3M No change
QQQM Invesco Nasdaq 100 ETF 0.21% 38,276 $8.7M Reduce -44.5%
ENB Enbridge Inc. 0.20% 185,942 $8.4M Reduce -33.0%
EOG EOG Resources Inc. 0.20% 69,643 $8.3M Add +15.4%
ITUB Itau Unibanco H-Spon PRF ADR 0.20% 1,208,149 $8.2M Reduce -20.2%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.19% 71,727 $7.9M Reduce -35.2%
PBR.A Petroleo Brasil-SP Pref ADR 0.19% 680,180 $7.8M Reduce -5.7%
BAP Credicorp Ltd. 0.19% 34,737 $7.8M No change
VALE Vale SA-SP ADR 0.18% 792,650 $7.7M Reduce -6.3%
FMX Fomento Economico Mex-SP ADR 0.18% 72,617 $7.5M Add +31.7%
PAAS Pan American Silver Corp. 0.17% 252,174 $7.2M Reduce -1.1%
MOS The Mosaic Co. 0.17% 194,241 $7.1M Reduce -39.7%
MSFT Microsoft Corp. 0.16% 13,482 $6.7M Reduce -0.4%
CVX Chevron Corp. 0.15% 44,575 $6.4M Reduce -0.5%
FN Fabrinet 0.15% 21,488 $6.3M No change
EOSE Eos Energy Enterprises Inc. 0.15% 1,204,430 $6.2M Add +0.5%
DAR Darling Ingredients Inc. 0.14% 159,457 $6.0M Reduce -12.4%
NVDA Nvidia Corp. 0.14% 37,922 $6.0M Add +23.7%
NBR Nabors Industries Ltd. 0.14% 212,527 $6.0M Add +0.0%
TECK Teck Resources Ltd.-CLS B 0.14% 143,379 $5.8M Add +34.8%
NUE Nucor Corp. 0.14% 44,646 $5.8M No change
VNET Vnet Group Inc.-ADR 0.14% 832,077 $5.7M No change
CPT Camden Property Trust 0.14% 57,104 $5.7M New
MPV Barings Participation Invest 0.13% 277,703 $5.6M Add +1.0%
NTR Nutrien Ltd. 0.13% 93,753 $5.5M Reduce -26.0%
AEM Agnico Eagle Mines Ltd. 0.13% 45,029 $5.4M Reduce -33.4%
ECL Ecolab Inc. 0.13% 19,742 $5.3M Add +0.4%
GLD SPDR Gold Shares 0.13% 17,393 $5.3M New
AMZN Amazon.com Inc. 0.13% 23,804 $5.2M Reduce -6.3%
CNH CNH Industrial NV 0.12% 397,255 $5.1M Reduce -3.1%
AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR 0.12% 674,385 $5.0M Reduce -15.3%
NEM Newmont Corp. 0.12% 85,561 $5.0M Add +61.4%
ACWI iShares MSCI Acwi ETF 0.12% 37,409 $4.8M Add +38.6%
MCI Barings Corporate Investors 0.11% 219,664 $4.8M No change
SHW The Sherwin-Williams Co. 0.11% 13,492 $4.6M Reduce -16.7%
HES Hess Corp. 0.10% 31,295 $4.3M Add +0.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.10% 126,156 $4.3M Reduce -1.3%
EWH iShares MSCI Hong Kong ETF 0.10% 208,539 $4.1M Reduce -8.7%
BIZD Vaneck BDC Income ETF 0.09% 236,283 $3.8M No change
TCPC BlackRock TCP Capital Corp. 0.09% 497,580 $3.8M No change
EQT Eqt Corp. 0.09% 64,470 $3.8M New
DE Deere & Co. 0.09% 7,387 $3.8M Reduce -3.1%
BG Bunge Global SA 0.09% 46,409 $3.7M Add +3.1%
FDL First Trust Morn DVD Lead Inc. 0.09% 88,348 $3.7M Add +32.3%
PCH Potlatchdeltic Corp. 0.09% 96,231 $3.7M Reduce -2.2%
MOAT Vaneck Morningstar Wide Moat 0.09% 38,945 $3.7M Reduce -27.3%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL 0.09% 52,076 $3.6M New
SUSC iShares ESG Aware Usd Corpor 0.08% 147,173 $3.4M Reduce -85.4%
TSCO Tractor Supply Company 0.08% 60,642 $3.2M Add +21.0%
AGCO Agco Corp. 0.07% 29,433 $3.0M Reduce -3.1%
AAPL Apple Inc. 0.07% 14,289 $2.9M Reduce -22.5%
EAGG iShares ESG Aware US Aggrega 0.07% 60,909 $2.9M No change
IEUR iShares Core MSCI Europe ETF 0.07% 42,951 $2.8M Reduce -42.0%
WY Weyerhaeuser Co. 0.07% 107,546 $2.8M Reduce -25.6%
VCLT Vanguard Long-Term Corp. Bond 0.07% 35,856 $2.7M No change
GOOGL Alphabet Inc. Class A 0.07% 15,441 $2.7M Reduce -10.8%
VLO Valero Energy Corp. 0.06% 19,903 $2.7M Reduce -48.4%
XP XP Inc. Class A 0.06% 124,535 $2.5M No change

Show all 165 holdings

Other holdings (6): bonds, preferreds, convertibles and warrants · $106.4M (not counted above)
SecurityClassShares / PrincipalValueChange
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 38,014,000$34.4MAdd +69.0%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 29,955,000$31.8MAdd +49.8%
SABRE GLBL INC (SABHLD 7.32 08/01/26) NOTE 7.320% 8/0 · principal 22,627,000$24.9MReduce -0.3%
ZIFF DAVIS INC (ZD 3.625 03/01/28) DEBT 3.625% 3/0 · principal 10,000,000$9.3MNew
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal 5,000,000$4.7MReduce -50.0%
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 1,020,000$1.2MReduce -79.6%

Total filed on the 13F, all lines: $4.3B.

Portfolio Sells Q1 2025 → Q2 2025
SHV iShares 0-1 Year Treasury Bo Reduce -99.3% 0.01% −0.84
SUSC iShares ESG Aware Usd Corpor Reduce -85.4% 0.08% −0.51
SPHD Invesco S&P 500 High Dividen Sold out 0.00% −0.48
BEKE Ke Holdings Inc.-ADR Reduce -54.0% 0.23% −0.36
AGG iShares Core U.S. Aggregate Reduce -95.0% 0.02% −0.34
PDD PDD Holdings Inc. Reduce -5.5% 1.21% −0.33
YUMC Yum China Holdings Inc. Reduce -41.8% 0.28% −0.31
CEMB iShares JP Morgan Em Corpora Sold out 0.00% −0.31
VFH Vanguard Financials ETF Reduce -49.9% 0.27% −0.27
SPY SS SPDR S&P 500 ETF Trust-US Reduce -19.9% 1.32% −0.27
ML Moneylion Inc. Sold out 0.00% −0.15
QQQM Invesco Nasdaq 100 ETF Reduce -44.5% 0.21% −0.13
LQD Ishr Ibx Usd Invgd CB ETF-Ui Reduce -35.2% 0.19% −0.12
LI Li Auto Inc. - ADR Sold out 0.00% −0.11
ENB Enbridge Inc. Reduce -33.0% 0.20% −0.11
CWB SS SPDR BB Conv Sec ETF Sold out 0.00% −0.09
LIN Linde PLC Reduce -16.0% 0.35% −0.09
CRH CRH PLC Reduce -10.8% 0.64% −0.09
SE Sea Ltd.-ADR Reduce -21.2% 0.88% −0.09
EDU New Oriental Educatio-SP ADR Sold out 0.00% −0.09
SU Suncor Energy Inc. Reduce -12.6% 0.32% −0.08
VLO Valero Energy Corp. Reduce -48.4% 0.06% −0.07
AEM Agnico Eagle Mines Ltd. Reduce -33.4% 0.13% −0.06
XOM Exxon Mobil Corp. Reduce -0.3% 0.32% −0.06
MOS The Mosaic Co. Reduce -39.7% 0.17% −0.05
PBR.A Petroleo Brasil-SP Pref ADR Reduce -5.7% 0.19% −0.05
VRN Veren Inc. Sold out 0.00% −0.05
IEUR iShares Core MSCI Europe ETF Reduce -42.0% 0.07% −0.05
UNH Unitedhealth Group Inc. Reduce -34.4% 0.03% −0.04
QUAL iShares MSCI USA Quality Fac Reduce -4.1% 1.21% −0.04
WY Weyerhaeuser Co. Reduce -25.6% 0.07% −0.04
VOO Vanguard S&P 500 ETF Reduce -11.1% 0.48% −0.04
CVX Chevron Corp. Reduce -0.5% 0.15% −0.04
AAPL Apple Inc. Reduce -22.5% 0.07% −0.03
SLB SLB Ltd. Reduce -1.3% 0.10% −0.03
SHW The Sherwin-Williams Co. Reduce -16.7% 0.11% −0.03
MOAT Vaneck Morningstar Wide Moat Reduce -27.3% 0.09% −0.03
VALE Vale SA-SP ADR Reduce -6.3% 0.18% −0.03
NTR Nutrien Ltd. Reduce -26.0% 0.13% −0.03
SOXX iShares Semiconductor ETF Sold out 0.00% −0.03
FPE FT-Preferred Secur & Inc. ETF Reduce -4.2% 0.25% −0.02
PCH Potlatchdeltic Corp. Reduce -2.2% 0.09% −0.02
AXIAY Axia Energia-ADR Reduce -15.3% 0.12% −0.02
XLF SS Financial Select Sector Reduce -54.5% 0.02% −0.02
MCD McDonald's Corp. Reduce -58.6% 0.01% −0.02
IFF Intl Flavors & Fragrances Sold out 0.00% −0.02
TSN Tyson Foods Inc. Class A Reduce -29.2% 0.03% −0.02
MCHI iShares MSCI China ETF Reduce -34.1% 0.03% −0.02
MBB iShares MBS ETF Sold out 0.00% −0.02
SQM Quimica Y Minera Chil-SP ADR Reduce -43.1% 0.02% −0.02

Portfolio Buys Q1 2025 → Q2 2025
VT Vanguard Tot World STK ETF Add +285.4% 2.43% +1.83
IWO iShares Russell 2000 Growth Add +2.9% 11.40% +0.76
IVW iShares S&P 500 Growth ETF Add +644.1% 0.64% +0.57
USHY iShares Broad Usd High Yield New 0.40% +0.40
EWJ iShares MSCI Japan ETF Add +450.2% 0.36% +0.29
CHA Chagee Holdings Ltd.-ADR New 0.27% +0.27
RSP Invesco S&P 500 Equal Weight New 0.23% +0.23
NU Nu Holdings Ltd./Cayman Isl-A Add +56.4% 0.47% +0.23
URTH iShares MSCI World ETF Add +14.0% 1.45% +0.23
CPT Camden Property Trust New 0.14% +0.14
GLD SPDR Gold Shares New 0.13% +0.13
EQT Eqt Corp. New 0.09% +0.09
VMRK Vivmark Residential New 0.09% +0.09
IEV iShares Europe ETF Add +6.0% 1.10% +0.09
CTVA Corteva Inc. Add +19.3% 0.32% +0.08
NVDA Nvidia Corp. Add +23.7% 0.14% +0.06
MAA Mid-America Apartment Comm New 0.05% +0.05
NEM Newmont Corp. Add +61.4% 0.12% +0.05
IGF iShares Global Infrastructur New 0.05% +0.05
FMX Fomento Economico Mex-SP ADR Add +31.7% 0.18% +0.04
TECK Teck Resources Ltd.-CLS B Add +34.8% 0.14% +0.04
RACE Ferrari NV New 0.04% +0.04
ACWI iShares MSCI Acwi ETF Add +38.6% 0.12% +0.04
V Visa Inc. Class A Add +370.6% 0.04% +0.03
EOSE Eos Energy Enterprises Inc. Add +0.5% 0.15% +0.03
AVB Avalonbay Communities Inc. New 0.03% +0.03
CIB Grupo Cibest SA-ADR Add +131.5% 0.05% +0.03
JPM JPMorgan Chase & Co. Add +273.5% 0.04% +0.03
SLQD iShares 0-5 YR Inv GRD Corp. Add +248.5% 0.03% +0.02
IDV iShares International Select New 0.02% +0.02
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Add +10400.0% 0.02% +0.02
ESS Essex Property Trust Inc. New 0.02% +0.02
ELME Elme Communities New 0.02% +0.02
URI United Rentals Inc. Add +40.9% 0.05% +0.02
FDL First Trust Morn DVD Lead Inc. Add +32.3% 0.09% +0.01
MPV Barings Participation Invest Add +1.0% 0.13% +0.01
GDX Vaneck Gold Miners ETF New 0.01% +0.01
GPK Graphic Packaging Holding Co. Add +63.9% 0.04% +0.01
AVGO Broadcom Inc. Add +3.9% 0.02% +0.01
COP Conocophillips Add +27.8% 0.24% +0.01
TSCO Tractor Supply Company Add +21.0% 0.08% +0.01
META Meta Platforms Inc. Class A Add +6.4% 0.02% +0.01
ORCL Oracle Corp. New 0.01% +0.01
INTU Intuit Inc. New 0.01% +0.01
EMBD Global X Emerging Markets BD Add +5.5% 0.38% +0.00
INFY Infosys Ltd.-SP ADR New 0.00% +0.00
CF CF Industries Holdings Inc. Add +2.1% 0.03% +0.00
NFLX Netflix Inc. Add +7.2% 0.01% +0.00
EOG EOG Resources Inc. Add +15.4% 0.20% +0.00
TSLA Tesla Inc. Add +1.2% 0.01% +0.00

Notes & Other Activity Q1 2025 → Q2 2025
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal Add +69.0% 38,014,000 $34.4M
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal Add +49.8% 29,955,000 $31.8M
SABRE GLBL INC (SABHLD 7.32 08/01/26) NOTE 7.320% 8/0 · principal Reduce -0.3% 22,627,000 $24.9M
ZIFF DAVIS INC (ZD 3.625 03/01/28) DEBT 3.625% 3/0 · principal New 10,000,000 $9.3M
UPSTART HOLDINGS INC (UPST 0.25 08/15/26) NOTE 0.250% 8/1 · principal Reduce -50.0% 5,000,000 $4.7M
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal Reduce -79.6% 1,020,000 $1.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 184$5.4BIVV, QQQ, IWO, VCSH, IGSB
Q1 2026 173$6.0BIVV, LQD, JAAA, QQQ, IWO
Q4 2025 163$5.2BIVV, QQQ, IWO, VCSH, IGSB
Q3 2025 165$5.1BIVV, QQQ, IWO, VCSH, IGSB
Q2 2025 165$4.2BIVV, QQQ, IWO, VCSH, IGSB
Q1 2025 158$3.9BIVV, QQQ, IWO, VCSH, IGSB
Q4 2024 159$4.2BIVV, QQQ, IWO, VCSH, IGSB
Q3 2024 153$4.2BIVV, QQQ, IWO, VCSH, IGSB
Q2 2024Amended 147$4.1BIVV, QQQ, IWO, VCSH, IGSB
Q1 2024 150$3.9BIVV, QQQ, IWO, VCSH, IGSB