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BARINGS LLC

300 SOUTH TRYON STREET SUITE 2500, CHARLOTTE, NC 28202 • 704-805-7200

Q3 2025 · Filed 2025-11-10
Market Value
$5.0B
+22.5%
Holdings
174
+7
New Purchases
16
Added To
34
Closed
16
Reduced
50
Top 10 Concentration
75.8%
Turnover
18.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
JAAA 6.05% 0.00% +6.05% $305M
LQD 6.14% 0.19% +5.95% $309M
ARX 0.92% 0.00% +0.92% $46M
DYNF 0.50% 0.00% +0.50% $25M
USHY 0.89% 0.41% +0.48% $45M
AON 0.42% 0.04% +0.38% $21M
IVW 0.89% 0.66% +0.24% $45M
PDD 1.42% 1.23% +0.18% $71M
SPY 1.52% 1.34% +0.18% $76M
JXI 0.16% 0.00% +0.16% $8M
CVX 0.29% 0.16% +0.13% $14M
ADM 0.16% 0.03% +0.12% $8M
EOSE 0.27% 0.15% +0.12% $14M
FCX 0.09% 0.00% +0.09% $5M
VCLT 0.14% 0.07% +0.07% $7M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IVV 21.24% 23.83% -2.59% $1.1B
VCSH 8.11% 9.89% -1.77% $408M
IGSB 7.21% 8.78% -1.58% $363M
QQQ 10.64% 11.92% -1.28% $536M
IWO 10.32% 11.59% -1.27% $520M
QUAL 0.00% 1.23% -1.23% $0
BBDC 2.37% 3.03% -0.66% $119M
IEV 0.74% 1.11% -0.38% $37M
URTH 1.12% 1.48% -0.35% $56M
IEF 1.21% 1.50% -0.29% $61M
VFH 0.00% 0.28% -0.28% $0
VT 2.22% 2.47% -0.25% $112M
RSP 0.01% 0.24% -0.23% $332K
BEKE 0.00% 0.23% -0.23% $0
FLOT 0.79% 0.97% -0.18% $40M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 89.1%
Energy 3.3%
Basic Materials 2.9%
Consumer Cyclical 1.9%
Healthcare 0.7%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 29 $1.8B 35.4%
Large Cap 103 $2.8B 55.9%
Mid Cap 25 $245M 4.9%
Small Cap 12 $159M 3.2%
Micro Cap 5 $34M 0.7%

Portfolio Analytics

Avg Market Cap
$278.1B
Median Market Cap
$34.9B
Avg P/E
32.3
Median P/E
24.3
Avg Dividend Yield
0.09%
Avg Beta
0.84
# Stocks
120
# ETFs / Funds
54

Top Holdings (174 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 IVV 21.24% 1,603,253 $1.1B $666.76 $90M +17,995 +1.1%
2 QQQ 10.64% 894,407 $536M $598.73 $46M +1,000 +0.1%
3 IWO 10.32% 1,624,450 $520M $319.87 $43M -46,500 -2.8%
4 VCSH 8.11% 5,108,527 $408M $79.93 $2M
5 IGSB 7.21% 6,840,027 $363M $53.03 $2M
6 LQD 6.14% 2,771,727 $309M $111.47 $301M +2,700,000 +3764.3%
7 JAAA 6.05% 6,000,000 $305M $50.78 +6,000,000 NEW
8 BBDC 2.37% 13,639,681 $119M $8.76 -$5M
9 VT 2.22% 811,512 $112M $137.80 $10M +21,665 +2.7%
10 SPY 1.52% 114,785 $76M $666.18 $21M +25,418 +28.4%
11 PDD 1.42% 539,000 $71M $132.17 $21M +55,513 +11.5%
12 IEF 1.21% 631,843 $61M $96.46 -$627K -11,101 -1.7%
13 URTH 1.12% 311,111 $56M $181.56 -$4M -46,990 -13.1%
14 WPM 0.99% 446,693 $50M $111.88 $10M +7,917 +1.8%
15 ARX 0.92% 3,128,867 $46M $14.82 +3,128,867 NEW
16 IVW 0.89% 371,209 $45M $120.72 $18M +126,777 +51.9%
17 USHY 0.89% 1,183,000 $45M $37.78 $28M +737,500 +165.5%
18 FLOT 0.79% 780,000 $40M $51.09 $55K
19 SE 0.74% 209,385 $37M $178.73 $706K -20,185 -8.8%
20 IEV 0.74% 566,323 $37M $65.48 -$9M -157,114 -21.7%
21 CRH.L 0.66% 278,498 $33M $119.90 $7M -10,931 -3.8%
22 IGV 0.62% 271,138 $31M $115.01 $1M
23 EEM 0.56% 530,684 $28M $53.40 $955K -36,963 -6.5%
24 NU 0.50% 1,586,267 $25M $16.01 $6M +146,798 +10.2%
25 DYNF 0.50% 424,811 $25M $59.20 +424,811 NEW
26 VOO 0.43% 35,299 $22M $612.38 $2M
27 AON 0.42% 59,633 $21M $356.58 $20M +55,186 +1241.0%
28 HDB 0.40% 595,858 $20M $34.16 -$2M +298,096 +100.1%
29 ONC 0.38% 55,604 $19M $340.70 $5M
30 EMBD 0.32% 684,400 $16M $23.78 $247K -3,500 -0.5%
31 EWJ 0.32% 198,666 $16M $80.21 $1M
32 SU 0.29% 353,855 $15M $41.82 $2M
33 CVX 0.29% 92,405 $14M $155.29 $8M +47,830 +107.3%
34 LIN 0.27% 29,001 $14M $475.00 -$1M -2,511 -8.0%
35 EOSE 0.27% 1,204,430 $14M $11.39 $8M
36 CTGO 0.24% 476,190 $12M $24.93 $3M
37 XOM 0.23% 102,087 $12M $112.75 -$2M -21,895 -17.7%
38 VGT 0.23% 15,411 $12M $746.63 $1M
39 YUMC 0.22% 259,487 $11M $42.93 -$524K -1,359 -0.5%
40 COP 0.21% 112,811 $11M $94.59 $568K +229 +0.2%
41 NEM 0.19% 113,776 $10M $84.31 $5M +28,215 +33.0%
42 ENB 0.19% 185,942 $9M $50.44 $941K
43 QQQM 0.18% 37,056 $9M $247.12 $465K -1,220 -3.2%
44 NBR 0.17% 212,527 $9M $40.87 $3M
45 VALE 0.17% 792,650 $9M $10.86 $912K
46 VNET 0.17% 832,077 $9M $10.33 $3M
47 ITUB 0.17% 1,134,326 $8M $7.34 $123K -73,823 -6.1%
48 BAP 0.16% 30,712 $8M $266.28 $414K -4,025 -11.6%
49 JXI 0.16% 102,707 $8M $77.66 +102,707 NEW
50 CTVA 0.16% 117,723 $8M $67.63 -$5M -60,550 -34.0%
51 ADM 0.16% 132,105 $8M $59.74 $7M +106,969 +425.6%
52 EOG 0.16% 69,643 $8M $112.12 -$522K
53 AEM 0.15% 45,029 $8M $168.39 $2M
54 DAR 0.15% 243,613 $8M $30.87 $1M +84,156 +52.8%
55 FMX 0.14% 72,617 $7M $98.63 -$316K
56 VCLT 0.14% 89,940 $7M $77.65 $4M +54,084 +150.8%
57 MSFT 0.14% 13,482 $7M $517.95 $277K
58 EQT 0.14% 126,786 $7M $54.43 $3M +62,316 +96.7%
59 NVDA 0.13% 35,858 $7M $186.58 $699K -2,064 -5.4%
60 AXIA 0.13% 674,385 $7M $9.92 $2M
61 PAAS 0.13% 168,158 $7M $38.73 -$649K -84,016 -33.3%
62 FN 0.12% 17,033 $6M $364.62 -$122K -4,455 -20.7%
63 GLD 0.12% 17,393 $6M $354.82 $878K
64 EZU 0.12% 99,439 $6M $61.94 -$4M -77,731 -43.9%
65 NUE 0.12% 44,646 $6M $135.43 $263K
66 CPT 0.11% 57,104 $6M $99.58 -$24K
67 MPV 0.11% 280,341 $6M $20.15 $64K +2,638 +0.9%
68 AMZN 0.10% 23,804 $5M $219.57 $4K
69 PBR-A 0.10% 428,646 $5M $11.82 -$3M -251,534 -37.0%
70 FPE 0.10% 275,381 $5M $18.24 -$6M -320,766 -53.8%
71 NTR 0.10% 81,694 $5M $58.71 -$664K -12,059 -12.9%
72 FCX 0.09% 120,080 $5M $39.22 +120,080 NEW
73 MCI 0.09% 219,664 $5M $20.76 -$198K
74 TECK 0.08% 95,582 $4M $43.89 -$2M -47,797 -33.3%
75 ACWI 0.08% 28,922 $4M $138.24 -$813K -8,487 -22.7%
76 PCH 0.08% 96,231 $4M $40.75 $229K
77 GOOGL 0.07% 15,035 $4M $243.10 $934K -406 -2.6%
78 EWH 0.07% 163,993 $4M $21.55 -$608K -44,546 -21.4%
79 AAPL 0.07% 13,663 $3M $254.63 $547K -626 -4.4%
80 VLO 0.07% 19,903 $3M $170.26 $713K
81 DE 0.07% 7,387 $3M $457.26 -$378K
82 TSCO 0.06% 54,380 $3M $56.87 -$107K -6,262 -10.3%
83 RACE 0.06% 6,382 $3M $483.10 $1M +3,091 +93.9%
84 EQR 0.06% 52,076 $3M $58.90 -$557K
85 IBND 0.06% 94,656 $3M $32.29 +94,656 NEW
86 IGF 0.06% 49,750 $3M $61.12 $1M +17,423 +53.9%
87 TCPC 0.06% 480,322 $3M $6.20 -$853K -17,258 -3.5%
88 SUSC 0.06% 121,432 $3M $23.56 -$558K -25,741 -17.5%
89 WY 0.05% 107,546 $3M $24.79 -$97K
90 V 0.05% 7,552 $3M $341.38 $735K +2,361 +45.5%
91 MOS 0.05% 73,895 $3M $34.68 -$5M -120,346 -62.0%
92 CCJ 0.05% 30,276 $3M $83.91 +30,276 NEW
93 MOAT 0.05% 24,935 $2M $99.11 -$1M -14,010 -36.0%
94 SHW 0.05% 7,091 $2M $346.26 -$2M -6,401 -47.4%
95 URI 0.05% 2,508 $2M $954.66 $505K
96 BLFS 0.05% 91,316 $2M $25.51 $363K
97 VWO 0.04% 40,756 $2M $54.18 $192K
98 TKO 0.04% 10,271 $2M $201.96 $206K
99 META 0.04% 2,804 $2M $734.38 $1M +1,401 +99.9%
100 CTRA 0.04% 85,328 $2M $23.65 +85,328 NEW

New Positions

SymbolValue% Port
JAAA $305M 6.05%
ARX $46M 0.92%
DYNF $25M 0.50%
JXI $8M 0.16%
FCX $5M 0.09%
IBND $3M 0.06%
CCJ $3M 0.05%
CTRA $2M 0.04%
KR $1M 0.03%
PPC $1M 0.03%
NEE $332K 0.01%
EEMA $326K 0.01%
FUTU $292K 0.01%
PLTR $244K —%
CEG $215K —%

Sold Out Positions

SymbolValue% Port
SHV —%
ECL —%
SQM —%
INFY —%
BEKE —%
SLB —%
UNH —%
XLF —%
AGG —%
IDV —%
VFH —%
XP —%
FDL —%
QUAL —%
HES —%
View SEC EDGAR Filings for BARINGS LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms