Barings LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Barings LLC reported 165 stock positions worth $5.1 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 20.9% of the portfolio, followed by Invesco QQQ Trust Series 1 (QQQ, 10.5%) and iShares Russell 2000 Growth (IWO, 10.2%). Compared with Q2 2025, it opened 17 new positions, sold out of 17, added to 34 and reduced 52. The biggest buy was a new position in Janus Henderson Aaa Clo ETF (JAAA) and the biggest sale iShares Russell 2000 Growth (IWO, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- CHARLOTTE, NC
- CIK
- 0000009015
- Portfolio Value
- $5.1B (Q3 2025)
- SEC Filing
- 0000009015-25-000030 ↗ filed Nov 10, 2025
Holdings Value
Holdings 165 stocks · $5.1B
| IVV iShares Core S&P 500 ETF | 20.93% | 1,603,253 | $1.1B | Add +1.1% |
| QQQ Invesco QQQ Trust Series 1 | 10.48% | 894,407 | $535.5M | Add +0.1% |
| IWO iShares Russell 2000 Growth | 10.17% | 1,624,450 | $519.6M | Reduce -2.8% |
| VCSH Vanguard S/T Corp. Bond ETF | 7.99% | 5,108,527 | $408.3M | No change |
| IGSB iShares 1-5Y Inv Grade Corp. | 7.10% | 6,840,027 | $362.7M | No change |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 6.05% | 2,771,727 | $309.0M | Add +3764.3% |
| JAAA Janus Henderson Aaa Clo ETF | 5.96% | 6,000,000 | $304.7M | New |
| BBDC Barings BDC Inc. | 2.34% | 13,639,681 | $119.5M | No change |
| VT Vanguard Tot World STK ETF | 2.19% | 811,512 | $111.8M | Add +2.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.50% | 114,785 | $76.5M | Add +28.4% |
| PDD PDD Holdings Inc. | 1.39% | 539,000 | $71.2M | Add +11.5% |
| IEF iShares 7-10 Year Treasury B | 1.19% | 631,843 | $60.9M | Reduce -1.7% |
| URTH iShares MSCI World ETF | 1.11% | 311,111 | $56.5M | Reduce -13.1% |
| WPM Wheaton Precious Metals Corp. | 0.98% | 446,693 | $50.0M | Add +1.8% |
| AU Anglogold Ashanti PLC | 0.92% | 668,860 | $47.0M | Reduce -1.0% |
| ARX Accelerant Holdings Class A | 0.91% | 3,128,867 | $46.4M | New |
| IVW iShares S&P 500 Growth ETF | 0.88% | 371,209 | $44.8M | Add +51.9% |
| USHY iShares Broad Usd High Yield | 0.87% | 1,183,000 | $44.7M | Add +165.5% |
| FLOT iShares Floating Rate Bond E | 0.78% | 780,000 | $39.9M | No change |
| SE Sea Ltd.-ADR | 0.73% | 209,385 | $37.4M | Reduce -8.8% |
| IEV iShares Europe ETF | 0.73% | 566,323 | $37.1M | Reduce -21.7% |
| CRH CRH PLC | 0.65% | 278,498 | $33.4M | Reduce -3.8% |
| IGV iShares Expanded Tech-Softwa | 0.61% | 271,138 | $31.2M | No change |
| EEM iShares MSCI Emerging Market | 0.55% | 530,684 | $28.3M | Reduce -6.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.50% | 1,586,267 | $25.4M | Add +10.2% |
| DYNF Ishrs US E F R A ETF-Usd Inc. | 0.49% | 424,811 | $25.1M | New |
| VOO Vanguard S&P 500 ETF | 0.42% | 35,299 | $21.6M | No change |
| AON Aon PLC Class A | 0.42% | 59,633 | $21.3M | Add +1241.0% |
| HDB HDFC Bank Ltd.-ADR | 0.40% | 595,858 | $20.4M | No change |
| ONC Beone Medicines Ltd.-ADR | 0.37% | 55,604 | $18.9M | No change |
| QGEN Qiagen N.V. | 0.35% | 407,259 | $18.0M | No change |
| EMBD Global X Emerging Markets BD | 0.32% | 684,400 | $16.3M | Reduce -0.5% |
| EWJ iShares MSCI Japan ETF | 0.31% | 198,666 | $15.9M | No change |
| SU Suncor Energy Inc. | 0.29% | 353,855 | $14.8M | No change |
| CVX Chevron Corp. | 0.28% | 92,405 | $14.3M | Add +107.3% |
| LIN Linde PLC | 0.27% | 29,001 | $13.8M | Reduce -8.0% |
| EOSE Eos Energy Enterprises Inc. | 0.27% | 1,204,430 | $13.7M | No change |
| CTGO Contango Silver & Gold Inc. | 0.23% | 476,190 | $11.9M | No change |
| XOM Exxon Mobil Corp. | 0.23% | 102,087 | $11.5M | Reduce -17.7% |
| VGT Vanguard Info Tech ETF | 0.23% | 15,411 | $11.5M | No change |
| YUMC Yum China Holdings Inc. | 0.22% | 259,487 | $11.1M | Reduce -0.5% |
| COP Conocophillips | 0.21% | 112,811 | $10.7M | Add +0.2% |
| NEM Newmont Corp. | 0.19% | 113,776 | $9.6M | Add +33.0% |
| ENB Enbridge Inc. | 0.18% | 185,942 | $9.4M | No change |
| QQQM Invesco Nasdaq 100 ETF | 0.18% | 37,056 | $9.2M | Reduce -3.2% |
| NBR Nabors Industries Ltd. | 0.17% | 212,527 | $8.7M | No change |
| VALE Vale SA-SP ADR | 0.17% | 792,650 | $8.6M | No change |
| VNET Vnet Group Inc.-ADR | 0.17% | 832,077 | $8.6M | No change |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.16% | 1,134,326 | $8.3M | Reduce -6.1% |
| BAP Credicorp Ltd. | 0.16% | 30,712 | $8.2M | Reduce -11.6% |
| JXI iShares Global Utilities ETF | 0.16% | 102,707 | $8.0M | New |
| CTVA Corteva Inc. | 0.16% | 117,723 | $8.0M | Reduce -34.0% |
| ADM Archer-Daniels-Midland Co. | 0.15% | 132,105 | $7.9M | Add +425.6% |
| EOG EOG Resources Inc. | 0.15% | 69,643 | $7.8M | No change |
| AEM Agnico Eagle Mines Ltd. | 0.15% | 45,029 | $7.6M | No change |
| DAR Darling Ingredients Inc. | 0.15% | 243,613 | $7.5M | Add +52.8% |
| FMX Fomento Economico Mex-SP ADR | 0.14% | 72,617 | $7.2M | No change |
| VCLT Vanguard Long-Term Corp. Bond | 0.14% | 89,940 | $7.0M | Add +150.8% |
| MSFT Microsoft Corp. | 0.14% | 13,482 | $7.0M | No change |
| EQT Eqt Corp. | 0.14% | 126,786 | $6.9M | Add +96.7% |
| NVDA Nvidia Corp. | 0.13% | 35,858 | $6.7M | Reduce -5.4% |
| AXIAY Axia Energia-ADR filed as CENTRAIS ELETRICAS BRASILEIR | 0.13% | 674,385 | $6.7M | No change |
| PAAS Pan American Silver Corp. | 0.13% | 168,158 | $6.5M | Reduce -33.3% |
| FN Fabrinet | 0.12% | 17,033 | $6.2M | Reduce -20.7% |
| GLD SPDR Gold Shares | 0.12% | 17,393 | $6.2M | No change |
| EZU iShares MSCI Eurozone ETF | 0.12% | 99,439 | $6.2M | Reduce -43.9% |
| NUE Nucor Corp. | 0.12% | 44,646 | $6.0M | No change |
| CPT Camden Property Trust | 0.11% | 57,104 | $5.7M | No change |
| MPV Barings Participation Invest | 0.11% | 280,341 | $5.6M | Add +0.9% |
| AMZN Amazon.com Inc. | 0.10% | 23,804 | $5.2M | No change |
| CIB Grupo Cibest SA-ADR | 0.10% | 97,893 | $5.1M | Add +104.6% |
| PBR.A Petroleo Brasil-SP Pref ADR | 0.10% | 428,646 | $5.1M | Reduce -37.0% |
| FPE FT-Preferred Secur & Inc. ETF | 0.10% | 275,381 | $5.0M | Reduce -53.8% |
| NTR Nutrien Ltd. | 0.09% | 81,694 | $4.8M | Reduce -12.9% |
| FCX Freeport-McMoran Inc. | 0.09% | 120,080 | $4.7M | New |
| MCI Barings Corporate Investors | 0.09% | 219,664 | $4.6M | No change |
| TECK Teck Resources Ltd.-CLS B | 0.08% | 95,582 | $4.2M | Reduce -33.3% |
| ACWI iShares MSCI Acwi ETF | 0.08% | 28,922 | $4.0M | Reduce -22.7% |
| PCH Potlatchdeltic Corp. | 0.08% | 96,231 | $3.9M | No change |
| GOOGL Alphabet Inc. Class A | 0.07% | 15,035 | $3.7M | Reduce -2.6% |
| EWH iShares MSCI Hong Kong ETF | 0.07% | 163,993 | $3.5M | Reduce -21.4% |
| AAPL Apple Inc. | 0.07% | 13,663 | $3.5M | Reduce -4.4% |
| VLO Valero Energy Corp. | 0.07% | 19,903 | $3.4M | No change |
| DE Deere & Co. | 0.07% | 7,387 | $3.4M | No change |
| BG Bunge Global SA | 0.06% | 38,342 | $3.1M | Reduce -17.4% |
| TSCO Tractor Supply Company | 0.06% | 54,380 | $3.1M | Reduce -10.3% |
| RACE Ferrari NV | 0.06% | 6,382 | $3.1M | Add +93.9% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.06% | 52,076 | $3.1M | No change |
| IBND SS SPDR BB Intl Corp. BD ETF | 0.06% | 94,656 | $3.1M | New |
| IGF iShares Global Infrastructur | 0.06% | 49,750 | $3.0M | Add +53.9% |
| TCPC BlackRock TCP Capital Corp. | 0.06% | 480,322 | $3.0M | Reduce -3.5% |
| SUSC iShares ESG Aware Usd Corpor | 0.06% | 121,432 | $2.9M | Reduce -17.5% |
| WY Weyerhaeuser Co. | 0.05% | 107,546 | $2.7M | No change |
| V Visa Inc. Class A | 0.05% | 7,552 | $2.6M | Add +45.5% |
| MOS The Mosaic Co. | 0.05% | 73,895 | $2.6M | Reduce -62.0% |
| CCJ Cameco Corp. | 0.05% | 30,276 | $2.5M | New |
| MOAT Vaneck Morningstar Wide Moat | 0.05% | 24,935 | $2.5M | Reduce -36.0% |
| SHW The Sherwin-Williams Co. | 0.05% | 7,091 | $2.5M | Reduce -47.4% |
| URI United Rentals Inc. | 0.05% | 2,508 | $2.4M | No change |
| BLFS Biolife Solutions Inc. | 0.05% | 91,316 | $2.3M | No change |
Other holdings (6): bonds, preferreds, convertibles and warrants · $143.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 61,866,000 | $57.2M | Add +62.8% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 30,086,000 | $34.3M | Add +0.4% |
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | 22,731,000 | $22.9M | Add +0.5% |
| UNITI GROUP INC (UNIT 7.5 12/01/27) | NOTE 7.500%12/0 · principal | 16,735,000 | $18.0M | New |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 10,000,000 | $9.6M | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 1,020,000 | $1.6M | No change |
Total filed on the 13F, all lines: $5.3B.
Portfolio Sells Q2 2025 → Q3 2025
| IWO iShares Russell 2000 Growth | Reduce -2.8% | 10.17% | −1.23 |
| QUAL iShares MSCI USA Quality Fac | Sold out | 0.00% | −1.21 |
| IEV iShares Europe ETF | Reduce -21.7% | 0.73% | −0.37 |
| URTH iShares MSCI World ETF | Reduce -13.1% | 1.11% | −0.35 |
| IEF iShares 7-10 Year Treasury B | Reduce -1.7% | 1.19% | −0.28 |
| VFH Vanguard Financials ETF | Sold out | 0.00% | −0.27 |
| CHA Chagee Holdings Ltd.-ADR | Sold out | 0.00% | −0.27 |
| RSP Invesco S&P 500 Equal Weight | Reduce -96.8% | 0.01% | −0.23 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.23 |
| CTVA Corteva Inc. | Reduce -34.0% | 0.16% | −0.16 |
| FPE FT-Preferred Secur & Inc. ETF | Reduce -53.8% | 0.10% | −0.16 |
| SE Sea Ltd.-ADR | Reduce -8.8% | 0.73% | −0.15 |
| EZU iShares MSCI Eurozone ETF | Reduce -43.9% | 0.12% | −0.13 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.13 |
| MOS The Mosaic Co. | Reduce -62.0% | 0.05% | −0.12 |
| HES Hess Corp. | Sold out | 0.00% | −0.10 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.10 |
| EEM iShares MSCI Emerging Market | Reduce -6.5% | 0.55% | −0.10 |
| XOM Exxon Mobil Corp. | Reduce -17.7% | 0.23% | −0.09 |
| CNH CNH Industrial NV | Reduce -64.6% | 0.03% | −0.09 |
| PBR.A Petroleo Brasil-SP Pref ADR | Reduce -37.0% | 0.10% | −0.09 |
| FDL First Trust Morn DVD Lead Inc. | Sold out | 0.00% | −0.09 |
| LIN Linde PLC | Reduce -8.0% | 0.27% | −0.08 |
| EMBD Global X Emerging Markets BD | Reduce -0.5% | 0.32% | −0.07 |
| BIZD Vaneck BDC Income ETF | Reduce -59.5% | 0.03% | −0.06 |
| SHW The Sherwin-Williams Co. | Reduce -47.4% | 0.05% | −0.06 |
| YUMC Yum China Holdings Inc. | Reduce -0.5% | 0.22% | −0.06 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.06 |
| TECK Teck Resources Ltd.-CLS B | Reduce -33.3% | 0.08% | −0.06 |
| EAGG iShares ESG Aware US Aggrega | Reduce -71.6% | 0.02% | −0.05 |
| IEUR iShares Core MSCI Europe ETF | Reduce -59.2% | 0.02% | −0.04 |
| PAAS Pan American Silver Corp. | Reduce -33.3% | 0.13% | −0.04 |
| MOAT Vaneck Morningstar Wide Moat | Reduce -36.0% | 0.05% | −0.04 |
| ACWI iShares MSCI Acwi ETF | Reduce -22.7% | 0.08% | −0.04 |
| NTR Nutrien Ltd. | Reduce -12.9% | 0.09% | −0.04 |
| AGCO Agco Corp. | Reduce -37.4% | 0.04% | −0.03 |
| TCPC BlackRock TCP Capital Corp. | Reduce -3.5% | 0.06% | −0.03 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -6.1% | 0.16% | −0.03 |
| MCHI iShares MSCI China ETF | Reduce -88.8% | 0.00% | −0.03 |
| FN Fabrinet | Reduce -20.7% | 0.12% | −0.03 |
| EWH iShares MSCI Hong Kong ETF | Reduce -21.4% | 0.07% | −0.03 |
| QQQM Invesco Nasdaq 100 ETF | Reduce -3.2% | 0.18% | −0.03 |
| BG Bunge Global SA | Reduce -17.4% | 0.06% | −0.03 |
| GPK Graphic Packaging Holding Co. | Reduce -55.4% | 0.01% | −0.03 |
| SUSC iShares ESG Aware Usd Corpor | Reduce -17.5% | 0.06% | −0.03 |
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −0.03 |
| BAP Credicorp Ltd. | Reduce -11.6% | 0.16% | −0.03 |
| IDV iShares International Select | Sold out | 0.00% | −0.02 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.02 |
| AXON Axon Enterprise Inc. | Reduce -19.4% | 0.02% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| JAAA Janus Henderson Aaa Clo ETF | New | 5.96% | +5.96 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +3764.3% | 6.05% | +5.86 |
| ARX Accelerant Holdings Class A | New | 0.91% | +0.91 |
| DYNF Ishrs US E F R A ETF-Usd Inc. | New | 0.49% | +0.49 |
| USHY iShares Broad Usd High Yield | Add +165.5% | 0.87% | +0.47 |
| AON Aon PLC Class A | Add +1241.0% | 0.42% | +0.38 |
| IVW iShares S&P 500 Growth ETF | Add +51.9% | 0.88% | +0.23 |
| PDD PDD Holdings Inc. | Add +11.5% | 1.39% | +0.18 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +28.4% | 1.50% | +0.17 |
| JXI iShares Global Utilities ETF | New | 0.16% | +0.16 |
| CVX Chevron Corp. | Add +107.3% | 0.28% | +0.13 |
| ADM Archer-Daniels-Midland Co. | Add +425.6% | 0.15% | +0.12 |
| FCX Freeport-McMoran Inc. | New | 0.09% | +0.09 |
| VCLT Vanguard Long-Term Corp. Bond | Add +150.8% | 0.14% | +0.07 |
| NEM Newmont Corp. | Add +33.0% | 0.19% | +0.07 |
| IBND SS SPDR BB Intl Corp. BD ETF | New | 0.06% | +0.06 |
| CCJ Cameco Corp. | New | 0.05% | +0.05 |
| CIB Grupo Cibest SA-ADR | Add +104.6% | 0.10% | +0.05 |
| EQT Eqt Corp. | Add +96.7% | 0.14% | +0.05 |
| CTRA Coterra Energy Inc. | New | 0.04% | +0.04 |
| TBBB BBB Foods Inc. Class A | New | 0.04% | +0.04 |
| WPM Wheaton Precious Metals Corp. | Add +1.8% | 0.98% | +0.03 |
| INTU Intuit Inc. | Add +914.7% | 0.04% | +0.03 |
| KR Kroger Co. | New | 0.03% | +0.03 |
| PPC Pilgrim's Pride Corp. | New | 0.03% | +0.03 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +10.2% | 0.50% | +0.02 |
| RACE Ferrari NV | Add +93.9% | 0.06% | +0.02 |
| META Meta Platforms Inc. Class A | Add +99.9% | 0.04% | +0.02 |
| IGF iShares Global Infrastructur | Add +53.9% | 0.06% | +0.01 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +85.7% | 0.03% | +0.01 |
| NEE Nextera Energy Inc. | New | 0.01% | +0.01 |
| EEMA iShares MSCI Emerg MRKT Asia | New | 0.01% | +0.01 |
| V Visa Inc. Class A | Add +45.5% | 0.05% | +0.01 |
| FUTU Futu Holdings Ltd.-ADR | New | 0.01% | +0.01 |
| PLTR Palantir Technologies Inc. Class A | New | 0.00% | +0.00 |
| CEG Constellation Energy | New | 0.00% | +0.00 |
| TMO Thermo Fisher Scientific Inc. | New | 0.00% | +0.00 |
| MCD McDonald's Corp. | Add +43.8% | 0.02% | +0.00 |
| DAR Darling Ingredients Inc. | Add +52.8% | 0.15% | +0.00 |
| ORCL Oracle Corp. | Add +7.0% | 0.01% | +0.00 |
| WIT Wipro Ltd.-ADR | Add +4.7% | 0.00% | −0.00 |
| BGH Barings GLBL SHRT Dur Hi YLD | Add +3.9% | 0.00% | −0.00 |
| MA Mastercard Inc. Class A | Add +7.1% | 0.01% | −0.00 |
| JPM JPMorgan Chase & Co. | Add +1.2% | 0.04% | −0.00 |
| CRM Salesforce Inc. | Add +1.8% | 0.01% | −0.01 |
| CF CF Industries Holdings Inc. | Add +1.7% | 0.03% | −0.01 |
| MPV Barings Participation Invest | Add +0.9% | 0.11% | −0.02 |
| COP Conocophillips | Add +0.2% | 0.21% | −0.03 |
| VT Vanguard Tot World STK ETF | Add +2.7% | 2.19% | −0.24 |
| QQQ Invesco QQQ Trust Series 1 | Add +0.1% | 10.48% | −1.24 |
Notes & Other Activity Q2 2025 → Q3 2025
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | Add +62.8% | 61,866,000 | $57.2M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +0.4% | 30,086,000 | $34.3M |
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | Add +0.5% | 22,731,000 | $22.9M |
| UNITI GROUP INC (UNIT 7.5 12/01/27) | NOTE 7.500%12/0 · principal | New | 16,735,000 | $18.0M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Sold out | 5,000,000 | $4.7Mbefore exit |
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 |