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

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 Q2 2025 Q3 2025: $5.1B $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 · $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
VWO Vanguard Ftse Emerging Marke 0.04% 40,756 $2.2M No change
TKO Tko Group Holdings Inc. 0.04% 10,271 $2.1M No change
META Meta Platforms Inc. Class A 0.04% 2,804 $2.1M Add +99.9%
CTRA Coterra Energy Inc. 0.04% 85,328 $2.0M New
AGCO Agco Corp. 0.04% 18,418 $2.0M Reduce -37.4%
TBBB BBB Foods Inc. Class A 0.04% 72,659 $2.0M New
INTU Intuit Inc. 0.04% 2,760 $1.9M Add +914.7%
INGR Ingredion Inc. 0.04% 14,771 $1.8M No change
JPM JPMorgan Chase & Co. 0.04% 5,713 $1.8M Add +1.2%
MAA Mid-America Apartment Comm 0.03% 14,312 $1.7M No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.03% 19,500 $1.6M Add +85.7%
FIS Fidelity National Info Serv 0.03% 23,702 $1.6M No change
CNH CNH Industrial NV 0.03% 140,804 $1.5M Reduce -64.6%
KR Kroger Co. 0.03% 22,224 $1.5M New
BIZD Vaneck BDC Income ETF 0.03% 95,622 $1.4M Reduce -59.5%
ABEV Ambev SA-ADR 0.03% 621,824 $1.4M No change
HNRG Hallador Energy Co. 0.03% 69,239 $1.4M No change
PPC Pilgrim's Pride Corp. 0.03% 32,797 $1.3M New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.03% 14,854 $1.3M Add +1.7%
AXON Axon Enterprise Inc. 0.02% 1,756 $1.3M Reduce -19.4%
TSN Tyson Foods Inc. Class A 0.02% 22,788 $1.2M No change
IEUR iShares Core MSCI Europe ETF 0.02% 17,508 $1.2M Reduce -59.2%
SLQD iShares 0-5 YR Inv GRD Corp. 0.02% 21,911 $1.1M Reduce -20.3%
AVB Avalonbay Communities Inc. 0.02% 6,454 $1.0M No change
SCCO Southern Copper Corp. 0.02% 7,685 $933K Reduce -39.7%
PBR Petroleo Brasileiro-Spon ADR 0.02% 73,545 $931K No change
AVGO Broadcom Inc. 0.02% 2,805 $925K No change
EAGG iShares ESG Aware US Aggrega 0.02% 17,310 $831K Reduce -71.6%
LIF LIFE360 Inc. 0.02% 7,727 $821K Reduce -42.2%
MCD McDonald's Corp. 0.02% 2,674 $813K Add +43.8%
TSLA Tesla Inc. 0.02% 1,732 $770K No change
ELME Elme Communities 0.01% 49,487 $764K No change
CRM Salesforce Inc. 0.01% 3,216 $762K Add +1.8%
GPK Graphic Packaging Holding Co. 0.01% 37,245 $729K Reduce -55.4%
NET Cloudflare Inc. Class A 0.01% 3,325 $714K No change
GOOG Alphabet Inc. Class C 0.01% 2,903 $707K Reduce -9.7%
CPNG Coupang Inc. 0.01% 21,790 $702K No change
ESS Essex Property Trust Inc. 0.01% 3,019 $635K No change
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.01% 4,358 $630K No change
GDX Vaneck Gold Miners ETF 0.01% 8,113 $620K No change
PAVE Global X US Infrastructure 0.01% 12,744 $607K No change
LLY Eli Lilly & Co. 0.01% 568 $433K Reduce -54.4%
BRK.B Berkshire Hathaway Inc. Class B 0.01% 818 $411K No change
JNJ Johnson & Johnson 0.01% 2,000 $371K No change
NFLX Netflix Inc. 0.01% 284 $340K No change
RSP Invesco S&P 500 Equal Weight 0.01% 1,750 $332K Reduce -96.8%
NEE Nextera Energy Inc. 0.01% 4,395 $332K New
EEMA iShares MSCI Emerg MRKT Asia 0.01% 3,550 $326K New
MA Mastercard Inc. Class A 0.01% 543 $309K Add +7.1%
ORCL Oracle Corp. 0.01% 1,085 $305K Add +7.0%
IBN Icici Bank Ltd.-Spon ADR 0.01% 9,964 $301K Reduce -8.7%
FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 0.01% 1,679 $292K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.01% 5,264 $272K No change
PLTR Palantir Technologies Inc. Class A 0.00% 1,335 $244K New
BGH Barings GLBL SHRT Dur Hi YLD 0.00% 15,155 $234K Add +3.9%
ABT Abbott Laboratories 0.00% 1,683 $225K No change
ABBV Abbvie Inc. 0.00% 964 $223K Reduce -35.0%
CEG Constellation Energy 0.00% 654 $215K New
TMO Thermo Fisher Scientific Inc. 0.00% 416 $202K New
MCHI iShares MSCI China ETF 0.00% 2,944 $194K Reduce -88.8%
EMXC iShares MSCI Emr MRK Ex Chna 0.00% 2,706 $183K Reduce -35.6%
CURI Curiositystream Inc. 0.00% 27,930 $148K No change
KORE Kore Group Holdings Inc. 0.00% 49,433 $120K No change
WIT Wipro Ltd.-ADR 0.00% 34,365 $90K Add +4.7%
NBIS Nebius Group NV 0.00% 90,661 $0 No change
Other holdings (6): bonds, preferreds, convertibles and warrants · $143.6M (not counted above)
SecurityClassShares / PrincipalValueChange
HERBALIFE LTD (HLF 4.25 06/15/28) NOTE 4.250% 6/1 · principal 61,866,000$57.2MAdd +62.8%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 30,086,000$34.3MAdd +0.4%
SABRE GLBL INC (SABHLD 7.32 08/01/26) NOTE 7.320% 8/0 · principal 22,731,000$22.9MAdd +0.5%
UNITI GROUP INC (UNIT 7.5 12/01/27) NOTE 7.500%12/0 · principal 16,735,000$18.0MNew
ZIFF DAVIS INC (ZD 3.625 03/01/28) DEBT 3.625% 3/0 · principal 10,000,000$9.6MNo change
WAYFAIR INC (W 3.25 09/15/27) NOTE 3.250% 9/1 · principal 1,020,000$1.6MNo 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

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